Zion Oil & Gas Inc (ZNOG)

[maxmax47]

Not so. They "entered into" an LOI and have already agreed on the price.... I quote: "entered into a partially binding letter of intent to purchase a drilling rig".

Using your example: you would have already walked into the Ferrari dealership and spent hours negotiating the price of the car and the dealer agreed. Then, since you would be paying cash and have the 300k or so on hand the dealer draws up the paperwork for the sale. That would be a fair analogy to what I have read about this drilling rig purchase.

Further, $5,600,000 cash is no small chunk of change for a small company to have liquid to buy anything. JMO