Zion Oil & Gas Inc. Amends Bylaws to Allow Share Repurchases

What Happened Zion Oil & Gas, Inc. (ZNOG) filed an 8-K on September 14, 2026 reporting a change to its Amended Bylaws. The Board approved an amendment (Article VI, Section 6.7) that expressly gives the Board authority to approve repurchase of company shares in the best interests of the corporation and its shareholders at fair market value. The amendment requires any buybacks to be disclosed and conducted in compliance with the Texas Business Organizations Code (TBOC) and federal securities rules. The amended bylaws are filed as Exhibit 3(i).1 to the 8-K.

Key Details

• Board approval date and effective date: September 14, 2026.
• New bylaw language: Article VI, Section 6.7 grants the Board authority to repurchase shares at fair market value.
• Compliance requirement: Repurchases must comply with the TBOC and federal securities rules and be disclosed.
• The filing does not announce any specific repurchase program, dollar amount, or timetable.

Why It Matters This bylaw amendment gives Zion Oil & Gas formal board-level authority to conduct share buybacks in the future, providing the company a legal mechanism to reduce outstanding shares or manage capital when the Board and management deem it appropriate. For investors, the change increases the company’s flexibility but does not itself commit the company to buybacks — any actual repurchase program would require a separate disclosure with details on size, timing, and funding.