2023 Q2 Form 10-Q Financial Statement

#000121390023038553 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $4.000K $34.00K $0.00
YoY Change -98.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.287M $2.086M $2.146M
YoY Change -8.37% -2.8% -22.33%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $201.0K $200.0K $195.0K
YoY Change 2.03% 2.56% 8.94%
% of Gross Profit
Operating Expenses $2.287M $2.086M $2.146M
YoY Change -8.37% -2.8% -22.33%
Operating Profit -$2.335M -$2.131M -$2.146M
YoY Change -6.45% -0.7%
Interest Expense $3.000K -$6.000K -$20.00K
YoY Change -115.0% -70.0% -109.85%
% of Operating Profit
Other Income/Expense, Net $3.000K -$6.000K
YoY Change
Pretax Income -$2.334M -$2.139M -$2.166M
YoY Change -10.13% -1.25% -15.39%
Income Tax
% Of Pretax Income
Net Earnings -$2.334M -$2.139M -$2.166M
YoY Change -10.13% -1.25% -15.39%
Net Earnings / Revenue -58350.0% -6291.18%
Basic Earnings Per Share -$4.00 -$4.00 -$5.00
Diluted Earnings Per Share -$4.00 -$4.00 -$5.351K
COMMON SHARES
Basic Shares Outstanding 540.3M shares 530.1M shares 404.8K shares
Diluted Shares Outstanding 542.8M shares 531.0M shares 404.8M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $518.0K $799.0K $8.221M
YoY Change -91.0% -90.28% 30.64%
Cash & Equivalents $518.0K $799.0K $8.221M
Short-Term Investments
Other Short-Term Assets $155.0K $3.138M
YoY Change -95.06% -19.54%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.126M $3.060M $14.07M
YoY Change -76.59% -78.26% 17.59%
LONG-TERM ASSETS
Property, Plant & Equipment $91.00K $102.0K $55.26M
YoY Change -31.06% -99.82% 74.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $438.0K $425.0K $553.0K
YoY Change -3.52% -23.15% 19.96%
Total Long-Term Assets $22.69M $22.80M $55.81M
YoY Change -62.69% -59.15% 73.86%
TOTAL ASSETS
Total Short-Term Assets $2.126M $3.060M $14.07M
Total Long-Term Assets $22.69M $22.80M $55.81M
Total Assets $24.82M $25.86M $69.89M
YoY Change -64.49% -63.0% 58.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.121M $2.017M $1.167M
YoY Change -32.39% 72.84% -38.45%
Accrued Expenses $729.0K $495.0K $606.0K
YoY Change 23.98% -18.32% -58.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.488M $3.208M $2.344M
YoY Change -19.17% 36.86% -67.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $477.0K $473.0K $689.0K
YoY Change -16.46% -31.35% -6.51%
Total Long-Term Liabilities $477.0K $473.0K $689.0K
YoY Change -16.46% -31.35% -6.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.488M $3.208M $2.344M
Total Long-Term Liabilities $477.0K $473.0K $689.0K
Total Liabilities $2.965M $3.681M $3.033M
YoY Change -18.74% 21.36% -61.37%
SHAREHOLDERS EQUITY
Retained Earnings -$283.1M -$280.7M
YoY Change 24.0%
Common Stock $304.9M $302.9M
YoY Change 3.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.85M $22.18M $66.85M
YoY Change
Total Liabilities & Shareholders Equity $24.82M $25.86M $69.89M
YoY Change -64.49% -63.0% 58.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.334M -$2.139M -$2.166M
YoY Change -10.13% -1.25% -15.39%
Depreciation, Depletion And Amortization $201.0K $200.0K $195.0K
YoY Change 2.03% 2.56% 8.94%
Cash From Operating Activities -$1.475M -$917.0K -$2.091M
YoY Change 10.65% -56.15% -2.34%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$134.0K
YoY Change -100.0% 39.58%
Acquisitions
YoY Change
Other Investing Activities -$891.0K -$838.0K -$3.665M
YoY Change -79.85% -77.14% -47.85%
Cash From Investing Activities -$891.0K -$838.0K -$3.799M
YoY Change -80.83% -77.94% -46.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.765M $800.0K 9.428M
YoY Change -50.5% -91.51% 230.81%
NET CHANGE
Cash From Operating Activities -1.475M -$917.0K -2.091M
Cash From Investing Activities -891.0K -$838.0K -3.799M
Cash From Financing Activities 1.765M $800.0K 9.428M
Net Change In Cash -601.0K -$955.0K 3.538M
YoY Change -75.12% -126.99% -155.15%
FREE CASH FLOW
Cash From Operating Activities -$1.475M -$917.0K -$2.091M
Capital Expenditures $0.00 -$134.0K
Free Cash Flow -$1.475M -$917.0K -$1.957M
YoY Change 33.36% -53.14% -4.3%

Facts In Submission

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CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
1515000 usd
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
1130000 usd
CY2022Q1 zn Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
7000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
799000 usd
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1735000 usd
CY2023Q1 zn Restricted Cash Included In Fixed Shortterm Bank Deposits
RestrictedCashIncludedInFixedShorttermBankDeposits
1360000 usd
CY2022Q1 zn Restricted Cash Included In Fixed Shortterm Bank Deposits
RestrictedCashIncludedInFixedShorttermBankDeposits
1379000 usd
CY2023Q1 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
2159000 usd
CY2022Q1 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
3114000 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 - Nature of Operations, Basis of Presentation and Going Concern</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>A. Nature of Operations</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion Oil &amp; Gas, Inc., a Delaware corporation (“we,” “our,” “Zion” or the “Company”) is an oil and gas exploration company with a history of 23 years of oil &amp; gas exploration in Israel. As of March 31, 2023, the Company has no revenues from its oil and gas operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion maintains its corporate headquarters in Dallas, Texas. The Company also has branch offices in Caesarea, Israel and Geneva, Switzerland. The purpose of the Israel branch is to support the Company’s operations in Israel, and the purpose of the Switzerland branch is to operate a foreign treasury center for the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 24, 2020, Zion incorporated a wholly owned subsidiary, Zion Drilling, Inc., a Delaware corporation, for the purpose of owning a drilling rig, related equipment and spare parts, and on January 31, 2020, Zion incorporated another wholly owned subsidiary, Zion Drilling Services, Inc., a Delaware corporation, to act as the contractor providing such drilling services. When Zion is not using the rig for its own exploration activities, Zion Drilling Services may contract with other operators in Israel to provide drilling services at market rates then in effect.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zion has the trademark “ZION DRILLING” filed with the United States Patent and Trademark Office. Zion has the trademark filed with the World Intellectual Property Organization in Geneva, Switzerland, pursuant to the Madrid Agreement and Protocol. In addition, Zion has the trademark filed with the Israeli Trademark Office in Israel.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Exploration Rights/Exploration Activities</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Megiddo License 428 (“NML 428”)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Megiddo License 428 (“NML 428”) was initially awarded on December 3, 2020 for a six-month term and was extended several times before expiring on February 1, 2023. Zion Oil &amp; Gas, Inc. filed an amended application with the Israel Ministry of Energy for a new exploratory license on January 24, 2023 covering the same area as its License No. 428, which expired on February 1, 2023. However, its original application to replace License No. 428 was filed on May 11, 2022, and a revised application was filed on August 29, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the filing of this Quarterly Report, we received initial administrative approval from various departments within the Israel Ministry of Energy which puts us in an excellent position to obtain final approval of our license.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continue our exploration focus here based on our studies as it appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are focusing on finalizing the technical and operational preparations for our re-entry of the MJ-01 well.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>B. Basis of Presentation</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited interim consolidated condensed financial statements of Zion Oil &amp; Gas, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring accruals necessary for a fair statement of financial position, results of operations and cash flows, have been included. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the year ending December 31, 2023 or for any other subsequent interim period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>C. Going Concern</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurs cash outflows from operations, and all exploration activities and overhead expenses to date have been financed by way of equity or debt financing. The recoverability of the costs incurred to date is uncertain and dependent upon achieving significant commercial production of hydrocarbons. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s ability to continue as a going concern is dependent upon obtaining the necessary financing to undertake further exploration and development activities and ultimately generating profitable operations from its oil and natural gas interests in the future. The Company’s current operations are dependent upon the adequacy of its current assets to meet its current expenditure requirements and the accuracy of management’s estimates of those requirements. Should those estimates be materially incorrect, the Company’s ability to continue as a going concern may be impaired. The consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and liquidation of liabilities in the ordinary course of business. During the three months ended March 31, 2023, the Company incurred a net loss of approximately $2.2 million and had an accumulated deficit of approximately $281 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the financials were issued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To carry out planned operations, the Company must raise additional funds through additional equity and/or debt issuances or through profitable operations. There can be no assurance that this capital or positive operational income will be available to the Company, and if it is not, the Company may be forced to curtail or cease exploration and development activities. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty </p>
CY2023Q1 us-gaap Income Loss From Ongoing Equity Method Investment In Discontinued Operation After Disposal
IncomeLossFromOngoingEquityMethodInvestmentInDiscontinuedOperationAfterDisposal
2200000 usd
CY2023Q1 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
281000000 usd
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
57997687 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23144603 shares
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>B. Use of Estimates</b> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of expenses. Such estimates include the valuation of unproved oil and gas properties, deferred tax assets, asset retirement obligations, borrowing rate of interest consideration for leases accounting and legal contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity, foreign currency, and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full extent to which the COVID-19 pandemic may directly or indirectly impact our business, results of operations and financial condition, will depend on future developments that are uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. We have made estimates of the impact of COVID-19 within our consolidated financial statements, and although there is currently no major impact, there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
45615000 usd
CY2023Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
45000 usd
CY2023Q1 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
16057000 usd
CY2022 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
15889000 usd
CY2022Q1 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
usd
CY2020Q1 zn Purchase Price Of Drilling Ring
PurchasePriceOfDrillingRing
5600000 usd
CY2020Q1 zn Consumable Inventory
ConsumableInventory
540000 usd
CY2020Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
48000 usd
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2022Q4 zn Drilling Rig Associatedand Equipment
DrillingRigAssociatedandEquipment
6281000 usd
CY2023Q1 zn Asset Depreciation
AssetDepreciation
-191000 usd
CY2023Q1 zn Asset Disposals For Self Consumption
AssetDisposalsForSelfConsumption
-10000 usd
CY2023Q1 zn Drilling Rig Associatedand Equipment
DrillingRigAssociatedandEquipment
6080000 usd
CY2021Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.01
CY2022Q1 zn Share Based Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
209000 usd
CY2023Q1 us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
434000 usd
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5
CY2023Q1 zn Warrant Termination Date Description
WarrantTerminationDateDescription
An Amendment No. 2 to the Prospectus Supplement (as described below) was filed on October 12, 2017. 
CY2023Q1 us-gaap Share Price
SharePrice
0.25
CY2023Q1 zn Offering Cost Description
OfferingCostDescription
The unit offering consisted of Units of the Company’s securities where each Unit (priced at $250.00 each) was comprised of (i) two hundred and fifty (250) shares of Common Stock and (ii) Common Stock purchase warrants to purchase an additional fifty (50) shares of Common Stock at a per share exercise price of $2.00. The investor’s Plan account was credited with the number of shares of the Company’s Common Stock and Warrants acquired under the Units purchased. For Plan participants who enrolled into the Unit Program with the purchase of at least one Unit and also enrolled in the separate Automatic Monthly Investments (“AMI”) program at a minimum of $50.00 per month or more, received an additional twenty-five (25) warrants at an exercise price of $2.00 during this Unit Option Program. The twenty-five (25) additional warrants were for enrolling into the AMI program. Existing subscribers to the AMI were entitled to the additional twenty-five (25) warrants once, if they purchased at least one (1) unit during the Unit program. Each warrant affords the participant the opportunity to purchase one share of our Common Stock at a warrant exercise price of $2.00. The warrant is referred to as “ZNWAL.
CY2023Q1 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
792000 usd
CY2022Q1 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
11427000 usd
CY2022Q4 zn Outstanding Warrants Beginning Balance
OutstandingWarrantsBeginningBalance
35234137 shares
CY2023Q4 zn Warrants Issued
WarrantsIssued
286500 shares
CY2023Q4 zn Class Of Warrants Exercised
ClassOfWarrantsExercised
-9100 shares
CY2023Q4 zn Class Of Warrants Expired
ClassOfWarrantsExpired
-415175 shares
CY2023Q1 zn Outstanding Warrants Ending Balance
OutstandingWarrantsEndingBalance
35096362 shares
CY2023Q1 zn Drilling Costs And Other Operational Related Costs Unproved Properties
DrillingCostsAndOtherOperationalRelatedCostsUnprovedProperties
2414000 usd
CY2022Q4 zn Drilling Costs And Other Operational Related Costs Unproved Properties
DrillingCostsAndOtherOperationalRelatedCostsUnprovedProperties
2362000 usd
CY2023Q1 zn Capitalized Salary Costs Unproved Properties
CapitalizedSalaryCostsUnprovedProperties
2368000 usd
CY2022Q4 zn Capitalized Salary Costs Unproved Properties
CapitalizedSalaryCostsUnprovedProperties
2342000 usd
CY2023Q1 zn Capitalized Interest Costs Unproved Properties
CapitalizedInterestCostsUnprovedProperties
1418000 usd
CY2022Q4 zn Capitalized Interest Costs Unproved Properties
CapitalizedInterestCostsUnprovedProperties
1418000 usd
CY2023Q1 zn Legal And Seismic Costs License Fees And Other Preparation Costs Unproved Properties
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsUnprovedProperties
-9818000 usd
CY2022Q4 zn Legal And Seismic Costs License Fees And Other Preparation Costs Unproved Properties
LegalAndSeismicCostsLicenseFeesAndOtherPreparationCostsUnprovedProperties
-9728000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q1 zn Other Costs Unproved Properties
OtherCostsUnprovedProperties
39000 usd
CY2022Q4 zn Other Costs Unproved Properties
OtherCostsUnprovedProperties
39000 usd
CY2023Q1 zn Total Unproved Oil And Gas Properties
TotalUnprovedOilAndGasProperties
16057000 usd
CY2022Q4 zn Total Unproved Oil And Gas Properties
TotalUnprovedOilAndGasProperties
15889000 usd
CY2023Q1 zn Drilling Costs And Other Operational Related Costsimpairmentofunprovedoilandgasproperties
DrillingCostsAndOtherOperationalRelatedCostsimpairmentofunprovedoilandgasproperties
11000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34000 usd
CY2023Q1 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
45000 usd
CY2023Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
63000 usd
CY2022Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
628000 usd
CY2023Q1 zn Capitalized Salary Costschangesinunprovedoilandgasproperties
CapitalizedSalaryCostschangesinunprovedoilandgasproperties
26000 usd
CY2022Q1 zn Capitalized Salary Costschangesinunprovedoilandgasproperties
CapitalizedSalaryCostschangesinunprovedoilandgasproperties
52000 usd
CY2023Q1 zn Increase Decrease In Legal Costs License Fees And Preparation Costs
IncreaseDecreaseInLegalCostsLicenseFeesAndPreparationCosts
124000 usd
CY2022Q1 zn Increase Decrease In Legal Costs License Fees And Preparation Costs
IncreaseDecreaseInLegalCostsLicenseFeesAndPreparationCosts
469000 usd
CY2023Q1 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
45000 usd
CY2023Q1 zn Increase Decrease In Capitalized Costs Of Unproved Properties Excluded From Amortization Period Cost
IncreaseDecreaseInCapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationPeriodCost
168000 usd
CY2022Q1 zn Increase Decrease In Capitalized Costs Of Unproved Properties Excluded From Amortization Period Cost
IncreaseDecreaseInCapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationPeriodCost
1149000 usd
CY2023Q1 zn Inclusive Non Cash Amount
InclusiveNonCashAmount
1515000 usd
CY2022Q1 zn Inclusive Non Cash Amount
InclusiveNonCashAmount
1137000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
128000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
11000 usd
CY2023Q1 zn Lessee Operating Lease Liability Payments Due1
LesseeOperatingLeaseLiabilityPaymentsDue1
139000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
137000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
69000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
68000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
70000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
72000 usd
CY2023Q1 zn Bank Guarantees To Government
BankGuaranteesToGovernment
1042000 usd
CY2023Q1 us-gaap Other Commitment
OtherCommitment
1118000 usd
CY2023Q1 us-gaap Reinsurance Retention Policy Reinsured Risk Percentage
ReinsuranceRetentionPolicyReinsuredRiskPercentage
0.027 pure
CY2022 us-gaap Reinsurance Retention Policy Reinsured Risk Percentage
ReinsuranceRetentionPolicyReinsuredRiskPercentage
0.132 pure
CY2023Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
2159000 usd
CY2023Q1 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0261 pure
CY2023Q1 us-gaap Subsequent Event Description
SubsequentEventDescription
Approximately $761,000 was collected through the Company’s DSPP program during the period April 1 through May 9, 2023.
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
ZION OIL & GAS INC
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
CY2023Q1 zn Acquisition Of Drilling Rig And Related Equipment
AcquisitionOfDrillingRigAndRelatedEquipment
usd
CY2023Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
usd
CY2023Q1 zn Capitalized Convertible Bond Interest Attributed To Oil And Gas Properties
CapitalizedConvertibleBondInterestAttributedToOilAndGasProperties
usd
CY2022Q1 zn Capitalized Convertible Bond Interest Attributed To Oil And Gas Properties
CapitalizedConvertibleBondInterestAttributedToOilAndGasProperties
usd
CY2023Q1 zn Cost Of Options Capitalized To Oil Gas Properties
CostOfOptionsCapitalizedToOilGasProperties
usd
CY2023Q1 zn Asset Additions
AssetAdditions
usd
CY2022Q1 zn Drilling Costs And Other Operational Related Costsimpairmentofunprovedoilandgasproperties
DrillingCostsAndOtherOperationalRelatedCostsimpairmentofunprovedoilandgasproperties
usd
CY2023Q1 zn Capitalized Salary Costsimpairmentofunprovedoilandgasproperties
CapitalizedSalaryCostsimpairmentofunprovedoilandgasproperties
usd
CY2022Q1 zn Capitalized Salary Costsimpairmentofunprovedoilandgasproperties
CapitalizedSalaryCostsimpairmentofunprovedoilandgasproperties
usd
CY2023Q1 zn Capitalized Interest Costsimpairmentofunprovedoilandgasproperties
CapitalizedInterestCostsimpairmentofunprovedoilandgasproperties
usd
CY2022Q1 zn Capitalized Interest Costsimpairmentofunprovedoilandgasproperties
CapitalizedInterestCostsimpairmentofunprovedoilandgasproperties
usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
usd
CY2022Q1 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
usd
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
usd
CY2022Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
usd
CY2023Q1 zn Other Utility Cost
OtherUtilityCost
usd
CY2022Q1 zn Other Utility Cost
OtherUtilityCost
usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
usd
CY2023Q2 zn License Cost
LicenseCost
usd
CY2022 zn License Cost
LicenseCost
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001131312
CY2023Q1 dei Entity File Number
EntityFileNumber
001-33228

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zn-20230331.xsd Edgar Link pending
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