Zion Oil & Gas

Zion Oil & Gas, Inc.
Company typePublic OTCQB: ZNOG
IndustryPetroleum industry
Founded2000; 25 years ago (2000)
FounderJohn M. Brown
HeadquartersDallas, Texas, US
ProductsN/A
RevenueN/A (2023)
Increase US$−7.957 million (2023)
Total assetsDecrease US$25.181 million (2023)
Number of employees
22 (December 2023)
Websitezionoil.com
Footnotes / references
[1]

Zion Oil & Gas is an American exploration company headquartered in Dallas and incorporated in Delaware. The company has attempted to drill for oil and gas in Israel driven by its founder's Christian Zionist beliefs, but so far has failed to find any, "economically recoverable reserves."[2] The company was listed on NASDAQ in February 2007,[3] but was delisted on August 31, 2020.[4]

History

The company was founded in 2000 by former tool company executive John Brown with help from an oil-industry attorney named Philip Mandelker.[5]

In 2002 Brown gifted 50,000 shares of Zion to televangelist Hal Lindsey. Lindsey's cousin, Ralph Devore owned 725,000 shares and was a founding member of Zion Oil & Gas's board of directors. Hal Lindsey would later promote the company to his audience without disclosing his family's connection to the firm. When asked about the issue by Mother Jones, Brown stated, "It was simply in my heart to give shares to people who loved Israel."[3][5]

References

  1. ^ "Zion Oil & Gas 2023 Form 10-K". U.S. Securities and Exchange Commission. March 20, 2024.
  2. ^ Aronoff, Kate (November 17, 2023). "This Oil Company Wants Your Money, Your Prayers, and Your Support for Israel". The New Republic.
  3. ^ a b Powell, Jamie (March 22, 2018). "Eighteen years, five wells, output zero: Zion's long quest for oil in Israel". Financial Times.
  4. ^ "Zion Oil & Gas Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing". U.S. Securities and Exchange Commission. August 31, 2020.
  5. ^ a b Blake, Mariah (January 2008). "Let There Be Light Crude". Mother Jones. Retrieved June 4, 2024.