It really does not matter if they hit oil or not at this stage. Zion announced they stopped drilling and they have a Unit offering. This is the perfect storm to the short position. No news for 30 days and unit offering taking away open market demand. Time has come for the Short position to get their money. There is no threat of news and no open market demand.
This is why I have not been happy with Zion mgmt lately. If you are going to put drilling on hold, then put the Units on hold. They left us longs out here with no cover at the mercy of the short position and no demand because all demand is heading for the units.
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