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under the prior Registration No. 333-193336. On March 27, 2014, we launched our Dividend Reinvestment |
and Stock Purchase Plan (the “DSPP”) pursuant to which stockholders and interested investors can purchase shares of the Company’s |
Common Stock as well as units of the Company’s securities directly from the Company. The terms of the DSPP are described in the |
Prospectus Supplement originally filed on March 31, 2014 (the “Original Prospectus Supplement”) with the Securities and Exchange |
Commission (“SEC”) under the Company’s effective registration Statement on Form S-3, as thereafter amended. On January 13, 2015, the Company amended the Original |
Prospectus Supplement (“Amendment No. 3”) to provide for a unit option (the “Unit Option”) under the DSPP comprised |
of one share of Common Stock and three Common Stock purchase warrants with each unit priced at $ 4.00 . Each warrant afforded the participant |
the opportunity to purchase the Company’s Common Stock at a warrant exercise price of $ 1.00 . Each of the three warrants series had |
different expiration dates that had been extended. The ZNWAB warrants first became exercisable on |
May 2, 2016 and, in the case of ZNWAC on May 2, 2017 and in the case of ZNWAD on May 2, 2018, at a per share exercise price of $1.00. As of May 2, 2017, any outstanding ZNWAB warrants |
expired. As of May 2, 2018, any outstanding ZNWAC warrants |
expired. On May 29, 2019, the Company extended the termination |
date of the ZNWAD Warrant by one (1) year from the expiration date of May 2, 2020 to May 2, 2021. Zion considers this warrant as permanent |
equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On September 15, 2020, the Company extended the |
termination date of the ZNWAD Warrant by two (2) years from the expiration date of May 2, 2021 to May 2, 2023. Zion considers this warrant |
as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On November 1, 2016, the Company launched a unit |
offering under the Company’s DSPP pursuant to which participants could purchase units comprised of seven shares of Common Stock |
and seven Common Stock purchase warrants, at a per unit purchase price of $10. The warrant is referred to as “ZNWAE.” The ZNWAE warrants became exercisable on May |
1, 2017 and continued to be exercisable through May 1, 2020 at a per share exercise price of $1.00. On May 29, 2019, the Company extended the termination |
date of the ZNWAE Warrant by one (1) year from the expiration date of May 1, 2020 to May 1, 2021. Zion considers this warrant as permanent |
equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On September 15, 2020, the Company extended the |
termination date of the ZNWAE Warrant by two (2) years from the expiration date of May 1, 2021 to May 1, 2023. Zion considers this warrant |
as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. The warrant terms provide that if the Company’s |
Common Stock trades above $ 5.00 per share at the closing price for 15 consecutive trading days at any time prior to the expiration date |
of the warrant, the Company may, in its sole discretion, accelerate the termination of the warrant upon providing 60 days advanced notice |
to the warrant holders. F- 32 Zion Oil & Gas, Inc. Notes to Consolidated Financial Statements Note 6 - Stockholders’ Equity (cont’d) On May 22, 2017, the Company launched a new unit |
offering. This unit offering consisted of a new combination of common stock and warrants, a new time period in which to purchase under |
the program, and a new unit price, but otherwise the same unit program features, conditions and terms in the Prospectus Supplement applied. |
The unit offering terminated on July 12, 2017. This program enabled participants to purchase Units of the Company’s securities |
where each Unit (priced at $250.00 each) was comprised of (i) the number of shares of Common Stock determined by dividing $250.00 (the |
price of one Unit) by the average of the high and low sale prices of the Company’s Common Stock as reported on the NASDAQ on the |
unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 25 shares of Common Stock at a warrant exercise |
price of $1.00 per share. The warrant is referred to as “ZNWAF.” All ZNWAF warrants became exercisable on August |
14, 2017 and continued to be exercisable through August 14, 2020 at a per share exercise price of $ 1.00 . On May 29, 2019, the Company extended the termination |
date of the ZNWAF Warrant by one (1) year from the expiration date of August 14, 2020 to August 14, 2021. Zion considers this warrant |
as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On September 15, 2020, the Company extended the |
termination date of the ZNWAF Warrant by two (2) years from the expiration date of August 14, 2021 to August 14, 2023. Zion considers |
this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. The warrant terms provide that if the Company’s |
Common Stock trades above $ 5.00 per share as the closing price for 15 consecutive trading days at any time prior to the expiration date |
of the warrant, the Company has the sole discretion to accelerate the termination date of the warrant upon providing 60 days advanced |
notice to the warrant holders. An Amendment No. 2 to the Prospectus Supplement |
(as described below) was filed on October 12, 2017. Under Amendment No. 2, the Company initiated |
another unit offering which terminated on December 6, 2017. This unit offering enabled participants to purchase Units of the Company’s |
securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common Stock determined by dividing |
$250.00 (the price of one Unit) by the average of the high and low sale prices of the Company’s Common Stock as reported on the |
NASDAQ on the unit purchase date and (ii) Common Stock purchase warrants to purchase an additional 15 shares of Common Stock at a warrant |
exercise price of $1.00 per share. The warrant is referred to as “ZNWAG.” The warrants became exercisable on January 8, 2018 and continue |
to be exercisable through January 8, 2024 at a revised per share exercise price of $.25. The warrant terms provide that if the Company’s |
Common Stock trades above $5.00 per share as the closing price for 15 consecutive trading days at any time prior to the expiration date |
of the warrant, the Company has the sole discretion to accelerate the termination date of the warrant upon providing 60 days advanced |
notice to the warrant holders. On December 14, 2022, the Company extended the |
termination date of the ZNWAG warrant by one (1) year from the expiration date of January 8, 2023 to January 8, 2024. Zion considers this |
warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On February 1, 2018, the Company launched another |
unit offering which terminated on February 28, 2018. The unit offering consisted of Units of our securities where each Unit (priced at |
$250.00 each) was comprised of (i) 50 shares of Common Stock and (ii) Common Stock purchase warrants to purchase an additional 50 shares |
of Common Stock. The investor’s Plan account was credited with the number of shares of the Company’s Common Stock acquired |
under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common Stock at a warrant |
exercise price of $5.00. The warrant is referred to as “ZNWAH.” The warrants became exercisable on April 2, 2018 |
and continued to be exercisable through April 2, 2020 at a per share exercise price of $5.00, after the Company, on December 4, 2018, |
extended the termination date of the Warrant by one (1) year from the expiration date of April 2, 2019 to April 2, 2020. On May 29, 2019, the Company extended the termination |
date of the ZNWAH Warrant by one (1) year from the expiration date of April 2, 2020 to April 2, 2021. Zion considers this warrant as |
permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. F- 33 Zion Oil & Gas, Inc. Notes to Consolidated |
Financial Statements Note 6 - Stockholders’ Equity (cont’d) On September 15, 2020, the Company extended the |
termination date of the ZNWAH Warrant by two (2) years from the expiration date of April 2, 2021 to April 2, 2023. Zion considers this |
warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On August 21, 2018, the Company initiated another |
unit offering, and it terminated on September 26, 2018. The offering consisted of Units of the Company’s securities where each |
Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common Stock determined by dividing $250.00 (the price |
of one Unit) by the average of the high and low sale prices of the Company’s publicly traded common stock as reported on the NASDAQ |
on the Unit Purchase Date and (ii) Common Stock purchase warrants to purchase an additional twenty-five (25) shares of Common Stock. |
The investor’s Plan account was credited with the number of shares of the Company’s Common Stock acquired under the Units |
purchased. Each warrant affords the investor the opportunity to purchase one share of Company Common Stock at a warrant exercise price |
of $1.00. The warrant is referred to as “ZNWAJ.” The warrants became exercisable on October 29, |
2018 and continued to be exercisable through October 29, 2020 at a per share exercise price of $1.00, after the Company, on December |
4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of October 29, 2019 to October 29, 2020. On May 29, 2019, the Company extended the termination |
date of the ZNWAJ Warrant by one (1) year from the expiration date of October 29, 2020 to October 29, 2021. Zion considers this warrant |
as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On September 15, 2020, the Company extended the |
termination date of the ZNWAJ Warrant by two (2) years from the expiration date of October 29, 2021 to October 29, 2023. Zion considers |
this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On December 10, 2018, the Company initiated another |
unit offering, and it terminated on January 23, 2019. The offering consisted of Units of the Company’s securities where each Unit |
(priced at $250.00 each) was comprised of (i) two hundred and fifty (250) shares of Common Stock and (ii) Common Stock purchase warrants |
to purchase an additional two hundred and fifty (250) shares of Common Stock at a per share exercise price of $0.01. The investor’s |
Plan account was credited with the number of shares of the Company’s Common Stock and Warrants that are acquired under the Units |
purchased. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price |
of $0.01. The warrant is referred to as “ZNWAK.” The warrants became exercisable on February 25, |
2019 and continued to be exercisable through February 25, 2020 at a per share exercise price of $0.01. On May 29, 2019, the Company extended the termination |
date of the ZNWAK warrant by one (1) year from the expiration date of February 25, 2020 to February 25, 2021. Zion considers this warrant |
as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. On September 15, 2020, the Company extended the |
termination date of the ZNWAK warrant by two (2) years from the expiration date of February 25, 2021 to February 25, 2023. Zion considers |
this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension. As of February 25, 2023, any outstanding ZNWAK |
warrants expired. F- 34 Zion Oil & Gas, Inc. Notes to Consolidated |
Financial Statements Note 6 - Stockholders’ Equity (cont’d) On April 24, 2019, the Company initiated another |
unit offering and it terminated on June 26, 2019, after the Company, on June 5, 2019, extended the termination date of the unit offering. The unit offering consisted of Units of the Company’s |
securities where each Unit (priced at $250.00 each) was comprised of (i) two hundred and fifty (250) shares of Common Stock and (ii) |
Common Stock purchase warrants to purchase an additional fifty (50) shares of Common Stock at a per share exercise price of $2.00. The |
investor’s Plan account was credited with the number of shares of the Company’s Common Stock and Warrants acquired under |
the Units purchased. For Plan participants who enrolled into the Unit Program with the purchase of at least one Unit and also enrolled |
in the separate Automatic Monthly Investments (“AMI”) program at a minimum of $50.00 per month or more, received an additional |
twenty-five (25) warrants at an exercise price of $2.00 during this Unit Option Program. The twenty-five (25) additional warrants were |
for enrolling into the AMI program. Existing subscribers to the AMI were entitled to the additional twenty-five (25) warrants once, if |
they purchased at least one (1) unit during the Unit program. Each warrant affords the participant the opportunity to purchase one share |
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