Zion Oil & Gas Inc (ZNOG)

[Porgie Tirebiter]

That's not completely correct. If ZN is simply delisted, there will be no new options offered after any series expires. However, any series already issued will continue to trade until the original expiration date - as long as the underlying shares continue to trade.

It would only be if trading of the underlying shares were completely suspended or revoked that existing contracts might undergo a liquidation process.

What happens when a class of options is "delisted"?
If a stock fails to maintain the minimum exchange standards for being optionable, that class of options may be "delisted." In this case, no new option series will be added at expiration, but those series already listed will continue to trade until they expire. If trading on an underlying stock is suspended by its primary market for an extraordinary reason the options exchanges will specify a procedure for the orderly liquidation of option open interest in a special bulletin.

http://www.cboe.com/education/getting-started/quick-facts/options-marketplace#:~:text=What%20happens%20when%20a%20class,to%20trade%20until%20they%20expire.