Zion Oil & Gas, Inc. (NASDAQ:ZN) Makes Board Changes After Class Action Alert

Zion Oil & Gas, Inc. (NASDAQ:ZN)

Zion Oil & Gas, Inc. (NASDAQ:ZN) has made two new appointments to its board of director’s, days after being hit with two high profile class action investigations. The Appointment of Dr. Lee R. Russell and Michael B. Croswell Jr. comes on Levi & Korsinsky and Purcell Julie & Lefkowitz, LLP, launching investigations over a possible breach of fiduciary duty by the board of directors.

Board of Directors Appointments

Dr. Russell joins Zion Oil & Gas, Inc. (NASDAQ:ZN) board having been the company’s independent Geoscience consultant over the past four years. His more than 41 years of industry experience in research and exploration which should benefit the management team.

Some of the notable projects that Dr. Russell has worked on include domestic exploration in the Gulf of Mexico, the Rocky Mountains, and international projects in East and West Africa. Croswell Jr. Joins the board having served as the company’s corporate controller. He is also the current Chief Financial officer. He joins the board with vast accounting and management experience having been a certified public accountant since 1997.

“I wholeheartedly welcome Lee and Michael to our Board of Directors and truly believe that they each bring unique experience and leadership qualities that will help to guide our strategic decisions on our Megiddo-Jezreel #1 well and future wells in Israel. I count both Lee and Michael as personal friends, fellow Christian brothers, and men of the utmost moral character and integrity,” said Zion’s CEO, Victor G. Carrillo.

Oil Drilling In Israel

Separately, Zion Oil & Gas, Inc. (NASDAQ:ZN) has echoed its commitment to ensuring Israel achieves political and economic independence as it continues with exploration and drilling activities in the country. The company is currently drilling a 15,000 foot well in North East of Israel where it believes there is a good amount of oil reserves.

The company has already carried out a stock unit option program that will be used to fund the massive project. For $10, interested investors were able to buy 7 shares and 7 warrants of Zion Oil and Gas stock. Exercisable for $1 a share of stock the warrants are set to mature on May 1, 2020.

Zion Oil & Gas, Inc. (NASDAQ:ZN) stock was up 8.19% in Tuesday’s trading session – closing at highs of $1.85.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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