Zion Oil & Gas Inc. (AMEX:ZN) has raised $2.49 million on Wall Street. The funding was the third of three stages, in which it raised a total of $6.66 million.
The previous two stages were held in October and December of 2008.
The company reported that it sold a total of 666,343 units at $10 each. Each unit consisted of one Zion share and one warrant to buy a share.
Zion CEO Richard Rinberg said, “With the funds raised in this offering, we now eagerly await the arrival of the 2,000 horsepower drilling rig and the drilling of Zion’s second well, on our Josephl license, to the Triassic Formation (down to a depth of 15,400 feet) and then, we plan, to the Permian Formation (down to a depth below 18,000 feet).”
Zion Oil & Gas explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres.
Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2009
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