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Sunday, May 22, 2022

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) Major Reversal Underway for (Oil at Megiddo Jezreel) Oil & Gas Operator

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) has been moving up steadily in recent trading since dipping to 52 weeks lows of $0.102 last week. The stock has a long history of big moves skyrocketing to $1.75 in December 2020. ZNOG was delisted from the NASDAQ stock exchange where it used to trade under the ticker; ZN after opting not do a RS and has been emerging as a volume leader in small caps since; newly delisted big boards have a long history of making big moves once on the otc. ZNOG is an ex-NASDAQ runner that was trading well over $6 per share back in 2017.

Fueling the recent months long drop on ZNOG was the Company’s silence since their last press release on November 23, 2021 whey they announced the completion of the drilling phase for their Megiddo-Jezreel #2 (MJ-02) and were moving forward with testing immediately based on encouraging hydrocarbon shows at its Megiddo Jezreel #1 (“MJ #1”) site where the Company previously estimated the reserve potential of the formation at 484 million barrels. Zion’s property is located in the Golan Heights and Jezreel Valley, quickly emerging as an oil hotspot in Israel. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide.   

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is an oil and gas exploration company, traded on OTCQX Best Market with a history of 22 years of oil and gas exploration in Israel. The Company was incorporated in Florida on April 6, 2000 and reincorporated in Delaware on July 9, 2003. Zion completed its initial public offering in January 2007. The Company currently holds one active petroleum exploration license onshore Israel, the New Megiddo License 428 (“NML 428”), comprising approximately 99,000 acres. The NML 428 was awarded on December 3, 2020 for a six-month term. Recently the Company was granted an extension until August 1, 2022. The ML 428 lies onshore, south and west of the Sea of Galilee, and Zion continues its exploration focus here based on its studies as it appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential. 

The Megiddo Jezreel #1 (“MJ #1”) site was completed in early March 2017, after which the drilling rig and associated equipment were mobilized to the site. Performance and endurance tests were completed, and the MJ #1 exploratory well was spud on June 5, 2017 and drilled to a total depth of 5,060 meters. Thereafter, the Company obtained three open-hole wireline log suites (including a formation image log), and the well was successfully cased and cemented. The Ministry of Energy approved the well testing protocol on April 29, 2018. 

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Zion’s 99,000-acre Megiddo-Jezreel license area is located in the Golan Heights and Jezreel Valley which are emerging as an oil hotspot in Israel. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide.  

Zion’s vision, as guided by John Brown, of finding oil and/or natural gas in Israel, is biblically inspired. The vision is based, in part, on biblical references alluding to the presence of oil and/or natural gas in territories within the State of Israel that were formerly within certain ancient biblical tribal areas. While John Brown provides the broad vision and goals for our company, the actions taken by the Zion Board of Directors and management team as it actively explores for oil and gas in Israel, are based on modern science and good business practice. Zion’s oil and gas exploration activities are supported by appropriate geological, geophysical and other science-based studies and surveys typically carried out by companies engaged in oil and gas exploration activities. 

Last year Zion acquired a drilling rig, for $5.6 million in cash. The rig is a 1600 horsepower AC Top Drive equipped rig with a twin 1600 horsepower mud pump system with a depth capability of 20,000 ft. The rig will be equipped with almost 15,000 ft of heavy 5” drill pipe along with associated well control equipment and inventory. 1600 horsepower AC Top Drive equipped rig capable of 20,000ft depth. The rig underwent a full CAT III & IV certification in late 2017, reassuring the quality of the rig and ancillary equipment, and it has drilled two wells since certification.  

Fueling the months long decline of ZNOG stock price was the Company’s silence since their last press release on November 23, 2021 whey they announced the completion of the drilling phase for their Megiddo-Jezreel #2 (MJ-02) well. Zion has completed the drilling of the MJ02 well to a total depth of 5,531 meters (18,141 feet) with a six-inch (6″) open hole at that depth. The primary zone of interest contains encouraging shows of hydrocarbons. A full set of detailed and comprehensive tests including neutron-density, sonic, gamma, and resistivity logs, paired with well testing, will commence during the coming weeks. Based on these logs and analysis, additional zones of interest may be identified and tested. All testing equipment and personnel are in Israel, and Zion is assembling the required equipment at the well site for the comprehensive testing.  

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Currently trading at a $89 million market valuation ZNOG has 445,687,058 shares outstanding and is an SEL filer, an ex big board stock that currently trades on the OTCQB; OTCQX Best Market. ZNOG has a healthy balance sheet with just over $6 million in cash and cash equivalents and manageable debt. ZNOG is a stock to watch out for, it has a long history of big moves and can move very fast. The Company’s property is located in the Golan Heights and Jezreel Valley, quickly emerging as an oil hotspot in Israel. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide.  The last we heard from the Company they had just completed the drilling phase and were moving forward with testing immediately based on encouraging hydrocarbon shows at its Megiddo Jezreel #1 (“MJ #1”) site where the Company previously estimated the reserve potential of the formation at 484 million barrels. We will be updating on ZNOG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ZNOG.

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Disclosure: we hold no position in ZNOG either long or short and we have not been compensated for this article.

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