Zion Oil & Gas Inc (ZNOG)

[bdahl385]

Is it just me or were others troubled to see Mr. Perry resign at this most crucial stage of ZN's exploration effort? I may have missed it in the filing but I did not see a reason given for him leaving. Although I wish him no ill will, I hope it was for some personal reasons and not company related issues.

It sounds like the new man in charge of the completion / drilling is very experienced but relying on a consultant for these critical functions doesn't give me that great a feeling here...

I am now predicting that the #2 well completions will not yield commercial levels of hydrocarbons but will at least have some oil and or gas shows. I am hopeful that with the new $18M rights offering proceeds, that they go back to #2 after #3 well and deepen it to test the Permian section that they did not penetrate. They alluded to that option in their weekly drilling reports. They would probably need to sidetrack and directionally drill away from the fault zone they are now in to get to the other side of the fault. Risky and challenging no doubt...

Hope I'm wrong and they get some good results from #2 and these "7 zones that warrant testing"... GLTY