Zion Oil & Gas Inc (ZNOG)

[mrbojangle]

Tisdale, I agree with your opinion that this is a large oil find and here's my reasoning.

One of the things that caught my attention in the Q&A video was when Victor responded to the question of how long can the MJ lease be extended (or something to that effect). Victor responded that if this well is confirmed to have oil, the the license area will be reclassified as a DISCOVERY and they will be granted up to a 50 year license. It was Victor's use of 50 years that caught my attention because, in my research yesterday on development of HPHT wells (I'm an electrical engineer by degree and I work in aerospace currently, so I'm learning all this oil and gas stuff as we go), I ran across a statement that said normal production leases for oil and gas fields are for 10 to 30 years, but for huge discoveries (mega was the term I think was used), they said production licenses are granted for 50 years, which would be customary for a huge (mega) find, at least according to my research. I wish I had bookmarked the website that had that statement, and I'll try to find it today, But I believe this may have been a freudian slip by Vic ( a tell for you poker players), especially given the excitement shown by Dustin and the others. I would like to know from the oilmen that post to this board if it is their experience that 50 year licenses are granted for huge (mega) discoveries