Zion Oil & Gas Inc (ZNOG)

[Moses1492]

It seems very general. ZN is simply anticipating a great 3D seismic report and this shelf offering allows ZN (if needed) flexibility to fund future drilling and pumping operations through additional DSPP unit offerings (shares + warrants at pricing subject to change market driven). With great 3D seismic news, hopefully the existing warrants already issued through previous unit offerings will be fully exercised with no need of future unit offerings. With existing varying warrants outstanding, with great news, ZN should be able to immediately raise over 70 million (for instance if ZN goes to $3 this month).

CURIOUS to me is that ZN presently has a 200 million max approved share limit cap. They are over 100 million shares outstanding now... do the already issued 30+ million unexercised warrants count against the allotted 200 million share cap? If so that would leave only 70 million potential addition shares to be issued under the new shelf offering trying to generate 154 million in proceed$.

Will ZN soon announce board meeting approval of additional permitted shares to be allowed to be issued?