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Inside Zion Oil

22 bytes removed, 06:43, 20 September 2009
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Another WorldNetDaily insider, WorldNet Director Ralph Devore, served as a Director of Zion Oil & Gas from July, 2000 until his resignation over a disagreement about Jewish participation in the company in December of 2004. Zion Oil documents filed with the SEC say this about Mr. Devore:
:In July 2000, Zion entered into a financial advisory and services agreement with Ralph DeVore, before he was elected a director, whereby Mr. DeVore assisted us in a :number of areas, including business structuring, ''investor relations, introductions to investment bankers and investors, and other related financial services''. On :December 31, 2000, Mr. DeVore was awarded a warrant (as provided in the agreement) giving him the right to purchase 80,000 shares of our common stock at $0.20 per share :until December 31, 2004. In February 2001, the agreement was modified and extended through June 30, 2001. Mr. DeVore was elected a director in June 2001. In August 2001 :the agreement was extended through September 30, 2001 and Mr. DeVore was awarded another warrant, this one (as provided in the agreement) giving him the right to :purchase 40,000 shares of our common stock at $0.20 per share until December 31, 2004. As the 120,000 shares, upon purchase, would be restricted shares and there was no :public market, the awards were valued at $0. Following the expiration of the agreement, Mr. DeVore continued to provide financial advisory services on an as needed :basis. In 2002, for financial services rendered, he was paid $2,500 in the form of 2,500 shares of common stock and a B Warrant to purchase 1,250 shares. In 2003, Mr. :DeVore exercised his warrants to purchase 120,000 shares for $0.20 per share. The B Warrant has not been exercised.{{cite web | author = SEC Filing | url = http://www.secinfo.com/d12gpv.29.htm | title = SEC File 333-107042 | publisher = Securities and Exchange Commission | date = September 11, 2003 }} (Author added italics)
In January of 2005 WorldNet Daily's primary link to Zion Oil hit the skids when a new report appeared on the Zion Oil website dated January 5th, 2005, announcing that WorldNet Director DeVore had resigned from Zion Oil as Director in December of 2004. [http://web.archive.org/web/20041015141936/www.zionoil.org/management.htm] However it is interesting to note that, despite the scandal, Devore did not divest his Zion Oil shares at that time, and Devore still holds considerable numbers of shares today, in 2009. [http://google.brand.edgar-online.com/PeopleFilingResults.aspx?PersonID=3801536&PersonName=RALPH%20DEVORE]
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