"Like everyone else, I'd like to make a buck on this," McClelland said. Use of and/or registration on any portion of this site constitutes acceptance of our John M. Brown, founder of Zion Oil & Gas.

(Globe Newswire via AP)A map of the Zion Oil & Gas drill site in Israel. Now that dream and the company may go bust. Press Release: Zion Oil & Gas Encounters Oil – February 13, 2018 – Company Drills Deeper in Response – DALLAS and CAESAREA, Israel, February 13, 2018 – Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that during the current open hole wireline logging and subsequent reaming (cleaning the well bore) operations, Zion encountered free-flowing hydrocarbons while circulating drilling mud. As a nation, Israel consumes 270,000 barrels of oil per day, with up to three quarters of it imported from the semi-autonomous Kurdish area of Iraq the article said, citing the Financial Times. In the late 1990s, the government of Israel decided to encourage the usage of natural gas because of environmental, cost, and resource diversification reasons. He claims to have been saved by Jesus in 1981, when he was a tool company executive in Michigan, his marriage was on the rocks and his drinking was out of control.“I had been hospitalized for alcoholism four times, but God changed my life dramatically when I accepted Jesus Christ as my personal Savior,” he wrote in an online history of Zion Oil & Gas.That year, he said, Jim Spillman, an evangelical Christian author, visited Michigan and convinced Brown that the Bible prophesied something few geologists believed, and no working wells affirmed: that Israel was sitting atop an ocean of oil.By finding and extracting it, he said, he could transform the fortunes of the ancient Holy Land.Oil has never been found in commercially viable quantities in Israel. Although oil-shale deposits may lie under as much as 15% of the country, only a small part of these are mineable.

Investors from Israel and abroad have joined the E & P efforts, initiating marine seismic surveys using innovative technologies. The two unexplored fields hold an estimated 2.4 trillion cubic feet of contingent gas, with an equal amount of potential reserves. Greece’s Energean Oil & Gas signed a $1.27 billion deal with Morgan Stanley and other banks in March 2018, to finance the development of Israel’s Karish and Tanin fields. It added: “The SEC has asserted no accusation of wrongdoing nor have they expressed any negative opinion of any person within Zion.”The FAQ page called the outstanding shareholder lawsuits “frivolous and without merit,” the handiwork of “a number of law firms who … are soliciting clients.” Zion, it said, “will wage a vigorous defense” against the civil claims.In response to the question “Is Zion Oil a scam?” the page said in full:“Zion has been a publicly reporting company since 2007 whose stock has been listed on Nasdaq since 2009, in which time it has filed, as required, audited annual reports on Form 10-K and quarterly reports on Form 10-Q, in compliance with all relevant SEC and Nasdaq rules.


Israel disagrees with the wording of the resolution, saying the territories are disputable.Reportedly, the potential production may reach billions of barrels, while Israel consumes 270,000 barrels per day. Historically, Israel relied on external imports for meeting most of its energy needs, spending an amount equivalent to over 5% of its GDP per year in 2009 on imports of energy products.Until the early 2000s, natural gas use in Israel was minimal. UN Resolution 242 (1967) demands the withdrawal of Israeli armed forces from the territories occupied in the conflict. "I don't think they're crooks," he said. Israel’s explanation has been that it “holds the Syrian military responsible for all events stemming from its territory.This discovery might explain why Russia is making such a strong play to prop up the Assad regime in Syria. Those lawsuits allege, among other things, that the company had made false or misleading statements and that some of its top executives were “improperly over-compensated.”  In 2017, Brown, Zion’s founder and chairman, received total compensation of $632,419 — including salary, bonuses and stock options — according to Zion’s public filings.Then, in September, Zion’s second most prominent officer resigned. Subscribe to RT newsletter to get stories the mainstream media won’t tell you The SEC does not comment on pending investigations.
02:43 GMT, Aug 14, 2020 Oil in the North: Moses’ blessing coming to life Zion Oil & Gas is currently exploring for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv. All rights reserved. Israel has reportedly provided medical aid to the rebels and has responded to rocket fire from rebel-controlled territory by striking Syrian Army positions. Oil – something the entire world depends on – definitely qualifies as plunder. The few biblical mentions of “oil” are generally thought by religious scholars to refer to olive oil.Brown, however, was undeterred by the shortage of exegetical or physical evidence.“God’s faithful,” he said in a promotional video on the company’s website. 1 deep well, and “that goal having now been accomplished, it is time for me to move on to pursue other personal interests.”Carrillo, now listed as a director of a different oil exploration and production company based in Irving, Texas, did not respond to a telephone request through that company for comment.On Friday (Dec. 14), Zion stock, traded on the Nasdaq exchange, closed at 53.9 cents a share, down from a 52-week high of $5.80.In the aftermath of Zion's announcement that its Israeli well was a commercial bust, some of the company's supporters — financial and religious — say they're disappointed, but not downhearted.