All Lawsuits Against Zion Oil & Gas Have Now Been Dismissed

DALLAS, Texas and CAESAREA, Israel, April 1, 2020 /PRNewswire/ -- Zion Oil & Gas, Inc. (Nasdaq: ZN) announces that the lead plaintiffs in the securities class action lawsuit filed against Zion on August 9, 2018, have voluntarily dismissed the lawsuit.

"Just as the consolidated derivative suit in Federal district court in Delaware was dismissed last November, the securities class action suit previously filed against Zion, Victor Carrillo, and Mike Croswell, in the Northern District of Texas has now been dismissed," stated Zion's President, Bill Avery. "Zion is thankful that these lawsuits have been dismissed so that we can focus on moving ahead with our oil exploration in Israel without distraction."

CLASS ACTION SUIT DISMISSED

On March 3, 2020, Brantley Starr, United States District Judge for the Northern District of Texas, signed an Order dismissing the class action lawsuit without prejudice to its refiling by March 31, 2020. On March 30, 2020, however, the plaintiff voluntarily dismissed with prejudice (cannot be refiled) the class action suit against Zion, Carrillo, and Croswell.

DERIVATIVE SUIT PREVIOUSLY DISMISSED

As mentioned in Zion's December 30, 2020, update, on November 26, 2019, Richard G. Andrews, United States District Judge for the District of Delaware, signed an Order dismissing the consolidated derivative suit filed against certain current and former directors of Zion as well as Zion as a nominal defendant. The Plaintiffs' deadline to appeal the Order was December 26, 2019, and Plaintiffs did not appeal making dismissal final.

There is now no litigation pending against Zion.

Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area.

"The Lord Himself goes before you and will be with you; He will never leave you nor forsake you.  Do not be afraid; do not be discouraged."
Deuteronomy 31:8

"Sing to the Lord, for he has done glorious things; let this be known to all the world.  Shout aloud and sing for joy, people of Zion, for great is the Holy One of Israel among you."
Isaiah 12:5-6

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, anticipated attributes of geological strata that may be drilled or tested in the future, the effect, if any, on Zion's operations of the dismissal of litigation reported hereunder; importing the rig it purchased into Israel in a timely manner and Zion's ability to successfully raise the funds needed to undertake all of its planned exploration efforts; Zion's ability to continue as a going concern; Zion's ability to have its common stock continue to be listed on the Nasdaq Capital Market; the timing and completion of the processing,  interpretation of the results and plans contingent thereon off the 3 D seismic survey, the timing of the importation onto the well site of the purchased drilling rig, approvals needed for the rig's erection and startup, the effect, if any, of the coronavirus pandemic on the timing of the delivery and start-up of the well, and  operational risks in ongoing exploration efforts,  are forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Item 1A in Zion's annual report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may be described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

Contact Info:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: [email protected]
www.zionoil.com

SOURCE Zion Oil & Gas, Inc.