Zion Oil Asks for More Cash

After a two-month hiatus, Zion Oil & Gas has finally updated its website. I’ve been keeping an eye on this company since 2004, when Christian “prophecy expert” and WorldNetDaily columnist Hal Lindsey urged his readers to buy shares – without disclosing (as was exclusively revealed on this blog!) that his cousin Ralph DeVore was a major share-owner. DeVore later fell out with the rest of Zion Oil’s board, since when Hal has been silent on the subject, but last year the company’s plans to use the Bible to find oil in Israel caused a small media flurry.

Zion Oil’s founder is John Brown, a Texas oilman who believes that the Scriptures predict that he personally will be the one to uncover this massive bonanza for the Israelis (see my blog entry, and critique, here). All last summer, the Zion Oil website gave daily updates on how an exploratory drill was proceeding; but that all disappeared in November, replaced with a notice that a “revision” was underway. But now the website is back up to date…and asking for more cash:

DALLAS, TX, January 25, 2005. John M. Brown, Founder and Chairman of Zion Oil & Gas, Inc., announced today the filing of a registration statement with the Securities and Exchange Commission for an initial public offering of a minimum of 350,000 shares up to a maximum of 2,000,000 shares of Zion’s common stock at $7.00 per share.

…The net proceeds of this offering will be principally used for a completion attempt on a well drilled by Zion in 2005 to a total depth of 15,842 feet and, if the maximum offering is successfully completed, to drill an appraisal well on its license.

A bit like Vendyl Jones and his quest for the Lost Ark of the Covenant, an amazing breakthrough is always just around the next corner, if only there were just a bit more money…


(Image via Jesus General)