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ZNOG on OTC

ZION OIL & GAS INC

ZION OIL & GAS INC is an American oil and gas field exploration services company, listed on OTC (ZNOG).1 It is headquartered in Dallas, Texas.1

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Last updated Oct 21, 2026.

Overview

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  • TickerZNOG on OTC1
  • IndustryOil & Gas Field Exploration Services1
  • HeadquartersDallas, Texas1
  • Incorporated inDE2
  • Business address12655 North Central Expressway, Suite 1000, Dallas, Tx 752432
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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More specifically, our forward-looking statements may include, among others, statements relating to our schedule, business plan, targets, estimates or results of our applications for new exploration rights and future exploration plans, including the number, timing and results of wells, the timing and risk involved in drilling follow-up wells, planned expenditures, prospects budgeted and other future capital expenditures, risk profile of oil and gas exploration, acquisition and interpretation of seismic data (including number, timing and size of projects), planned evaluation of prospects, probability of prospects having oil and natural gas, expected production or reserves, acreage, working capital requirements, hedging activities, the availability of expected sources of liquidity to implement our business strategy, future hiring, future exploration activity, production rates, all and any …3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

-96.6%Operating margin4
-95.2%Net margin4
41.2%Revenue growth, 20215
-18.7%Return on equity6
-$5.9MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Other costs100¢$11.3M

Out of $11.3M in revenue.54 The company lost money this year.

Financial statements

Revenue75$11.3M in 2021+70% since 2019
0$5.0M$10.0M$15.0M2019: $6.6M$6.6M20192020: $8.0M$8.0M2020+20%2021: $11.3M$11.3M2021+41%
Operating income754-$10.9M in 2021+67% since 2019
-$15.0M-$10.0M-$5.0M02019: -$6.5M-$6.5M20192020: -$6.3M-$6.3M2020−4%2021: -$10.9M-$10.9M2021+74%
Net income754-$10.7M in 2021+60% since 2019
-$15.0M-$10.0M-$5.0M02019: -$6.7M-$6.7M20192020: -$7.0M-$7.0M2020+5%2021: -$10.7M-$10.7M2021+53%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
General and administrative$4.9M$4.6M
Other$2.8M$2.7M
Loss from operations-$7.7M-$7.3M
Foreign exchange (loss)-$64.0K-$6.0K
Financial gain (expenses), net$168.0K$2.0K
Loss before income taxes-$7.6M-$7.3M
Income taxes$0$0
Net loss-$7.6M-$7.3M
Net loss per share of common stock - basic and diluted (in US$) (in dollars per share)-$0.01-$0.01
Weighted-average shares outstandingbasic and diluted (in thousands) (in shares)1.1M shares797.3K shares

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Corporate structure

ZION OIL & GAS INC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ZION OIL & GAS INC

  • Donald Douglas Ellis Jr. Filed SCHEDULE 13G on ZION OIL & GAS INC, latest Jan 7, 2026 (7 filings since Jan 31, 2022)
  • ZION OIL & GAS INC Dallas, Texas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ZION OIL & GAS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$5.2M8 Dec 31, 2025$4.9M8 Dec 31, 2024+7.3%
Operating-lease assets (leased space)$1.2M8 Dec 31, 2025$759.0K8 Dec 31, 2024+54.9%
Oil and gas properties$27.7M8 Dec 31, 2025$21.7M8 Dec 31, 2024+27.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.3M8 Dec 31, 2025$2.3M8 Dec 31, 2024+265.9%

Properties, in its own words

At December 31, 2025, the Company held one active petroleum exploration license onshore Israel, the New Megiddo Valleys License 434, comprising approximately 75,000 acres. This License was awarded on September 14, 2023 and had much of the same area and coordinates as the replaced License 428 and expires on September 13, 2026.

Please refer to the discussion above under Part 1, Item 1, Business.

The rest of Item 2

The table below summarizes certain data for our license area for the year ended December 31, 2025:

Area · Working · Expiration

Type of Right · Name · (Approx. Acres) · Interest · Date

License 434 · New Megiddo Valleys · 75,000 · 100 · September 13, 2026 (1)(2)

(1) · Declaration of a Commercial Discovery during the license term, by the Petroleum Commissioner, which may in certain circumstances be extended for two years to define the boundaries of the field, would entitle Zion to receive a 30-year lease (extendable for up to an additional 20 years (50 years in all) subject to compliance with a field development work program and production.

(2) · The initial term of three years expires on September 13, 2026. Following the initial three-year period, Zion is allowed four separate one-year extensions, bringing the total license period to seven years, terminating on September 13, 2030.

Surface Rights

The surface rights to the drill site in the New Megiddo Valleys License 434 area are held under a long-term lease by Kibbutz Sde Eliyahu. The rights are owned by the State of Israel and administered by the Israel Lands Authority. Permission has been granted to Zion by both Kibbutz Sde Eliyahu and the Israel Lands Authority for the use of the surface rights.

The surface rights to former drill sites in the former Joseph License area are held under a long-term lease by Kibbutz Ma’anit. The rights are owned by the State of Israel and administered by the Israel Lands Authority. Permission has been granted to Zion by Kibbutz Ma’anit for the use of the surface rights. The Company has completed the plugging obligations of all wells within the Joseph License area and acknowledges its obligation to complete the abandonment of the wells in accordance with guidance from the Environmental Ministry even though the Joseph License has expired.

Summary of Exploration Activities/Present Activities

Please refer to the discussion above under Item 1, under the caption “Summary of Exploration Activities.”

Office Properties

(i) The Company’s corporate office in Dallas, Texas is under lease for 8,006 square feet. On November 25, 2025, the Company and LLL Four Forest, LP (“LLL”) signed an Office Lease Agreement (“Agreement”) whereby approximately 8,006 rentable square feet of space, of which approximately 5,577 rentable square feet are located in Suite 1450 located on the fourteenth floor, and approximately 2,429 square feet are located in Suite 1740 located on the seventeenth floor. The lease commencement date is January 1, 2026 and the term is for three years and five months with the lease termination being on or around May 31, 2029. The Agreement provided five (5) months of abated rent at the beginning of the lease term. A security deposit of $16,679 was paid in December 2025 and prepaid rent of $192,144 was also paid in December 2025. With the payment of the prepaid rent in December 2025, the Company’s rent is paid through May 2027. Beginning on June 1, 2027 and extending through May 31, 2028, the Company will pay monthly rent at $24.50 per square foot. Beginning on June 1, 2028 and extending through May 31, 2029, the Company will pay monthly rent at $25.00 per square foot. The Company will also pay its prorata share of electricity, taxes and common area maintenance in the building.

(ii) The Company’s field office in Caesarea, Israel is under lease for 6,566 square feet.

The Company had an option to renew the lease for another five years from February 1, 2024 to January 31, 2029, provided it is not in breach of the agreement, where it is required as well to furnish a notice of intent to exercise the option six months prior to termination of lease, and it furnishes a bank guarantee and insurance confirmation prior to commencement of the option period. The Company exercised the option to renew the lease for another seven years from February 1, 2024 through January 31, 2031, when rent is to be paid on a monthly basis in the base amount of approximately NIS 46,500 per month (approximately $12,800) at the exchange rate in effect on the date of this report and is linked to an increase (but not a decrease) in the CPI.

Geneva Branch

On July 11, 2014, Zion Oil & Gas, Inc., Geneva Branch was registered in the Canton of Geneva, Switzerland. The legal Swiss name for the foreign branch is “Zion Oil & Gas, Inc., Wilmington, Branch of Geneva”. The Zion Swiss Branch has its registered office and its business office at 47 Avenue Blanc, 1202 , Geneva, Switzerland. The purpose of the branch is to operate a foreign treasury center for the Company.

Item 2 of the 10-K filed Mar 19, 2026.3

Leadership

Who has led ZION OIL & GAS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eugene A. Soltero2006
  2. Richard Rinberg2007–2012
  3. Victor G. Carrillo2015–2018

President

  1. Richard Rinberg2006
  2. Glen Perry2007–2016
  3. Victor G. Carrillo2011–2015
  4. William H. Avery2019–now

Chief financial officer

  1. David Patir2006
  2. Brauman Martin Van2007–2009
  3. Sandra Fay Green2009
  4. Kent Siegel2011
  5. Ilan N. Sheena2011–2016
  6. Richard Rinberg2012
  7. Michael B. Croswell Jr.2016–2017
  8. Victor G. Carrillo2017

Chief operating officer

  1. Glen Perry2007–2016
  2. Victor G. Carrillo2011–2015
  3. Monty Kness2025–now
2010201520202025
Board members and other officers (40)

Timeline

  1. Sep 14, 20268-K Bylaws or fiscal year changed62
  2. Sep 10, 20268-K Other events63
  3. Aug 12, 20268-K Other events64
  4. Jun 10, 20268-K Other events65
  5. Jun 3, 20268-K Shareholder vote66
  6. May 26, 20268-K Executive or director change67
  7. May 6, 20268-K Executive or director change68
  8. Jan 12, 20268-K Executive or director change69
  9. Dec 1, 20258-K Bylaws or fiscal year changed70
  10. Nov 17, 20258-K Change to shareholders' rights71
  11. Jun 16, 20258-K Bylaws or fiscal year changed72
  12. Jun 5, 20258-K Bylaws or fiscal year changed73
  13. Oct 5, 2015New chief executive Victor G. Carrillo becomes CEO11
  14. Dec 6, 2007New chief executive Richard Rinberg becomes CEO12
  15. Dec 29, 2006New chief executive Eugene A. Soltero becomes CEO13

Filings

253 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 55 major events, 136 insider forms, 7 large holders, 35 other. The latest 20:

  1. Sep 14, 20268-K EDGAR
  2. Sep 10, 20268-K EDGAR
  3. Sep 10, 2026424B5 EDGAR
  4. Aug 12, 20268-K EDGAR
  5. Aug 12, 2026424B5 EDGAR
  6. Aug 11, 202610-Q EDGAR
  7. Jun 10, 20268-K EDGAR
  8. Jun 3, 20268-K EDGAR
  9. May 26, 20268-K EDGAR
  10. May 7, 202610-Q EDGAR
  11. May 6, 20268-K EDGAR
  12. Apr 9, 2026DEF 14A EDGAR
  13. Mar 19, 202610-K EDGAR
  14. Jan 12, 20268-K EDGAR
  15. Jan 8, 20264 EDGAR
  16. Jan 7, 20264 EDGAR
  17. Jan 7, 20264 EDGAR
  18. Jan 7, 20264 EDGAR
  19. Jan 7, 20264 EDGAR
  20. Jan 7, 20264 EDGAR

The 253 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Donald Douglas Ellis Jr.SCHEDULE 13G, 7 filings Jan 31, 2022 to Jan 7, 202674

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Chief Executive Officer$262.5K$520.3K75
2025Chief Financial Officer$272.5K$383.6K75
2025Executive Chairman$231.0K$367.9K75
2024Executive Chairman$231.0K$376.5K75
2024Chief Executive Officer$300.0K$315.1K75
2024Chief Financial Officer$256.7K$270.2K75
2024President$235.0K$264.0K75
2023Robert W.A. Dunn50$300.0K$341.8K75
2023AveryWilliam$250.0K$300.0K75
2023Michael B. Croswell Jr.$240.0K$280.2K75
2023President$250.0K$273.3K75
2023John M. Brown,$231.0K$40375

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jag Capital Management, LLC33,000$14.8K0.0%No change
Wealth Group Ltd22,515$10.1K0.0%−6,680
Compass Financial Management LLC21,364$9.6K0.0%New
Ethos Financial Group, LLC20,000$8.0K0.0%−163,993
Winch Advisory Services, LLC12,000$5.4K0.0%No change
Vermillion Wealth Management, Inc.2,777$1.2K0.0%New
Strategic Investment Solutions, Inc. /IL1,306$5880.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ZION OIL & GAS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARZION OIL & GAS INC1
  • CIK0001131312
  • Employer ID (EIN)20-00650533
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inTexas3
  • Fiscal year endsDecember 311
  • Industry code (SIC)1382 Oil & Gas Field Exploration Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address12655 North Central Expressway, Suite 1000, Dallas, TX 752431
  • Phone21422146101
  • Shares outstanding1,191,883,199 as of Aug 6, 202610
  • Public float$210.8M as of Jun 30, 20253
  • AuditorRBSM LLP, Las Vegas, NV PCAOB ID 587; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceJan 24, 20021
  • Filings1,593 in all: 4 (492), 8-K (386), FWP (173), 3 (70), 10-Q (58), 424B5 (57), 5 (46), DEFA14A (34)1
    All 52 form types

    4/A (33), 424B3 (20), DEF 14A (20), 10-K (19), CORRESP (19), UPLOAD (14), EFFECT (13), SB-2/A (11), SC 13G (11), NT 10-Q (10), S-3/A (10), S-3 (9), 8-K/A (8), 10QSB (7), PRE 14A (7), 8-A12B (6), S-8 (5), 10KSB (4), 10KSB/A (4), 10QSB/A (4), 25-NSE (4), POS AM (4), SC 13G/A (4), 3/A (3), CERTNAS (3), SB-2 (3), DEFR14A (2), NT 10-K (2), REGDEX (2), SCHEDULE 13G (2), 10-K/A (1), 10-Q/A (1), 25 (1), 5/A (1), 8-A12G (1), 8-A12G/A (1), AW (1), CERTAMX (1), CERTNYS (1), NT 10-Q/A (1), NTN 10K (1), RW (1), S-1 (1), S-1/A (1)

  • Latest filingsAnnual report (10-K) Mar 19, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 9, 2026
    Latest 8-K (8-K) Sep 14, 2026

Risk factors and legal proceedings

The risks ZION OIL & GAS INC names in Item 1A of its 10-K filed Mar 19, 2026: 33 risks under these headings, as written.3

  • Risks Associated with our Company
  • We are a company with no current source of revenue. Our ability to continue in business depends upon our continued ability to obtain significant financing from external sources and the ultimate success of our petroleum exploration efforts in onshore Israel, none of which can be assured.
  • Our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited consolidated financial statements. Our audited consolidated financial statements at December 31, 2025 and 2024 and for the years then ended were prepared assuming that we will continue as a going concern.
  • We may not be able to maintain the listing of our common stock on the OTCQX Market, which could adversely affect our liquidity and the trading volume and market price of our common stock, and decrease your investment.
  • We were involved in an extensive government investigation by the United States Securities and Exchange Commission, the results of which could have had a material adverse effect on our consolidated financial condition and business.
  • Our ongoing exploration and development efforts are subject to many contingencies outside of our control, and any considerable delay in obtaining all of the needed licenses, approvals and authorizations may severely impair our business.
  • We require significant capital to realize our business plan.
  • If we cannot obtain the planned extensions of our Megiddo Valleys 434 License or any additional petroleum exploration licenses we deem necessary to the success of our exploration program, then our business may be severely impaired.
  • We rely on independent experts and technical or operational service providers over whom we may have limited control.
  • Exploratory well drilling locations that we decide to drill may not yield oil or natural gas in commercially viable quantities.
  • Our global operations subject us to various risks, and our failure to manage these risks could adversely affect our results of operations and cash flows.
  • Our business and operations would suffer in the event of system failures, and our operations are vulnerable to interruption by natural disasters, terrorist activity, power loss, adverse public health events and other events beyond our control, the occurrence of which could materially harm our business.
The other 22 risks
  • Deterioration of political, economic and security conditions in Israel may adversely affect our operations.
  • We have a history of losses and we cannot assure you that we will ever be profitable.
  • Earnings, if any, will be diluted due to governmental royalty and charitable contributions.
  • Risks Associated with our Business
  • We are subject to increasing Israeli governmental regulations and environmental requirements that may cause us to incur substantial incremental costs and/or delays in our drilling program.
  • Our lack of diversification increases the risk of an investment in us, and our financial condition and results of operations may deteriorate if we fail to diversify.
  • We currently have no proved reserves or current production and we may never have any.
  • Oil and gas exploration is an inherently risky business.
  • A substantial and extended decline in oil or natural gas prices could adversely impact our future rate of growth and the carrying value of our unproved oil and gas assets.
  • Because a certain portion of our expenses is incurred in currencies other than the U.S. dollar, our results of operations and cash flows may be adversely impacted by currency fluctuations and inflation.
  • The insurance we carry may be insufficient to cover all of the risks we face, which could result in significant financial exposure.
  • We face various risks associated with the trend toward increased activism against oil and gas exploration and development activities.
  • Economic risks may adversely affect our operations and/or inhibit our ability to raise additional capital.
  • Legal risks could negatively affect our market value.
  • There are limitations on the transfer of interests in our petroleum rights, which could impair our ability to raise additional funds to execute our business plan.
  • Our dependence on the limited contractors, equipment and professional services available in Israel may result in increased costs and possibly material delays in our work schedule.
  • Our dependence on Israeli local licenses and permits as well as new regulations calling for enhanced bank guarantees and insurance coverage may require more funds than we have budgeted and may cause delays in our work schedule.
  • If compliance with environmental regulations is more expensive than anticipated, it could adversely impact the profitability and cash flows of our business.
  • The unavailability or high cost of equipment, supplies, other oil field services and personnel could adversely affect our ability to execute our exploration and development plans on a timely basis and within our budget.
  • Significant disruptions of information technology systems or security breaches could adversely affect our business.
  • Risks Related to our Common Stock
  • We will issue additional common stock in the future, which would dilute the ownership interests of our existing stockholders.
  • Because the likelihood of paying cash dividends on our common stock is remote at this time, stockholders must look solely to appreciation of our common stock to realize a gain on their investments.
  • Our stock price and trading volume may be volatile, which could result in losses for our stockholders.

Legal proceedings

Litigation

From time to time, the Company may be subject to routine litigation, claims or disputes in the ordinary course of business. The Company defends itself vigorously in all such matters. However, we cannot predict the outcome or effect of any of the potential litigation, claims or disputes.

On June 3, 2025, the Company received a notification via summons that it is being sued in the Superior Court of California, County of Los Angeles under the state’s “Trap and Trace” law. California’s Trap and Trace law, part of the California Invasion of Privacy Act (CIPA) Penal Code Section 638.51 prohibits installing or using devices or processes to capture incoming electronic signaling information (like IP addresses or routing data) without a court order or user consent. The Company has retained counsel in the state of California and this case is ongoing. Approximately $25,000 in legal expenses was recognized in 2025. We are expecting to incur additional expenses in 2026, but they are not expected to be material to the Company. Our retained counsel in California advised us that the California courts are backlogged with similar cases and that a resolution to our case is not expected for months. We believe we have a strong case based on the facts.

On March 9, 2026, the Company was advised by the Superior Court of California, County of Los Angeles, that the lawsuit was dismissed without prejudice against the Company.

The opening of Item 3, Legal Proceedings.3

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