Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
'with 138.81 million shares outstanding and 162.44 million shares in the current float." Isnt that a miracle? To have the float greater than the outstanding!
good post- one article said china was importing 13 M units/day -while the usa was the biggest producer of oil most of the last couple years rising to 13M units by November 2019 before fracking started slowing -and the usa was exporting up to 6M units/day at one point.
the way china pushes ppl around before they even had an offensive military should cause ppl to wonder.
During Russian/Chinese border skirmishes in the 70's/80's- before china really had an offensive military- russia was sweating,counting the number of bullets they had vs the number of chinese. Invoking memories of stalin forcing peasant farmers to confront nazi tanks w just pistols,with regular russian army under orders to shoot any such peasants who ran.
china is not ready to militarily invade the middle east yet,so that gives zn some time.
sometimes funny things happen to pps before an annual meeting but I dont know why that should happen in ZN's case this time-no surprises as far as I know-and the subject matter of most meetings is usually decided in advance by almost all companies not experiencing a hostile takeover.
ZN's annual meeting, as materials you posted indicate, is wed june 10.
Almost 15 M volume yesterday- dont know why-1.5M at open-and a lot of buying fairly early on-a big boy smart enough to not use a market order for the most part?
I couldnt find any new disclosure or news-but practically the whole market is run by big boys utilizing their insider knowledge (not ZN insiders). So in those situations sometimes the news or disclosure comes in the next few days and sometimes never.
yes, due to governors stay home orders a lot of businesses are having to say home and communicate with and do business with other employees over the computer. I've followed other companies who are doing the same. In fact this pandemic may change how business is done in the future now that the example has been set and the PC tech is available to do so. So ZN and its partners are in good company.
obvious u will never help anybody - hope is the engine that keeps inept rebellious humanity and the stock market alive- and is the reason for the stock market recovery of last weeks despite the eco damage due to the pandemic
eco situation etc is and always is fluid - it does not remain as it is now forever and never has-so there is no basis for your statements
ZN's present purpose is to find the commercial field which will give it a 30 year lease renewable for 20 years
the timing of production is up to Israel and ZN
it is normal practice for oil co's to produce as per the circumstances/hand they are dealt at the time -the same would be true of zn- their ability to survive since yr 2000 is proof they are not the inept morons u contiunally defame them to be
typo-should be ZN had as of Mar 31 9.469M CA against only 1.817M CL- A CR of 5.21-very impressive
if you dont understand that co's go public to raise money then i dont know what to say bc that is as basic as it gets -perhaps you can actually do some research to show us co's which have been public for many years without net revenue without raising money-its illogical for a co not to raise money unless its a shell or sham co w no operations and thus no expenses
you may not realize this but EVERY public company raises money until they have net revenue-common sense and very basic logic
the choices are via debt -which zn has avoided -except for senior notes -which can be converted to shares by ZN
or equity-the smarter long term approach utilized by ZN
independently rich ppl dont go the public co route bc the headaches of doing so are tremendous and not worth it unless you need to raise a significant amount of money from the public
seismic reports are confidential data-and are not made public unless paid for by public sources
what is the name of the supposed agile exec or whatever who had that linkin profile
the intimation is that he agreed with Irans political narrative- if such unsupported implication is made, why did Agile have 2 offices - one of which was in Houston and no offices in Iran or mid east
iranians in agreement w irans narrative as you imply he was dont openly work in the usa and if he had a background as you state or imply he would have been vetted by one or more of the numerous usa security agencies running every phone call email etc thru countless cray 4 supercomputers
http://agileseismic.com/loc.htm
offices were in houston and belgrade- both places where ZN CEO's Dustin and Dunn had worked,among other places,so logically both Dustin and Dunn might have had previous acquaintance with Agile
Agile had a worldwide footprint
http://agileseismic.com/ge.htm
a lot of oil is in the mid-east-the USA has a lot of mid east dealings in nations that are not exactly friendly but a marriage of business convenience
so ZN is well positioned going forward
"At March 31, 2020, we had approximately $6,454,000 in cash and cash equivalents compared to $4,845,000 at December 31, 2019, which does not include any restricted funds. Our working capital (current assets minus current liabilities) was $7,832,000 at March 31, 2020 and $5,012,000 at December 31, 2019.
As of March 31, 2020, we provided bank guarantees to various governmental bodies (approximately $1,009,000) and others (approximately $84,000) in respect of our drilling operation in the aggregate amount of approximately $1,093,000. The Company also paid $1,000,000 to its escrow agent with respect to the purchase of a drilling rig in March 2020. The (cash) funds backing these guarantees are held in restricted interest-bearing accounts and are reported on the Company’s balance sheets as fixed short-term bank deposits restricted, and fixed long-term bank deposits restricted.
During the three months ended March 31, 2020, cash used in operating activities totaled $1,726,000. Cash provided by financing activities during the three months ended March 31, 2020 was $9,109,000 and is primarily attributable to proceeds received from the Dividend Reinvestment and Stock Purchase Plan (the “DSPP” or “Plan”). Net cash used in investing activities was $4,774,000 for the three months ended March 31, 2020. This was primarily the result of the purchase of the drilling rig, equipment and inventory totaling $4,600,000."
p.29'
"Zion completed all of the land compensation for the 3-D survey in November 2019. All land parcels and the kibbutz have approved the completion of the geophysical survey. Subsequently, the Contractor demobilized the equipment from Israel to Europe. All field data from acquisition was delivered to Dallas, Texas and the Ministry of Energy in Israel. Additionally, the final acquisition reports from the Contractor and Zion were delivered to the Ministry of Energy in December 2019 per the guidelines enacted in July 2019.
Zion and Agile Seismic Processing Services (“ASPS”) are continuing to process and interpret the data set with state-of-the-art technologies allowing for comprehensive imaging at depth. Zion’s previous 2-D data sets have been added into the 3-D volume allowing for further verification. Our estimated completion date for the final volume is mid-May 2020 due to circumstances brought on by the coronavirus pandemic which are beyond the control of both Zion and ASPS. While both parties are continuing to review and finalize the data, the timeframes are lengthened due to the current work environment. Our questions from the MJ#1 well are being correlated with the 3-D data set to provide potential solutions on a go forward basis.
On March 12, 2020, Zion entered into a Purchase and Sale Agreement with Central European Drilling kft, a Hungarian corporation, to purchase an onshore oil and gas drilling rig, drilling pipe, related equipment and excess inventory for a purchase price of $5.6 million in cash, subject to acceptance testing and potential downward adjustment. We remitted to the Seller $250,000 on February 6, 2020 as earnest money towards the purchase price. The Closing also took place on March 12, 2020 by the execution and delivery of a Bill of Sale to us. On March 13, 2020, the Seller retained the earnest money deposit, and the Company remitted $4,350,000 to the seller towards the purchase price and $1,000,000 (the “Holdback Amount”) was deposited in escrow with American Stock Transfer and Trust Company LLC, as escrow agent, through July 10, 2020, or as extended by mutual agreement of the parties, pending a determination, if any, by us of any operating deficiency in the drilling rig. Should we determine in our sole opinion that the drilling rig is not in satisfactory operating condition, then upon notice to the Seller, we and the Seller shall jointly determine if the operating deficiencies identified by us existed prior to the closing of the transaction. If it is determined that these deficiencies existed prior to the closing, then the Seller will undertake to cure the deficiencies within a reasonable time period. If the Seller is unable or unwilling to cure the deficiencies within the time period agrees to between the parties, we may solicit third party bids to repair the deficiencies and the cost thereof shall be paid out of the Holdback Amount."
the drill has already been paid for -see 10Q and possibly audio podcasts
it normally takes many months to process 3d data- the 10Q says that process will be finished by mid May -they've also incorporated previous 2D's into the data
so by the time the drill is put into use they should have a complete pic of the surveys
impressive current ratio(CR) ratio of current assets(CA) to current liabilities(CL)
in school we were taught its best to have a CR of at least 2:1- but nowadays even big co's like walmart often have CL exceeding CA
ZN had as of Mar 31 29.469M CA against only 1.817M CL- A CR of 5.21-very impressive-best i remember ever seeing for ZN
and thats because of ZN's impressive fundraising
from p.17 10Q
"For the three months ended March 31, 2020, and 2019, approximately $9,109,000, and $2,528,000 was raised under the DSPP program, respectively.
The company raised approximately $1,404,000 from the period April 1, 2020 through May 6, 2020, under the DSPP program."
so ZN has raised over 10.5M already this year as of May 6-which if this rate continued would be ca 30M for the year!!!!
subsequent event: we raised approximately $5,000,000 during the period January 1, 2020 through March 3, 2020
combining previous 2d data sets with the new 3d logically requires extra processing time
from 10K:
'We believe that our current cash resources are sufficient to allow us to undertake exploratory activities in our current license area through December 2020.
We estimate that, when we are not actively drilling a well, our monthly expenditure is approximately $500,000 per month. However, when we are drilling, or testing, we estimate that there is an additional cost of approximately $1,500,000 - $2,500,000 per month."
anybody who is not used to reading SEC docs-legal docs-may be overwhelmed by the required listing of every possible negative event that can be imagined-necessary required boiler plate-including re gong concern-any co without significant revenue compared to expenses has to include the going concern boilerlate
a 20 year track record through thick and thin speaks for itself
and that supper will be incredibly glorious-no more troubles
161M OS is incredibly low amount of shares for a 20yr old company!
OBVIOUSLY what I am saying is if one judge found no grounds whatsoever for bad faith against ZN, it is less likely that ANY other governing body will find bad faith.
Bad faith covers a spectrum from less than criminal to sometimes criminal. From the Delaware judges opinion ZN was not found to have even violated the less than criminal aspect of the spectrum.
Although the Dallas case is not in the same jurisdiction as the Delaware case and thus the Dallas judge is not bound by the Delaware result,still the Delaware judges opinion can be persuasive on other jurisdictions,especially to the extent the cases are dealing with the same facts -as they should be-otherwise the lawyers in one or more of the cases are not doing their job.
Now the sec under unconstitutional orders had been a loose canon from ca 2009 to ???? but as long as they are following the rule of law its unbelievable that they could find any criminal intent against ZN,either individually or especially corporately,and the only verdict that will legally slow ZN down is a strong corporate verdict of strong intentionality,something extremely unlikely ,especially given the lack of bad faith noted by the Delaware judge and the still awaiting to my knowledge pendency of ZN's Dallas motion for summary dismissal of the Texas case,since the judge in that case had plenty of opportunity to dismiss ZN's motion but did not and to my knowledge still has not.
ZN's TX motion to dismiss must have scared plaintiffs badly because TX plaintiffs filed an over 35 pp rebuttal,for which they were warned by the TX court exceeded the 35 pp limit allowed.
These favorable for ZN legal tidings have mysteriously been largely ignored by this board.
As I said before-no finding of criminal intent can be found against ZN either corporately or individually, as there was none, as noted by the Delaware judge.
So the most the sec can do,especially if they are motivated to justify their investigation,is to find a civil violation individually against one or possibly 2 of ZN's many directors or officers,especially those who no longer hold a ZN office,which would have little to no effect on ZN.
In another stock during the unconstitutional wild west era the SEC found criminal intent against the CEO and the book was thrown against the CEO but the judge cleared the company of any charges. And as I've noted any CEO to be charged would be the CEO'S at the time in question, who no longer are officers or directors of ZN.
there have been a lot of similarities between ZN and the TX based oil co below-which went below 1.00 pps may 2019 and had its plan approved to regain compliance and was given until May of this year to do so -so they were given 1 year after pps fell below-
notice to them came in November so sometime before notice came to ZN
https://www.otcmarkets.com/stock/LLEX/news/story?e&id=1531659
as noted in the filing and i read the opinion:
"Judge Andrews issued an eighteen-page Memorandum Opinion holding that Plaintiffs had not sufficiently demonstrated the futility of making demand on Zion's Board of Directors prior to filing suit, noting "I do not find that the Plaintiffs have pleaded with particularity any facts that suggest the Director Defendants acted in bad faith or otherwise consciously disregarded their oversight responsibilities in regard to Zion's prospects for discovery and extraction of oil."
plaintiffs didnt show enough info to even make a prima facie case-basically not enough for a reasonable person to determine zn acted in bad faith etc
a reminder since another faith company's history has been bandied about- zn has had some vindication already with the dismissal of the delaware suit
https://www.otcmarkets.com/stock/ZN/news/story?e&id=1503468
sounds good-since such drops are usually an overreaction-i have watched and followed that stock also. Silver is one of the few metals baja 14 did not have, i believe.
https://shortvolume.com/
i often use it-the secure https link
good sized 3d's often take many months to analyze even for big oil compmnies.
ZN, following a typical conservative financial policy,is not likely spending extra money to contract with the fastest 3d firm.
for those who dont know,current ratio is ratio of current assets to current liabilities,an important indicator of near term financial health.
To my memory zn has always had a good CR-the opposite of the unfounded cries of bankruptcy that arise from time to time.
Many companies nowadays have a CR less than one- meaning current liabilities exceed current assets,part of an ever growing but dangerous business obsession to employ every dollar,leaving nothing in reserve.
zn doesnt play those dangerous games but follows a conservative financial policy to remain liquid
"Liquidity
Zion Oil & Gas Inc. has a Current Ratio of 2.1 and a Quick Ratio of 2.1. Competitively, Zion Oil & Gas Inc.’s peers Current Ratio is 1.85 and has 1.81 Quick Ratio. Zion Oil & Gas Inc. has better ability to pay short and long-term obligations than Zion Oil & Gas Inc.’s peer..."
i concur- i made no mention of any requirements for the TA to report shares
to meet the nasdaq market value (mv) requirement zn only needs a pps slightly lower than 15c-a condition zn resatisfied today-zn has not received any notice re market value
dont think zn has any automatic pps extensions left but negotiations are likely - big boards dont like to lose the 185k/yr listing fees
i've seen companies on the nyse go over 5 years well below one dollar pps- mentioned hus- which is another houston based oil company,before- which is only .1433 pps(and below .25 for at least 6 months)without even any mention of a deficiency notice in their filings as far as i've seen.
previous discussion of pinks may have been generic but there are 3 levels/tiers of otc stocks- pink(which include pink current, many of which are now sec reporting)
;otcqb- all sec reporting,min bid of 1 cent and 10k annual surcharge to be listed;
and otcqx-begun ca 2009,which includes many foreign blue chips who dont want to pay the high fees of usa big boards-the general amount of info provided on otcqx companies is quite extensive now
there are several initial listing standards to choose from on otcqx-
note: if the company has immediately preceding been on a big board -as zn is- the min bid price under 1 of these otcqx standards is only 10c
from otcqx initial listing standards[emphasis added-the citation for this disappeared and cant immediately recover it)]
c) Have a primary class of securities with a minimum bid price of $0.25 per share as of the close of
business on each of the 30 consecutive calendar days immediately preceding the Company’s
Application Day. OTC Markets Group may consider an exemption to this requirement in the
following circumstances:
1. There has been no prior public market for the Company’s securities in the U.S., and FINRA
has recently approved a Form 211 relating to the Company’s securities with a bid price
equal to or greater than $0.25; or
2. The Company is applying for admission to OTCQX immediately subsequent to delisting
from a national securities exchange and has a minimum bid price of at least $0.10;
An exemption from the minimum bid price requirement of this Section 2.1(c) may be granted by
OTC Markets Group in its sole and absolute discretion. Any such exemption is conditioned upon
the bid price for such Company’s securities remaining over $0.25 or $0.10, respectively, for the
Company’s first 30 days on OTCQX;
d) Have a Market Capitalization of at least $10 million on each of the 30 consecutive calendar days
immediately preceding the Company’s Application Day. In the event that there has been no prior
public market for the Company’s securities, then OTC Markets Group may, in its sole and absolute
discretion, grant an exemption from the 30 consecutive calendar day look back period;
e) Have ongoing operations and not be a Shell Company or Blank-Check Company;
f) Not be subject to any Bankruptcy or
as soon as the 13g was filed lots of buying occurred -almost 7.7M traded today as of now
dont know donald ellis-anybody else know who he is -only such i can find is analyst with jmp securities-but he is not in the energy sector- 5.39% ownership- recently saw a 6.6% stake in the company earn the stakeholder b/d control-though the tradition wisdom is that it takes a much higher stake than that to achieve control
if zn is watching pennies they would want to avoid the 15k fee for a nasdaq r/s
the multitude of recent form 3's and 4's may be a sign zn will hear from the company doing the 3d analysis soon- cant engage in such insider forms unless zn does not know the results yet
if the analysis shows a commercial field pps may reach one dollar within a reasonable time,which obviously is zn's hope
https://www.otcmarkets.com/filing/html?id=13803026&guid=y6xvU6g3WIfxT3h
i see gaps in otc's reported info on various stocks from time to time- A/S remains 200M as reported by last filing on the subject and cant be changed without a shareholder meeting resolution to do so
been a couple years since I heard from him
i dont why somebody is still posting re some supposed mv deficiency -this was debunked by myself and even mcdonald said there had been no mv deficiency notice
the mv requirement is probably 15M, as mcdonald posted, and with near 100M O/S that would only require ca .15 pps and pps increased 25% today to .1957 on heavy volume of 2.4M
zn is a huge spec investment for institutions and moses noted the favorable hedging ratios
only 3 or 4 of ca 15 directors and officers have exercised their option rights to sell part of their stock and last i looked that did not include Mr Brown
as i've said they have been under a self imposed rule to not trade since may 2017 before well spudding- but such stock options are a normal part of officers and or directors salaries to conserve cash to the company-and they have limited themselves from doing so for a long time and may like everybody else need that part of their salary by now -the very reason for their self limitation- to avoid speculators from taking advantage of such,as they are doing now, but speculators have already taken advantage of everything they possibly can-thats what they do
from what i'm briefly researching the info u provide is irrelevant
the 50M mv is for global market and does not apply to the nasdaq capital market
as u probably know,zn transferred to the nasdaq capital market ca one month later,which apparently has lower mv requirements
there are 3 or 4 gradations within the nasdaq market =all w their own rules for various financial requirements,including market value
thus zn no longer has to meet the requirments for the nasdaq global market since it already transferred to the nasdaq capital market on july 11
https://www.otcmarkets.com/filing/html?id=13534109&guid=mneSUeCfOs5OGMh
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On July 9, 2019, Zion Oil & Gas, Inc. (“Zion” or “Company”) received approval from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) to transfer the listing of the Company’s common stock from the Nasdaq Global Market to the Nasdaq Capital Market (the “Approval”).
As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on January 14, 2019, the Company received a letter (the “Notice”) from Nasdaq on January 8, 2019 advising the Company that for 30 consecutive trading days preceding the date of the Notice, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). The Notice stated that the Company had 180 days, or until July 8, 2019, to demonstrate its compliance with the Minimum Bid Price Requirement. In response, on July 3, 2019, the Company filed an application to transfer the listing of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market.
As a result of the Approval, the Company has been granted an additional 180-day grace period, or until January 6, 2020, to regain compliance with the Minimum Bid Price Requirement. The Company’s common stock will be transferred to the Nasdaq Capital Market effective as of the open of business on July 11, 2019, and will continue to trade under the symbol “ZN.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
To regain compliance with the Minimum Bid Price Requirement and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period. If the Company does not regain compliance during this additional grace period, its common stock would be subject to delisting by Nasdaq. As part of its transfer application, the Company notified Nasdaq that if the stock price does not recover sufficiently during the additional grace period, it would implement a reverse stock split, if necessary. There can be no assurance that the Company will be successful in maintaining its listing of the common stock on The Nasdaq Capital Market.
No. I dont think there is any wrongdoing,but i am very aware that the swamp views zn's very mission and existence as a wrong which needs to be surgically remedied- if they are allowed to.
Thus, if any innocent error can be found,it will be found and may be blown out of proportion. SEC cant find criminal intent, for there's no way to prove that,but if anything is found it will be civil in nature and if the majority of the judgers are swamp members they will try to exaggerate any innocent error,which may lead to a monetary penalty against an individual director or officer. I have no idea who, for i doubt that any real rules were violated-but justice has not been part of the vocabulary for a very long time now!!!
When i went to law school a long time ago, from the very first day they tried to eliminate anybody who still had any decency,and hammered this theme home,as did the thousands of cases which we read and which i've continued to read:
"forget childhood concepts of truth justice honor morality. They no longer exist! There is no truth [relativism- each has their own truth separated from reality leading to the deception and delusion we see today]; "there is no justice" [can you imagine the justice system saying there is no justice-and there has been none] "
"there is no honor or morality. You are hitmen".[what ?! now i'm in the mob?]
I tried to reform the legal system for decades,and although i opened the eyes of many ppl/lawyers etc, not one member of the legal system or the church would stand with me or support me,everybody saying, "I dont want to get involved. I want a peaceful blessed life[how short sighted-and now all good ppl are paying the price]. I've got to watch out for number one-me me me! You take care of it for us!"
slowing chinese economy /demand has slowed the iron price lately