SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Croswell Michael B. Jr.

(Last)

(First)

(Middle)

12655 NORTH CENTRAL EXPRESSWAY

(Street)

DALLAS

75243

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/16/2016

3. Issuer Name and Ticker or Trading Symbol
ZION OIL & GAS INC [ ZN ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock Option	50,000	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock Option	12/05/2011	12/05/2021	Common Stock Par Value $0.01	40,000⁽¹⁾	$2.61	I	Granted Stock Options⁽²⁾
Common Stock Option	12/21/2012	12/21/2022	Common Stock Par Value $0.01	30,000⁽¹⁾	$1.7	I	Granted Stock Options⁽²⁾
Common Stock Option	06/06/2016	06/06/2026	Common Stock Par Value $0.01	100,000⁽¹⁾	$0.01	I	Granted Stock Options⁽²⁾
Common Stock Option	10/01/2014	10/01/2024	Common Stock Par Value $0.01	1,693⁽¹⁾	$1.67	I	Granted Stock Options⁽²⁾
Common Stock Option	01/02/2015	01/02/2025	Common Stock Par Value $0.01	48,307⁽³⁾	$1.38	I	Granted Stock Options⁽²⁾

Explanation of Responses:

1. Fully vested stock options were granted from the Issuer's 2011 Equity Incentive Plan: Non-Qualified Stock Option Award Agreement

2. Stock options granted not yet exercised.

3. Fully vested stock options were granted from the Issuer's 2005 Equity Incentive Plan: Non-Qualified Stock Options Award Agreement

	Tim Hill	09/16/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.