10Q is out!!!

10Q is out!!! Nov 8, 2018 18:58:48 GMT -5 ccrc79 and graceandpeace like this

Quote

Post by Ethan / JRyan on Nov 8, 2018 18:58:48 GMT -5

Nov 8, 2018 18:04:13 GMT -5 Ethan / JRyan said:

My thoughts on it..

On October 23, 2018 Zion submitted its Application for Extension of Continued Work Program Due Date on the Megiddo-Jezreel License No. 401 . The additional time was necessary because the Company had still not completed testing and evaluating all planned testing zones. On October 28, 2018, Israel’s Petroleum Commissioner granted Zion’s work program report extension to January 31, 2019.

So the Israeli government gave us a few months to figure out what we have. Jan 31 2019 is not that far away.

accumulated deficit of approximately $167 million.

Of course this is from Zion's entire history and is NOT owed to a bank......It is what us shareholders have given them to be stewards thereof.

Diluted net loss per share is the same as basic net loss per share, as the inclusion of 9,673,173 and 9,059,091 Common Stock equivalents in the nine-month period ended September 30, 2018 and 2017 respectively, would be anti-dilutive.

Not sure what this means but anti-dilutive is a headscratcher!

One of the two lawsuits was voluntarily dismissed shortly thereafter

No Kidding, really like I am surprised.

Testing of the MJ #1 well is ongoing and the Company expects that testing will be concluded in the fourth quarter of 2018.

I would hope so....its time Zion....

Zion encountered movable oil and gas in the well’s drilling mud during drilling. However, as of the date of this report on Form 10-Q, we are not able to confirm whether the well will be commercially productive or producible and we will not be able to do so until after we complete testing and evaluating the MJ#1 well.

Good, so Lucky's ZION HAS NO OIL should be taken down off the Hub or modified to say Zion does not know how much Oil they have.....

The increase in operating costs and expenses during the three months ended September 30, 2018 compared to the corresponding period in 2017 is primarily attributable to increase in general and administrative expenses.

Well I am sure some of this was due to the substantiated hit job on Zion from the known parties. I would sure like to know a value of that..

The increase in expenses during the three and nine months ended September 30, 2018 compared to the corresponding period in 2017 is primarily attributable to higher legal expenses, expenses recorded in connection with a legal contingent liability, and non-cash expenses recognized and recorded in connection with stock option grants during 2018.

And there it is........SO IT DID COST ZION MONIES and therefore its shareholders. We have a claim.

The above estimates are subject to change. Management believes that our existing cash balance, coupled with anticipated proceeds under the DSPP, will be sufficient to finance our plan of operations, through January 2019

Ok that is good but isn't that the date of our extension?

While we have accrued an estimate loss in the amount of $500,000, any unforeseen or unexpected outlays in this regard may adversely affect our available funds.

So 1/2 Million dollars to the lawyers. This is now public information. I have been so waiting for this.

It is not the amount but the ramifications of it, we all knew it, but now it is in writing!

We will need to raise funds in order to drill our next exploratory well to the desired depth and to conduct any post drilling testing that may be required.

I did NOT like this statement. I could care less about the next one.....I want to know about this one!

Other than that, just legal mumbo jumbo.

My take? Why no news on the well? We now have a figure on what the assault on Zion oil stock price cost the company and th efact they acknowledge it took place.

What is next? I have no idea but I still wonder why no news on MJ1.

Christians4zionoil

Post by Ethan / JRyan on Nov 8, 2018 18:04:13 GMT -5

Post by Ethan / JRyan on Nov 8, 2018 18:58:48 GMT -5

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