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
July
31, 2008 (July 31, 2008)
____________________________________
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)
333-131875
(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)
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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events
On
July
31, 2008, Zion Oil & Gas, Inc. ("Zion" or the "Company") and a drilling
contractor entered into an Amendment to Protocol, originally executed on June
18, 2008, pursuant to which the parties agreed to extend to September 1, 2008
the date by which they are to sign a drilling contract. The Company disclosed
in
its current report on Form 8-K filed on June 19, 2008 that it and the drilling
contractor entered into a Protocol relating to the transportation of a rig
to
Israel in order to conduct the drilling contemplated by the Company’s business
plan. The Protocol originally contemplated that the parties would seek to enter
into a drilling contract by July 31, 2008. The extension is necessary due to
delays encountered in preparing and filing applications necessary to enable
the
drilling contractor to bring its drilling rig and crews into Israel and
otherwise complete the necessary permitting process to drill Zion's planned
Ma’anit-Rehoboth #2 well. The amendment also extends to October 30, 2008, the
date by which the contractor has to complete the process for acquiring the
necessary permits to bring its rig and crews into Israel. It is currently
anticipated that the rig will arrive in Israel in October 2008. No
assurance can, however, be provided that the drilling contract as contemplated
in the Protocol or as otherwise revised by the parties in the course of
continuing discussions between them will in fact be executed.
Even
if
the Company and the Contractor execute the drilling contract, the contractor
will need to obtain certain permits and requisite authorization before the
rig
can be brought into Israel. Under the terms of the Protocol, if the contractor
is unable to obtain such permits by October 30, 2008, the contractor is
entitled, upon submission of certain documents after the execution of the
drilling contract, to terminate the contract. Upon such termination, the
contractor will refund to the Company sums then paid under the Protocol and
the
drilling contract, less a 15% retention to cover the contractor’s costs and
expenses.
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: July
31, 2008
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By: |
/s/ Richard
J. Rinberg
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Richard
J. Rinberg
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