Zion Oil & Gas Inc (ZNOG)

[microcaps1]

a brief summary of the 10q
Current ratios and long term ratios continue to be excellent- of course there is no oil or gas revenue yet

Current Assets of ca 13M vs CL of ca 4.529M
32M unproved capitalization of oil and gas costs full cost method -if MJ2 well-current well- is not commercial there would be a large impairment cost to such as there was a large such impairment of ca 30M on MJ1 well

7.35M property and equip

53M plus total assets subject to impairment noted above if not commercially successful

5.26M total liabilities

as of Aug 10 284,387,479 common stock times end of day pps of .3048 equals 86,681,303 M ZNOG market value

net loss 6.616M for 6 months ended June 30 but 15M used in investing activities for a burn rate of 2.5M/month while drilling-as they have long advertised

convertible bond principle pd in 3.214M shares plus interest on such pd in shares(latter as usual) so total of ca 6M shares used to pay off this liability w no cost to the company to get that liability and derivative headache off the books as of May