ZNOG - Zion Oil & Gas, Inc.

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ZNOG Stock - Zion Oil & Gas Inc
ZNOG Stock - Zion Oil & Gas Inc

Zion Oil & Gas Inc (OTC: ZNOG) is an oil company founded by John M. Brown on April 6, 2000, located in CAESAREA, Israel, with an offshore office in Dallas, TX. Zion oil specializes in finding economically recoverable petroleum and natural gas deposits in the country and possesses three petroleum exploration licenses: the Joseph License, which covers an area of about 83,272 acres; the Asher-Menashe License, which covers an area of about 78,824 acres; and the Jordan Valley License, which covers an area of about 55,845 acres in the Jordan Valley area.[1][2]  

Zion Oil & Gas's central vision is to actively explore for oil and gas in Israel, using cutting-edge technology and sound business principles. Zion's oil and gas exploration efforts are backed up by geological, geophysical, and other science-based investigations and surveys that are normally conducted by oil and gas exploration corporations.[3]

Since the Company's inception in April 2000, John M. Brown, the Company's founder, has served as Chairman of the Board of Directors. Mr. Brown has substantial managerial, marketing, and sales expertise, having served as corporate director of purchasing at GTE Valeron, a GTE Corporation subsidiary, from 1966 to 1986 and as corporate director of procurement at Magnetek, Inc. from 1988 to 1989. Mr. Brown was also an officer and director of M&B Holding Inc., a cement wall and floor provider for industrial structures, office buildings, and housebuilders, until 2012.[4]

The Company's testing program at the MJ #1 well was completed in the fourth quarter of 2018. The test findings revealed that the MJ #1 well did not contain commercial levels of hydrocarbons in the zones examined. As a consequence, the Company recognized a $30,906,000 non-cash impairment charge on its unproved oil and gas properties for the year ended December 31, 2018. The Company did not record any post-impairment charges for the six months ended June 30, 2021, and 2020, respectively.[5]

However, the MJ#02 well was recently completed to a total depth of 5,531 meters (18,141 feet), with a six-inch (6") open hole at that level. There are hopeful signs of commercially viable hydrocarbons in the core zone of interest. During the following weeks, a complete set of rigorous and exhaustive tests, including neutron-density, sonic, gamma, resistivity records, and testing, will begin. Additional zones of interest may be developed and tested based on these logs and analysis.[6]

Zion Oil & Gas Inc released its financial state in Q4 2021, and Zion Oil & Gas has a market capitalization of roughly $57.383 million and has a current debt of 372k with total assets of over 63.4 million. The Company saw a net loss of 10.7 million, with Basic Earnings Per Share decreasing by 0.04.[7]

The top competitor of Zion Oil & Gas Inc includes Nbl Permian LLC, Gulf United Energy, Inc., and Avenue Group, Inc.

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Wed, 21:03 May 11, 2022 | OTC Markets Group - News, Filings & Corporate Actions
Category: Zion Oil & Gas, Inc. | Tier: OTCQX U.S. | Source: PRNS |

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