Zion Oil Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Appointment of Board Vacancy
Zion Oil & Gas, Inc. (“Zion” or “Company”) has appointed Ralph F. DeVore to its Board of Directors (“Board”) as an independent director, effective April 16, 2018. Mr. DeVore is being appointed to the Nominating and Corporate Governance Committee. Mr. DeVore is returning to Zion’s Board as a Class III Director to fill out the term of Yehezkel “Charlie” Druckman, who recently passed away.
Mr. DeVore’s career includes over 25 years in advertising and marketing as an entrepreneur doing business with Fortune 100 companies such as PepsiCo, Walgreens and Philip Morris. In addition, he held a management position with The Sherwin-Williams Company, a Fortune 500 company. Ralph currently serves as President of Christian Commerce Corporation, a 501(c)(3) private foundation which he founded in 1984. The foundation’s focus is promotion and education of Christian principles through worldwide evangelism. He is on the Christian Commerce Corporation board and on the Hal Lindsey Website Ministries board. He also serves in a consulting role to other Christian ministries who call on his business expertise and years of ministry experience. Mr. DeVore earned a B.S. in Occupational Education from Wayland Baptist University and is also a graduate of Southwestern Baptist Theological Seminary.
There are no arrangements or understandings between Mr. DeVore and any other person to which he was appointed to the Board, and there are no relationships between Mr. DeVore and the Company that would require disclosure under Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934, as amended.
For his services on the Board, Mr. DeVore will be compensated as an independent director. Mr. DeVore will be a Class III director up for reelection at the 2020 annual stockholders meeting.
About Zion Oil & Gas, Inc. (NASDAQ:ZN)
Zion Oil & Gas, Inc. is an oil and gas exploration company. The Company holds a petroleum exploration license onshore Israel, the Megiddo-Jezreel License (MJL), comprising approximately 99,000 acres. The MJL is onshore, south and west of the Sea of Galilee. The Company has drilled approximately four exploratory wells. The Company has not generated any revenues.