Zion Oil Extends Rights Offering
June 10, 2009
Zion just announced that it will extend its subscription rights offering (supposed to close today, June 10) to June 24th. This is great news for any shareholder who hasn’t taken advantage of the offering yet, but it seems like most everyone has. The offering has already raised $18 million out of a possible $21 million. That means the full $21 million by June 24 should be an easy task.
But what does that mean to Zion shareholders and the big picture in the hunt for Israel’s oil?
I received an e-mail a few minutes ago from a shareholder worried about Zion’s sudden after hours stock drop to $7.77 (it was trading at $8.96 when the market closed). Today’s Zion Oil stock price is completely irrelevant in the big picture.
Let me explain.
In February Zion shares were trading at a high of $17.03 and everybody was just giddy with excitement. Of course, Zion wasn’t drilling for oil in February, the rig was still in Turkey, the crew couldn’t get Israeli work permits and even if Zion could work through all of their logistics problems, they barely had enough cash reserves to finish the first stage (Triassic) of the Ma’anit Rehoboth #2.
Today people are wringing their hands over the stock price and Zion has a rig, a crew, a hole that’s 13,600 feet deep and $18 million (soon to $21 million) in the bank. That’s enough to finish this hole to the Permian (the real target) and drill another well.
Folks, I’m not interested in today’s stock low or February’s high; I’m interested in finding oil in Israel. Today Zion is in a position to do that. If you’ve been reading this newsletter for long you know I’m not a Zion Oil employee, agent or shareholder. I’m here to see God’s promise and my father’s message of Israel’s oil come to fruition. The promise of Israel’s oil in closer right now than it ever has been.
On a personal note: I’ve always stayed away from owning Zion stock or stock in any company looking for oil in Israel because I wanted never to be accused of being ‘biased’ by people who criticize the story of Israel’s biblical promise of oil. Well, I’ve decided to change that. The critics will always be critics; I’m buying Zion stock. Like grandma used to say, “In for a dime, in for a dollar.” I’m in.
Related posts:
- Zion Oil Announces Rights Offering
- Zion Oil Raises $6.6 Million+ in Public Offering
- Zion Oil & Gas Public Offering Update
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