Zion Oil (symbol: ZN) is an Amex listed oil and gas exploration company looking for oil in Israel based on Biblical prophesies. The Company has issued a series of 8Ks regarding terms of success or failure of current oil exploration activities. The Company has also been raising new capital in the form of a rights offering while issuing the aforementioned 8Ks. Glenn Perry, the Company's CEO and largest shareholder, recently resigned. The Company has likely either hit a dry hole or the hydrocarbon resource may not be commercially viable in its most recent well and has put further activities on hold...but it shows "pictures" in the form of small bottles of oil from the well. The Company previously hit a dry hole in 2005 but waited a long time before declaring it as such.

On April 1, 2010, the company stated with respect to the The Ma'anit-Rehoboth #2 Well, So while the first test results were less than we had hoped, several additional targets remain in this well. We have gained much momentum since starting this operation and have already gleaned some useful pressure data from the reservoir rocks. We remain hopeful and will continue to use every tool in our testing arsenal in our ongoing hunt for the elusive hydrocarbons that potentially lurk deep within our license areas.

If you are a current shareholder and purchased in the October 2009 rights offering, and would like to discuss your options of exercising your rights as a shareholder, please contact us.

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