Convertibles Calendar

ZION OIL & GAS INC.:

• Rights offering of up to $72 million of five-year convertible bonds

• Maturity Feb. 15, 2021

• Par $100

• Talked to yield 10%, up 30%

• Issuance seen in February

• Non-callable for two years

• Takeover protection

• Holders of 100 shares entitled to one right for two bonds until Jan. 15, 2016

• Proceeds to drill two initial wells in Israel, for production testing, for additional exploration and for general corporate purposes

• Dallas-based oil and gas exploration and production company focused on Israel

• Nasdaq: ZN

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