3D was supposed to be done before you decide where to drill.
What would be the life expectancy of a real oil company in the US with the following characteristics:
1. Doesn't perform 3D before starting to drill.
2. Drills 1 dry hole every 3 yrs. Where they have to wait close to a year just to get the oil rig contracted in.
3. Drills without telling SHs how deep the primary zone of interest based on non-existent 3D. Then drills, and keeps drilling for show.
4. As a result of operating over a decade, no oil revenues, no proven reserves, no probable reserves.
5. No private equity loans possible, because they have nothing to offer in return for collateral.
6. No accrued value for SHs, as execs siphon off money for their own salaries. With a "faith mission" church circuit of retail investors providing funding.
7. An open formal SEC investigation, of 1 yr and counting.
8. The NASDAQ ready to delist ZN in Dec due to insufficient capital to meet MVLS. ZN will need to come up with at least another $25M on their balance sheet, which basically ready $0.00 currently.
The only thing allowing this company to exist is Brown touting scripture, as he conducts the PSPPs during his church circuit tours. Be it on G-TV or otherwise. No real oil company could exist with all of the faults listed above. Then again ZN isn't a real oil company. It's just a scam.
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