DALLAS, Texas and CAESAREA, Israel, April
1, 2020 /PRNewswire/ -- Zion Oil & Gas, Inc.
(Nasdaq: ZN) announces that the lead plaintiffs in the
securities class action lawsuit filed against Zion on August 9, 2018, have voluntarily dismissed the
lawsuit.
"Just as the consolidated derivative suit in Federal district
court in Delaware was dismissed
last November, the securities class action suit previously filed
against Zion, Victor Carrillo, and
Mike Croswell, in the Northern
District of Texas has now been
dismissed," stated Zion's President, Bill
Avery. "Zion is thankful that these lawsuits have been
dismissed so that we can focus on moving ahead with our oil
exploration in Israel without
distraction."
CLASS ACTION SUIT DISMISSED
On March 3, 2020, Brantley Starr, United States District Judge for
the Northern District of Texas,
signed an Order dismissing the class action lawsuit without
prejudice to its refiling by March 31,
2020. On March 30, 2020,
however, the plaintiff voluntarily dismissed with prejudice (cannot
be refiled) the class action suit against Zion, Carrillo, and
Croswell.
DERIVATIVE SUIT PREVIOUSLY DISMISSED
As mentioned in Zion's December 30,
2020, update, on November 26,
2019, Richard G. Andrews,
United States District Judge for the District of Delaware, signed an Order dismissing the
consolidated derivative suit filed against certain current and
former directors of Zion as well as Zion as a nominal defendant.
The Plaintiffs' deadline to appeal the Order was December 26, 2019, and Plaintiffs did not appeal
making dismissal final.
There is now no litigation pending against Zion.
Zion Oil & Gas, a public company traded on NASDAQ (ZN),
explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel
license area.
"The Lord Himself goes before you and will be
with you; He will never leave you nor forsake you. Do not be
afraid; do not be discouraged."
Deuteronomy 31:8
"Sing to the Lord, for he has done glorious
things; let this be known to all the world. Shout aloud and
sing for joy, people of Zion, for great is the Holy One of
Israel among you."
Isaiah 12:5-6
FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements. Statements in this communication that
are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
that may be drilled or tested in the future, the effect, if any, on
Zion's operations of the dismissal of litigation reported
hereunder; importing the rig it purchased into Israel in a timely manner and Zion's ability
to successfully raise the funds needed to undertake all of its
planned exploration efforts; Zion's ability to continue as a going
concern; Zion's ability to have its common stock continue to be
listed on the Nasdaq Capital Market; the timing and completion of
the processing, interpretation of the results and plans
contingent thereon off the 3 D seismic survey, the timing of the
importation onto the well site of the purchased drilling rig,
approvals needed for the rig's erection and startup, the effect, if
any, of the coronavirus pandemic on the timing of the delivery and
start-up of the well, and operational risks in ongoing
exploration efforts, are forward-looking statements which are
made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. These
forward-looking statements are based on assumptions that are
subject to significant known and unknown risks, uncertainties and
other unpredictable factors, many of which are described in Item 1A
in Zion's annual report on Form 10-K, which is expressly
incorporated herein by reference, and other factors as may be
described in Zion's periodic reports filed with the SEC and are
beyond Zion's control. These risks could cause Zion's actual
performance to differ materially from the results predicted by
these forward-looking statements. Zion can give no assurance that
the expectations reflected in these statements will prove to be
correct and assumes no responsibility to update these
statements.
Contact Info:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/all-lawsuits-against-zion-oil--gas-have-now-been-dismissed-301033335.html
SOURCE Zion Oil & Gas, Inc.