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Zion Oil & Gas, Inc.
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Zion Oil & Gas, Inc. |
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Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel, in areas located onshore between Haifa and Tel Aviv.
We currently hold three petroleum exploration licenses, all onshore Israel, comprised of the Joseph License (covering approximately 83,272 acres), the Asher-Menashe License (covering approximately 78,824 acres) and the Jordan Valley License (covering approximately 55,845 acres of land in the Jordan Valley area). We have continuously held the Joseph License since October 2007 and the Asher-Menashe License since June 2007. We were awarded the Jordan Valley License in April 2011. The Joseph License and Asher-Menashe License areas are geographically contiguous and within a similar geologic environment.
We currently have pending before the Petroleum Commissioner of the State of Israel (the “Commissioner”) applications for one exploration license and two preliminary exploration permits. The exploration license was submitted in February 2011 for an area covering approximately 74,925 acres of land within the vicinity of the Dead Sea, in central Israel, which we have named the Dead Sea License Application. At the same time, we submitted the first of the two applications for preliminary exploration permits described above. The permit that would result from this first application would cover part of the area previously covered by our previous Issachar-Zebulun Permit, which expired on February 23, 2011. Much of the remainder of the area covered by such permit is included in our recently granted Jordan Valley License. We named the new permit application the Zebulun Permit Application. It covers approximately 157,480 acres of land. In June 2011, we submitted the second of two applications for preliminary exploration permits described above. This application was for a preliminary exploration permit on an area adjacent to our Joseph License area. We named the new permit application the “Asher-Joseph Permit Application”. The Asher-Joseph Permit Application area is on approximately 80,000 acres of land and is to the west and south of Zion's Joseph License area. It is onshore Israel and traverses a section of land, adjacent to the coastline, between Haifa and Tel Aviv. No assurance can be provided that any of the Dead Sea License Application, the Zebulun Permit Application or Asher-Joseph Permit Application will ultimately be granted.
In the event of a discovery, Zion will be entitled to convert its licenses to 30-year production leases, extendable to 50 years.
Funding - During 2006 - 2011, Zion completed offerings raising over $100 million. The funds are used to further Zion's exploration and multi-well drilling program in Israel.
Management
CEO: Richard Rinberg
Richard Rinberg was appointed CEO in March 2007. He has been a director since 2004, and served as president since October 2005. Mr. Rinberg, a private investor since 1996, previously served as Managing Director of the Rinberg Group, a corporate group in the UK active in the casting of precious metals for the jewelry industry, jewelry manufacturing, property development and securities trading. Mr. Rinberg holds a Bachelor of Science Honors Degree in Mathematics from University College, University of London. He is a Member of The Institute of Chartered Accountants in England and Wales.
Richard Rinberg was appointed CEO in March 2007. He has been a director since 2004, and served as president since October 2005. Mr. Rinberg, a private investor since 1996, previously served as Managing Director of the Rinberg Group, a corporate group in the UK active in the casting of precious metals for the jewelry industry, jewelry manufacturing, property development and securities trading. Mr. Rinberg holds a Bachelor of Science Honors Degree in Mathematics from University College, University of London. He is a Member of The Institute of Chartered Accountants in England and Wales.
President & COO: Victor G. Carrillo
Victor Carrillo was appointed President and COO in October 2011, served as EVP from January until October 2011 and has been a director since September 2010. Mr. Carrillo is a petroleum geologist and geophysicist, attorney, former Abilene City Councilman, former Taylor County Judge, and currently serves as Chairman of the Railroad Commission of Texas. He has over 20 years of experience in the oil and gas industry, specifically in exploration and production. Heholds a law degree from the University of Houston Law Center, a Master of Science degree in geology from Baylor University, and a Bachelor of Science degree in geology from Hardin-Simmons University. Mr. Carrillo also received an honorary doctorate degree from Hardin-Simmons University in 2006.
CFO: Ilan Sheena
Ilan Sheena C.P.A. (Israel) was appointed Chief Financial Officer in April 2011. He originally joined Zion in October 2009. Ilan is an accounting professional with broad local and international experience and has a degree in Accounting and Economics from Tel Aviv University. After qualifying as a C.P.A. and working for three years with KPMG Somekh Chaikin in Israel, he spent four years at Alcatel in Sydney, Australia. Returning to Israel, he joined a high-tech start-up that, with his help, subsequently listed on NASDAQ. He then joined Bezeq International as the Financial Controller and Finance Manager and, after that, Verint Systems, a subsidiary of the Comverse group. He then joined a venture capital fund (with investors such as JP Morgan, Siemens, EDF, AXA, Schlumberger) and dealt with over eighteen start-up companies.
Secretary & Treasurer: Martin M. Van Brauman
Directors
Chairman: John M. Brown
John M. Brown, the company’s founder, has been Chairman of the Board of Directors since its organization in April 2000. He served as CEO until September 2004, and as president of Zion until October 2001. Mr. Brown has extensive management, marketing and sales experience, serving as corporate director of purchasing at GTE Valeron, a subsidiary of GTE Corporation from 1966 to 1986, and as corporate director of procurement at Magnetek, Inc. during 1988-89. Mr. Brown is also an officer and director of M&B Holding Inc. a provider of cement walls and floors for industrial buildings, office buildings and home developers. Mr. Brown holds a Bachelor of Business Administration degree from Fullerton College.
Victor Carrillo
Victor Carrillo was appointed President and COO in October 2011, served as EVP from January until October 2011 and has been a director since September 2010. Mr. Carrillo is a petroleum geologist and geophysicist, attorney, former Abilene City Councilman, former Taylor County Judge, and currently serves as Chairman of the Railroad Commission of Texas. He has over 20 years of experience in the oil and gas industry, specifically in exploration and production. Heholds a law degree from the University of Houston Law Center, a Master of Science degree in geology from Baylor University, and a Bachelor of Science degree in geology from Hardin-Simmons University. Mr. Carrillo also received an honorary doctorate degree from Hardin-Simmons University in 2006.
Dr. Yehezkel Druckman
Dr. Yehezekel Druckman was appointed a director in 2005. Dr. Druckman was Petroleum Commissioner for the State of Israel from 1995 until his retirement in 2004, where he supervised the licensing of petroleum rights both onshore and offshore Israel. Since 1965 he has been a member of the professional staff of the Geological Survey of Israel, where he headed the Mapping, Stratigraphy and Oil Division during 1982-1985 and 1991-1994. He was affiliated with the Louisiana State University at Baton Rouge as Research Associate in Geology during 1978-1980 and 1989-1990. Dr. Druckman is a member of the American Association of Petroleum Geologists and the Geological Society of Israel (where he served as president in 1982, and for a number of years on the Society’s editorial board). He also served as member of the Israeli National Petroleum Commission and Board of Directors of Oil Exploration (Investments) Ltd., an Israeli government company. Dr. Druckman graduated from the Hebrew University in Jerusalem with BSc, MSc and PhD degrees in geology.
Justin Furnace
Justin Furnace is the president of the Texas Independent Producers & Royalty Owners Association (TIPRO), a trade association representing the interests of more than 2,300 independent oil and natural gas producers and royalty owners throughout Texas. Mr. Furnace is responsible for overseeing TIPRO’s governmental affairs in Texas and Washington D.C. and representing the interests of the association membership before various regulatory bodies. From 2007 to 2010, Mr. Furnace served as chief of staff and legal counsel to the Chairman of the Texas Railroad Commission. (During that period, the Chairman of the Texas Railroad Commission was Mr. Victor G. Carrillo, Zion’s current President and Chief Operating Officer and a Board member). In that position, Mr. Furnace served as the Chairman’s top policy advisor, in charge of evaluating, assessing and implementing all legal, technical and legislative strategies. From 2004 to 2007, Mr. Furnace practiced law at the Beaumont office of Mehaffy Webber where he specialized in transactions and litigation relating to oil and gas, real estate and corporate matters. Mr. Furnace received his Doctorate of Jurisprudence from Texas Tech University School of Law. He is also a graduate of Hardin-Simmons University, where he currently serves on the Board of Development.
Forrest A. Garb
Forrest A. Garb, appointed a director in 2005, is a petroleum engineer well known in the petroleum industry for providing independent consulting services for more than 45 years. His consulting career began with H.J. Gruy and Associates, Inc. and its successors, where he served as a VP for four years, EVP for ten years, and President for fifteen years. In 1988, Mr. Garb founded Forrest A. Garb & Associates, Inc. a privately-owned petroleum consulting firm, where he served as Chairman and CEO until his retirement in 2003. Mr. Garb was educated in petroleum engineering at Texas A&M University (BSc and Professional MSc) and received his early training at Socony Mobil Oil Company in Kansas, Texas, Louisiana and Venezuela. Mr. Garb is a member of the Society of Petroleum Engineers and is a past President of the Society of Petroleum Evaluation Engineers. He is a member of the Association of Computing Machinery, the American Arbritration Association, the Petroleum Engineers Club of Dallas, the Dallas Geological Society, and is a member of the AAPG. He is a charter member of The American Institute of Minerals Appraisers. He is a registered professional engineer in Texas.
Paul Oroian
Paul Oroian was appointed a director in 2003. Since its founding in 1983, he has served as President and Managing Partner of Oroian, Guest & Little, P.C., a certified public accounting and consulting firm based in San Antonio, Texas. Mr. Oroian holds a Bachelors of Science – Business Administration from Bryant College. He has served as a board member of Technology Oversight Committee and the IRS Regional Liaison Committee of the Texas Society of Certified Public Accountants and was vice president and a director of the San Antonio CPA Society between 1992-1998. He currently serves as treasurer, and is a director at the Youth Orchestra of San Antonio (YOSA).
Robert Render
Robert Render was reappointed a director in January 2011. He previously served as a Zion director from 2004 to 2009. Mr. Render served from 1994 to 2002 as Chairman and CEO of the Green Thumb Companies and Milburn Peat. From 1985 to 1992, he was a director of and consultant to Hyponex Corporation (NASDAQ) and, from 1992 to 1994, he was a consultant to the Scotts’ Corporation (NYSE), the controlling shareholder of Hyponex. Between 1978 and 1985, he served as Chairman, President and Chief Executive Officer of Hyponex Corporation (NASDAQ) previously known as Old Fort Industries. From 1964 until its acquisition by Old Fort Industries in 1969, Mr. Render served as President of Anderson Peat Company and, from 1969 to 1978, he served as Executive Vice President of Old Fort Industries. From 1952 to 1963, Mr. Render served as Vice President of Sales and Marketing for Sno-Bol Company. In 1957 he founded Render Associates, a national sales company specializing in lawn and garden products which later merged into Anderson Peat Company. In 1962-1963 Mr. Render was President of the Christian Businessmen’s Club in Pontiac, Michigan and in 1964-1965, he served as Chairman of the Industrial Group of the United Fund in Pontiac. In 1967-1968, Mr. Render was a member of the Executive Committee of the American Society of Testing and Materials and in 1969-1970; he served as President of the U.S. Peat Producers Association.
Richard Rinberg
Richard Rinberg was appointed CEO in March 2007. He has been a director since 2004, and served as president since October 2005. Mr. Rinberg, a private investor since 1996, previously served as Managing Director of the Rinberg Group, a corporate group in the UK active in the casting of precious metals for the jewelry industry, jewelry manufacturing, property development and securities trading. Mr. Rinberg holds a Bachelor of Science Honors Degree in Mathematics from University College, University of London. He is a Member of The Institute of Chartered Accountants in England and Wales.
Marc Singer
Marc Singer was appointed a Director in July 2010. He is a founding principal of Singer Xenos Wealth Management, a registered investment advisor since 1991. He is also President and Principal of Singer Xenos Securities Corp., a broker-dealer. Mr. Singer holds a MBA and a Bachelors of Business Administration from Florida International University and is also a Certified Financial Planner.
Julian D. Taylor
Julian Taylor was appointed a director in 2009. Mr. Taylor is the founder of Tangent Trading Ltd, an international non-ferrous scrap metal trading company formed in 1985 with offices in London and Los Angeles. In 2006, Tangent Trading was elected to the membership of the London Metal Exchange and in 2008, it was included by The Sunday Times newspaper (in the UK) in its ‘Profit Track 100; list of Britain’s fastest growing private companies. Mr. Taylor has led Tangent Trading from inception in 1985. Mr. Taylor has over 37 years experience in trading metals internationally. Prior to forming Tangent in 1985, he was affiliated with S & W Beresford plc (a UK listed merchanting and commodity trading conglomerate) as a trader from 1978. Prior to this, from 1972 to 1978, he was a trader at a subsidiary of Amalgamated Metal Corporation plc (an international company with origins in metal merchanting).
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Year Ended December 31 |
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|
Income Statement Data ($m) |
2011 |
2010 |
2009 |
| Total Revenues |
0.0 |
0.0 |
0.0 |
| Operating Income |
-52.0 |
-27.7 |
-4.6 |
| Interest, Net |
0.0 |
0.0 |
0.1 |
| Net Income |
-52.2 |
-27.7 |
-4.4 |
| Diluted Earnings Per Share ($) |
-1.86 |
-1.29 |
-0.40 |
| Balance Sheet Data ($m) |
12/31/11 |
12/31/10 |
|
Total Cash & ST Investments |
22.2 |
21.2 |
| Current Assets |
22.8 |
23.2 |
| Total Assets |
2.8 |
49.3 |
| Current Liabilities |
3.8 |
2.6 |
|
Total Equity |
22.5 |
46.4 |
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|
|
| Key Financial Ratios |
12/31/11 |
12/31/10 |
| Current Ratio |
5.9x |
8.9x |
| L-T Debt/Equity |
NA |
NA |
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|
|
| Dividend Policy |
| Company does not currently pay dividends. |
| Main Shareholders (August 24, 2011) |
| No shareholder holds more than 5%. |
|
Drilling rig at site The company continues to implement its exploration and drilling program and build on its progress to date. |
Announcements
18/4/2012
Zion Oil & Gas to Sponsor Christians United for Israel's (CUFI) "Night to Honor Israel" More Info
Zion Oil & Gas to Sponsor Christians United for Israel's (CUFI) "Night to Honor Israel" More Info
18/10/2011
Zion Oil & Gas Inc. Partners with The National Hispanic Christian Leadership Conference in the Que Viva Israel Campaign Advocating Good Relations Between the American Hispanic Evangelical Community and Israel More Info
Zion Oil & Gas Inc. Partners with The National Hispanic Christian Leadership Conference in the Que Viva Israel Campaign Advocating Good Relations Between the American Hispanic Evangelical Community and Israel More Info
All Announcements
News
Jerusalem Post - 27/11/2011 - Thanksgiving in Tel Aviv: Living the Zionist dream
At least 50 lone soldiers and more than 100 young professionals gather at festive Nefesh B'Nefesh event. More Info
At least 50 lone soldiers and more than 100 young professionals gather at festive Nefesh B'Nefesh event. More Info
Jerusalem Post - 24/11/2011 - Parshat Toldot: The source of true strength
One of the most innovative and fascinating creations of Religious Zionism is the educational institution known as “yeshivat hesder.” More Info
One of the most innovative and fascinating creations of Religious Zionism is the educational institution known as “yeshivat hesder.” More Info
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