SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
May
21, 2010
Date of
Report (Date of earliest event reported)
Zion
Oil & Gas, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
(State or
other jurisdiction of incorporation)
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001-33228
(Commission
File Number)
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20-0065053
(IRS
Employer Identification No.)
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6510
Abrams Road, Suite 300, Dallas, TX 75231
(Address
of Principal Executive
Offices) (Zip
Code)
Registrant's
telephone number, including area code: 214-221-4610
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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On May
21, 2010, Zion Oil & Gas Inc. (the “Company”) and Aladdin Middle East Ltd.
(“AME”), a Delaware corporation with offices in Wichita, Kansas and in Ankara,
Turkey, amended the drilling contract that they originally executed on September
12, 2008 and subsequently amended (the “Agreement”).
Under the
recently executed amendment, AME and the Company extended the term of the
Agreement to cover the drilling of the Company’s planned Ma’anit-Joseph #3 well
to a depth of 5,900 meters. In addition, Article 608 of the Agreement
was amended in order to transfer to AME the burden of certain taxes that may be
owed. Under the Amendment, AME is to reimburse the Company for
certain insurance premiums incurred by the Company. The Amendment
also memorialized an advance, previously remitted by the Company to AME, in an
amount of $750,000 and provided that the amount of the advance will be recovered
by offset against future AME invoices.
The
foregoing description of the transaction is only a summary and is qualified in
its entirety by reference to the Amendment No. 4 to the International Daywork
Drilling Contract-Land attached hereto as Exhibit 10.1, which is incorporated
herein by reference.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
10.1 – Amendment No. 4 (dated as of May 21, 2010 and effective as of April 23,
2010) to International Daywork Drilling Contract – Land dated as of September
12, 2008 between Zion Oil & Gas, Inc. and Aladdin Middle East
Ltd.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereto
duly authorized.
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Zion
Oil and Gas, Inc.
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Date: May
24, 2010
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By:
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/s/ Richard
J. Rinberg
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Richard
J. Rinberg
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Chief
Executive Officer
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