Replies to post #44354 on Zion Oil & Gas Inc (ZNOG)

[Mj7777]

Amen to that! ;)

[WebSlinger]

While the lawsuit was dismissed, the SEC investigation looks like it is still underway.

The investigation was started in the summer of 2018. That was the same timeframe when ZNOG was announcing that they had "discovered oil", but then no significant oil find ever came out of that. It is also the timeframe that the CEO was replaced.

This is from the latest 10-Q quaqterly earnings report (filed the other day):

"As previously disclosed by the Company, on June 21, 2018, the Fort Worth Regional Office of the SEC informed Zion that it was conducting a formal, non-public investigation and asked that we provide certain information and documents in connection with its investigation. Since that date, we have fully cooperated with the SEC on an on-going basis in connection with its investigation. Investigations of this nature are inherently uncertain and their results cannot be predicted with certainty. Regardless of the outcome, an SEC investigation could have an adverse impact on us because of legal costs, diversion of management resources, and other factors. The investigation could also result in reputational harm to Zion and may have a material adverse effect on Zion’s current and future business and exploratory activities and its ability to raise capital to continue our oil and gas exploratory activities."