December 3, 2009 (FinancialWire) — Zion Oil & Gas, Inc. (NASDAQ: ZN) announced the preliminary results of its rights offering to stockholders, offering 3.6 million shares of Zion’s common stock at a subscription price of $5.00 per share.

The rights offering terminated yesterday, November 30, 2009, as originally scheduled. Preliminary results indicate that subscriptions were received for over $37 million, significantly greater than the maximum available of $18 million.

The total available subscription of 3.6 million shares, for gross proceeds of $18 million, will be accepted by Zion and amounts for the unfilled oversubscriptions will be refunded as soon as possible. As detailed in the prospectus, oversubscription rights will be allocated pro rata in accordance with the number of basic subscriptions rights exercised.

Under the completed rights offering, holders of record of Zion’s common stock, as of the close of business on October 19, 2009, were given non-transferable subscription rights to purchase up to 3.6 million shares of common stock at a subscription price of $5.00 per share.

Zion is currently drilling its Elijah #3 well and drilling has reached a depth of approximately 5,250 feet (1,600 meters). Next week, Zion plans to carry out completion testing on its Ma’anit-Rehoboth #2 well that was drilled to a depth of 17,913 feet (5,460 meters).

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Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). The most recently issued reports and/or recorded webcasts include Cascade Corp. (NYSE: CASC), Anadarko Petroleum Corp. (NYSE: APC), Baytex Energy Trust (NYSE: BTE) (TSX: BTE), H & Q Healthcare Investors (NYSE: HQH), H & Q Life Science Investors (NYSE: HQL), PIMCO (NYSE: PYN) (NYSE: PMX) (NYSE: PZC), PIMCO Global StocksPLUS & Income Fund (NYSE: PGP), Taiwan Greater China Fund (NYSE: TFC) and Wolseley PLC (OTC: WOSCF) (London Stock Exchange: WOS).

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