Zion Oil & Gas Inc (NYSE American: ZNOG) is an oil and gas exploration company that has conducted onshore hydrocarbon exploration exclusively in Israel for 25 years. The company generates no revenue, operating entirely in the pre-production exploration stage as of the 10-K filed March 19, 2026 for fiscal year ended December 31, 2025. Funding comes from equity raises, including a Dividend Reinvestment and Stock Purchase Plan (DSPP) that raised approximately $6,530,000 from January 1, 2026 through March 17, 2026. The company holds License 434 (New Megiddo Valleys, approximately 75,000 acres, 100% working interest), with an initial term expiring September 13, 2026, extendable in one-year increments to September 13, 2030. Monthly cash expenditure runs approximately $600,000 when not drilling, rising by $2,000,000 to $3,000,000 per month during active drilling or testing. The company was incorporated in Florida on April 6, 2000, reincorporated in Delaware, and is headquartered in Dallas, Texas. CEO is Robert W.A. Dunn and President and CFO is Michael B. Croswell Jr.

Revenue model

No revenue as of FY2025. Operations are funded through equity issuances, primarily via a DSPP program. The company has operated at a loss since inception with no commercial production achieved.

Products and services

Onshore oil and gas exploration in Israel. The company holds License 434 covering the New Megiddo Valleys area (approximately 75,000 acres, 100% working interest) as of the 10-K filed March 19, 2026.

Customers and end markets

No customers. The company has no production and no revenue as of FY2025. End market would be oil and gas commodity markets if commercial production is ever achieved.

Value-chain role

Upstream exploration-stage operator. The company drills and tests wells using local Israeli contractors, equipment, and service providers, with some personnel sourced internationally. All costs are capitalized under the full-cost method until wells are abandoned or production commences.

Geographic exposure

Exclusively Israel. Operations are conducted at a wellsite in north central Israel. Corporate office is in Dallas, Texas (8,006 square feet under lease as of November 25, 2025).

Source: SEC 10-K, filed 2026-03-19

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