Zion Oil & Gas Inc (ZNOG)

[bdahl385]

I am glad I thought this on through and did not follow Rainman's advise on exercising my rights. I let them expire and instead bought another hundred shares at $6.22 on the open market yesterday morning.

With today's announcement of the over-subscription, I would have only netted 11 shares instead of the 23 and would have paid $39 to my broker for these 11 shares. The $5 exercise price would not have netted me enough in savings to offset the commission.

I hope not too many of you exercised their rights offering and now are holding the bag on these with the lower than anticipated shares coming your way and paying the high brokerage fixed cost commission.

At least my anticipated SP pop occurred today now that the rights offering is behind us. Catalyst #2 happens in a week as the workover rig arrives and opens up those first 3 zones for testing.

Good luck to all...