Zion Oil & Gas Files Q2 2024 10-Q

TL;DR

ZION OIL files Q2 10-Q. All systems go in Dallas.

AI Summary

Zion Oil & Gas, Inc. filed its quarterly report for the period ended June 30, 2024. The company, incorporated in Delaware, operates in oil and gas field exploration services. Its principal executive offices are located in Dallas, Texas, with a business phone number of (214) 221-4610.

Why It Matters

This filing provides investors with an update on Zion Oil & Gas's financial performance and operational status during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing company information and financial updates, not indicating immediate significant risk.

Key Players & Entities

• ZION OIL & GAS INC (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Delaware (location) — State of incorporation
• 20-0065053 (other) — IRS Employer Identification No.
• 12655 N Central Expressway , Suite 1000 , Dallas , TX 75243 (address) — Principal executive offices
• (214) 221-4610 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.01 — ,028 shares of common stock, par value $0.01 per share. INDEX PAGE Page PART I

Filing Documents

• ea0209756-10q_zionoil.htm (10-Q) — 1317KB
• ea020975601ex31-1_zionoil.htm (EX-31.1) — 10KB
• ea020975601ex31-2_zionoil.htm (EX-31.2) — 10KB
• ea020975601ex32-1_zionoil.htm (EX-32.1) — 3KB
• ea020975601ex32-2_zionoil.htm (EX-32.2) — 3KB
• image_001.jpg (GRAPHIC) — 70KB
• 0001213900-24-065697.txt ( ) — 7900KB
• znogw-20240630.xsd (EX-101.SCH) — 75KB
• znogw-20240630_cal.xml (EX-101.CAL) — 43KB
• znogw-20240630_def.xml (EX-101.DEF) — 288KB
• znogw-20240630_lab.xml (EX-101.LAB) — 542KB
• znogw-20240630_pre.xml (EX-101.PRE) — 284KB
• ea0209756-10q_zionoil_htm.xml (XML) — 1386KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

– Financial Statements – Unaudited

Item 1 – Financial Statements – Unaudited Consolidated Condensed Balance Sheets – June 30, 2024 and December 31, 2023 1 Consolidated Condensed Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Consolidated Condensed Statement of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 3 Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 Notes to Consolidated Condensed Financial Statements 7

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 36

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 44

– Controls and Procedures

Item 4 – Controls and Procedures 44

— OTHER INFORMATION

PART II — OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 45

– Risk Factors

Item 1A – Risk Factors 45

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 45

– Defaults upon Senior Securities

Item 3 – Defaults upon Senior Securities 45

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 45

– Other Information

Item 5 – Other Information 45

– Exhibits

Item 6 – Exhibits 46 Exhibit Index 46

SIGNATURES

SIGNATURES 47 i Zion Oil & Gas, Inc. Consolidated Condensed Balance Sheets as of June 30, 2024 December 31, 2023 US$ thousands US$ thousands (unaudited) Current assets Cash and cash equivalents 2,461 615 Fixed short term bank and escrow deposits – restricted 1,064 1,020 Prepaid expenses and other 710 515 Governmental receivables 117 18 Other receivables 143 123 Total current assets 4,495 2,291 Unproved oil and gas properties, full cost method (see Note 4) 17,815 16,637 Property and equipment at cost Drilling rig and related equipment, net of accumulated depreciation of $ 2,447 and $ 2,215 (see note 2I) 5,017 5,510 Property and equipment, net of accumulated depreciation of $ 699 and $ 686 104 74 5,121 5,584 Right of Use Lease Assets (see Note 5) 891 194 Other assets Assets held for severance benefits 491 475 Total other assets 491 475 Total assets 28,813 25,181 Liabilities and Stockholders' Equity Current liabilities Accounts payable 983 777 Insurance financing (see note 6D) 232 432 Lease obligation – current (see Note 5) 183 167 Asset retirement obligation 571 571 Accrued liabilities 526 693 Total current liabilities 2,495 2,640 Long-term liabilities Lease obligation – non-current (see Note 5) 669 24 Provision for severance pay 511 499 Total long-term liabilities 1,180 523 Total liabilities 3,675 3,163 Commitments and contingencies (see Note 6) Stockholders' equity Common stock, par value $ .01 ; Authorized: 1,200,000,000 shares at June 30, 2024: Issued and outstanding: 818,873,764 and 640,002,580 shares at June 30, 2024 and December 31, 2023, respectively 8,189 6,400 Additional paid-in capital 308,319 302,177 Stock subscription receivable ( 985 ) - Accumulated deficit ( 290,385 ) ( 286,559 ) Total stockholders' equity 25,138 22,018 Total liabilities and stockholders' equity 28,813 25,181 The accompanying notes are

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