Most investors were waiting to hear successful results from the well they were drilling. When those reports came out saying: no oil, some gas, but we aren't in the gas business..... the floor dropped out.
They raised quite a bit of money during their rights offering (not that the rights offering were anything great, they are right where the stock is trading now), so the only speculation is that they drill another well (is it #4 now?) and hope they are successful there.
I got in at too high a price (hoping on a successful well) and need to average down or sell at a loss. Haven't decided yet what my plan is going to be yet.
Unless news is forthcoming about future endeavors, I see no reason to put more cash here.
IMHO, the price dropped when the well was dry. Plain and simple. Zion Oil and Gas is an oil company with no oil or gas being produced, plain and simple.
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