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ZION OIL & GAS INC (ZNOG) is updating its Dividend Reinvestment and Direct Stock Purchase Plan by filing Amendment No. 2 to its December 11, 2024 Prospectus Supplement under its shelf Registration Statement on Form S-3. The amendment refines terms of the existing DSPP Unit Option Program.
The Unit Program, which began on August 12, 2026, was scheduled to end on September 10, 2026 and is now extended to September 25, 2026. Each Unit is priced at $250.00 and consists of a number of shares of common stock determined by dividing $250.00 by the average of the high and low sale prices of ZNOG common stock on the OTCQX on the purchase date, plus 75 warrants to purchase additional common shares.
Each warrant, designated ZNWBD, permits the purchase of one share of common stock at an exercise price of $0.75, becomes exercisable on October 27, 2026, and remains exercisable through April 27, 2027. The warrants will not be listed for trading. Zion also executed a Warrant Agent Agreement effective August 12, 2026 with Equiniti Trust Company, LLC, which, along with the warrant form, is being incorporated as exhibits to the Registration Statement.
ZION OIL & GAS, INC. (ZNOG) is amending its prospectus supplement to extend the Unit Option period under its Dividend Reinvestment and Common Stock Purchase Plan Unit Program from September 10, 2026 to September 25, 2026.
Each Unit is priced at $250 and consists of common stock determined by dividing $250 by the average of the high and low OTCQX trading prices on the purchase date, plus 75 warrants to buy additional common shares at a $0.75 exercise price. These ZNWBD warrants are not listed for trading and are exercisable from October 27, 2026 through April 27, 2027. The company indicates that proceeds from this Unit Program and the Plan are expected to fund work on the MJ-02ST well, including $1,000,000 for stimulation and completion string and $2,000,000 for stimulation equipment, services, and related engineering.
Zion Oil & Gas, Inc. updated its Dividend Reinvestment and Direct Stock Purchase Plan by adding a new Unit Option program under an amended prospectus supplement. The program runs from August 12, 2026 to September 10, 2026, with possible extension of up to fifteen days at the company’s discretion.
Each Unit is priced at $250.00 and consists of common stock plus 75 ZNWBD warrants. The common stock portion per Unit is determined by dividing $250.00 by the average of the high and low sale prices of the company’s common stock on the OTCQX on the purchase date. Each warrant permits the purchase of one share of common stock at an exercise price of $0.75.
The ZNWBD warrants are not registered for trading on any market, become exercisable on October 12, 2026 and remain exercisable through April 12, 2027, each date extendable by up to fifteen days. Zion Oil & Gas entered into a Warrant Agent Agreement with Equiniti Trust Company, LLC as warrant agent for these warrants, and related exhibits are incorporated into the existing shelf registration for the DSPP.
Zion Oil & Gas, Inc. updates its Dividend Reinvestment and Common Stock Purchase Plan by establishing a new Unit Option period under its Unit Program. The option runs from August 12, 2026 to September 10, 2026 and may be extended by up to fifteen days at the company’s discretion.
Each Unit is priced at $250.00 and consists of a number of shares of common stock equal to $250.00 divided by the average of the high and low OTCQX trading prices on the Unit Purchase Date, plus 75 common stock purchase warrants. Each warrant allows the purchase of one share of common stock at an exercise price of $0.75 per share. The warrants, designated ZNWBD, are not listed for trading, become exercisable on October 12, 2026, and remain exercisable through April 12, 2027, with each of these dates subject to extension of up to fifteen days.
The company states that proceeds from the unit program or other Plan sales are intended for items including $1,000,000 for stimulation and completion string and $2,000,000 for stimulation equipment, services, and related activities in connection with drilling operations such as the MJ-02ST, while cautioning that actual allocations and amounts raised may differ.
Zion Oil & Gas, Inc. continues to focus on onshore oil and gas exploration in Israel and reported a net loss of $4.1 million for the six months ended June 30, 2026, with an accumulated deficit of about $306 million and no revenues from operations. At June 30, 2026, total assets were $54.8 million, including $33.2 million of unproved oil and gas properties and $6.6 million net in drilling rig and related equipment. Cash, cash equivalents and restricted cash totaled $11.2 million after raising $11.4 million under its Dividend Reinvestment and Stock Purchase Plan, with a further $1.1 million raised through August 6, 2026. The company had 1.19 billion common shares outstanding and 189.8 million warrants plus 29.0 million stock options that were anti-dilutive. Management discloses substantial doubt about the ability to continue as a going concern without additional financing while it advances the Megiddo-Jezreel #2 sidetrack under extended exploration license NMVL 434.
Zion Oil & Gas, Inc. filed a report describing operational progress on its Megiddo-Jezreel #2 well in Israel. The company has re-entered the well, is drilling out a temporary plug, and plans to proceed with a horizontal sidetrack phase under its approved work plan.
The company reports that its drilling rig has been recertified and recommissioned in line with regulatory requirements and renamed JB-1 in honor of founder John Brown. Zion emphasizes its continued focus on safe operations, regulatory compliance, and its ongoing mission to explore for oil and gas onshore Israel under Megiddo Valleys License 434.
Zion Oil & Gas, Inc. reported results from its 2026 annual stockholder meeting. As of April 6, 2026 there were 1,182,750,591 common shares outstanding, and a quorum of 683,559,582 shares was present in person or by proxy.
Stockholders elected four Class III directors to terms ending at the 2029 annual meeting, ratified RBSM, LLP as auditor for the year ending December 31, 2026, and approved a nonbinding advisory vote on executive compensation. Stockholders also chose a three-year interval for future advisory votes on named executive officer pay.
Zion Oil & Gas, Inc. reported the passing of its founder and Executive Chairman, John Brown, who died peacefully at home on May 22, 2026 at the age of 86. A memorial service is scheduled for May 28, 2026 in Denton, Texas.
The company explains that Brown had already worked with the Board to design and implement a succession plan led by CEO Robert W. A. Dunn and President and CFO Michael B. Croswell, Jr., both around 50 years old. Brown had planned to retire as Executive Chairman at the annual shareholders’ meeting on June 2, 2026, and management states its commitment to continue pursuing his long-term vision for oil and gas development in Israel.
Zion Oil & Gas, Inc. remains a pre-revenue exploration company focused on onshore Israel and reported a net loss of about $2.1M for the three months ended March 31, 2026. Cash, cash equivalents and restricted cash totaled $12.25M, up from $9.86M at year-end, mainly from raising about $8.01M through its Dividend Reinvestment and Stock Purchase Plan.
Unproved oil and gas properties under the full-cost method increased to roughly $31.0M as the company invested in drilling and preparation costs under its Megiddo Valleys License 434. Stockholders’ equity rose to about $48.4M, supported by new share and warrant-related capital, while common shares outstanding reached roughly 1.18 billion.
Management discloses an accumulated deficit of approximately $304M and states that these losses and funding needs raise substantial doubt about Zion’s ability to continue as a going concern. Hostilities involving Israel, Iran, Hamas and Hezbollah have disrupted logistics, led to demobilization of the rig crew, and may affect the timing of planned operations at the MJ-01 and MJ-02 wells.
Zion Oil & Gas, Inc. reported a leadership change in its board structure. On May 6, 2026, the Board appointed Robert Dunn as Chairman of the Board, effective May 8, 2026, while he continues to serve as Chief Executive Officer.
John Brown will remain Executive Chairman with no changes to his employment agreement and will continue to oversee the company’s strategic goals and vision. Mr. Dunn will oversee the routine operations of the Board. The filing notes that this move is part of internal succession planning and that there are no new or modified material contracts, nor any disclosable related-party or familial relationships, associated with Mr. Dunn’s promotion.