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of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only) 101.INS XBRL Instance Document 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) 47 SIGNATURES Pursuant |
to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned |
thereunto duly authorized. ZION |
OIL & GAS, INC. (Registrant) By: /s/ |
Robert W.A. Dunn By: /s/ |
Michael B. Croswell Jr. Robert |
W. A. Dunn Michael |
B. Croswell Jr. Chief |
Executive Officer Chief |
Financial Officer (Principal |
Executive Officer) (Principal |
Financial and Accounting Officer) Date: May 10, 2022 Date: May 10, 2022 48 ZNOG NONE These warrants will be exercisable beginning on November 15, 2023 and terminate on December 31, 2023. These warrants will be issued in November 2023. On May 29, 2019, the Company extended the termination date of the Warrants by one (1) year. These warrants were issued on May 5, 2022. On December 4, 2018, the Company extended the termination date of the Warrants by one (1) year. On March 21, 2022, the Company extended the termination date of the Warrants by one (1) year. 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WASHINGTON, D.C. 20549 FORM 10-Q MARK ONE ☒ Quarterly Report Pursuant to Section 13 |
or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period ended March 31, 2023 ; ☐ Transition Report Pursuant to Section 13 |
or 15(d) of the Securities Exchange Act of 1934 for the transition period from ________ to ________ ZION OIL & GAS, INC. (Exact name of registrant as specified in its charter) Delaware 20-0065053 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 12655 N Central Expressway , Suite 1000 , Dallas , TX 75243 (Address of principal executive offices) Zip Code (214) 221-4610 (Registrant’s telephone number, including |
area code) Securities registered pursuant to Section 12(b) |
of the Ac Title of each class Trading Symbol(s) Name of each exchange on which registered N/A N/A N/A Indicate by check mark whether the registrant |
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months |
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements |
for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant |
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted |
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that |
the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant |
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. |
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” |
and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☒ Emerging growth company ☐ If an emerging growth company, indicate by check |
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting |
standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant |
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 9, 2023, Zion Oil & Gas, Inc. had outstanding 540,313,673 shares of common stock, par value $0.01 per share. INDEX PAGE Page PART |
I — FINANCIAL INFORMATION Item |
1 – Financial Statements – Unaudited Consolidated |
Condensed Balance Sheets – March 31, 2023 and December 31, 2022 1 Consolidated |
Condensed Statements of Operations for the three months ended March 31, 2023 and 2022 2 Consolidated |
Condensed Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2023 and 2022 3 Consolidated |
Condensed Statements of Cash Flows for the three months ended March 31, 2023 and 2022 4 Notes |
to Consolidated Condensed Financial Statements 6 Item |
2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 33 Item |
3 – Quantitative and Qualitative Disclosures About Market Risk 41 Item |
4 – Controls and Procedures 41 PART |
II — OTHER INFORMATION Item |
1 – Legal Proceedings 42 Item |
1A – Risk Factors 42 Item |
2 – Unregistered Sales of Equity Securities and Use of Proceeds 42 Item |
3 – Defaults upon Senior Securities 42 Item |
4 – Mine Safety Disclosures 42 Item |
5 – Other Information 42 Item |
6 – Exhibits 42 Exhibit |
Index 43 SIGNATURES 44 i Zion Oil & Gas, Inc. Consolidated Condensed Balance Sheets as of March 31, 2023 December 31, 2022 US$ thousands US$ thousands Current assets (Unaudited) Cash and cash equivalents 799 1,735 Fixed short term bank and escrow deposits – restricted 1,360 1,379 Prepaid expenses and other current assets 581 600 Other deposits 155 483 Governmental receivables 26 267 Other receivables 139 143 Total current assets 3,060 4,607 Unproved oil and gas properties, full cost method (see Note 4) 16,057 15,889 Property and equipment at cost Drilling rig and related equipment, net of accumulated depreciation of $ 1,645 and $ 1,455 (see note 2I) 6,080 6,281 Property and equipment, net of accumulated depreciation of $ 657 and $ 647 102 112 6,182 6,393 Right of Use Lease Assets (see Note 5) 135 202 Other assets Assets held for severance benefits 425 424 Total other assets 425 424 Total assets 25,859 27,515 Liabilities and Stockholders’ Equity Current liabilities Accounts payable 2,017 2,147 Lease obligation – current (see Note 5) 125 196 Asset retirement obligation 571 571 Accrued liabilities 495 1,032 Total current liabilities 3,208 3,946 Long-term liabilities Lease obligation – non-current (see Note 5) 12 12 Provision for severance pay 461 457 Total long-term liabilities 473 469 Total liabilities 3,681 4,415 Commitments and contingencies (see Note 6) Stockholders’ equity Common stock, par value $ .01 ; Authoriz 800,000,000 shares at March |
31, 2023: Issued and outstandin 533,713,261 and 524,231,493 shares at March 31, 2023 and December 31, 2022, respectively 5,337 5,242 Additional paid-in capital 297,582 296,460 Accumulated deficit ( 280,741 ) ( 278,602 ) Total stockholders’ equity 22,178 23,100 Total liabilities and stockholders’ equity 25,859 27,515 The accompanying notes are an integral part of |
the unaudited interim consolidated condensed financial statements. 1 Zion Oil & Gas, Inc. C onsolidated Condensed Statements of Operations |
(Unaudited) For the three months ended March 31, 2023 2022 US$ thousands US$ thousands (Unaudited) (Unaudited) General and administrative 1,503 1,435 Other 583 711 Post impairment of unproved oil and gas properties 45 - Loss from operations ( 2,131 ) ( 2,146 ) Other expense, net Foreign exchange (loss) ( 2 ) ( 9 ) Financial (expenses), net ( 6 ) ( 11 ) Loss, before income taxes ( 2,139 ) ( 2,166 ) Income taxes - - Net loss ( 2,139 ) ( 2,166 ) Net loss, per share of common stock Basic and diluted (in US$) ( 0.004 ) ( 0.005 ) Weighted-average shares outstanding Basic and diluted (in thousands) 531,023 404,817 The accompanying notes are an integral part of |
the unaudited interim consolidated condensed financial statements. 2 Zion Oil & Gas, Inc. Consolidated Condensed Statement of Changes |
in Stockholders’ Equity (Unaudited) For the three months ended March 31, 2023 Common Stock Additional paid-in Accumulated Shares Amounts Capital deficit Total thousands US$ thousands US$ thousands US$ thousands US$ thousands Balances as of December 31, 2022 524,231 5,242 296,460 ( 278,602 ) 23,100 Funds received from sale of DSPP units and shares and exercise of warrants 9,357 94 698 — 792 Funds received from option exercises 125 1 7 — 8 Value of options granted to employees, directors and others as non-cash compensation — — 417 — 417 Net loss — — — ( 2,139 ) ( 2,139 ) Balances as of March 31, 2023 533,713 5,337 297,582 ( 280,741 ) 22,178 * Less |
than one thousand. For the three months ended March 31, 2022 Common Stock Additional paid-in Accumulated Shares Amounts Capital deficit Total thousands US$ thousands US$ thousands US$ thousands US$ thousands Balances as of December 31, 2021 364,324 3,643 277,258 ( 223,525 ) 57,376 Funds received from sale of DSPP units and shares and exercise of warrants 102,219 1,022 10,405 — 11,427 Funds received from option exercises 50 1 — — 1 Value of options granted to employees, directors and others as non-cash compensation — — 215 — 215 Net loss — — — ( 2,166 ) ( 2,166 ) Balances as of March 31, 2022 466,593 4,666 287,878 ( 225,691 ) 66,853 The accompanying notes are an integral part of |
the unaudited interim consolidated condensed financial statements. 3 Zion Oil & Gas, Inc. Consolidated Condensed Statements of Cash Flows |
(Unaudited) For the three months ended March 31, 2023 2022 US$ thousands US$ thousands (Unaudited) (Unaudited) Cash flows from operating activities Net loss ( 2,139 ) ( 2,166 ) Adjustments required to reconcile net loss to net cash used in operating activiti Depreciation 200 195 Cost of options issued to employees, directors and others as non-cash compensation 417 208 Post impairment of unproved oil and gas properties 45 - Change in assets and liabilities, n Other deposits 328 12 Prepaid expenses and other 19 ( 575 ) Governmental receivables 241 562 Lease obligation – current ( 71 ) ( 34 ) Lease obligation – non current - ( 40 ) Right of use lease assets 67 64 Other receivables 4 107 Severance payable, net 3 - Accounts payable 26 ( 331 ) Accrued liabilities ( 57 ) ( 93 ) Net cash used in operating activities ( 917 ) ( 2,091 ) Cash flows from investing activities Acquisition of property and equipment - ( 12 ) Acquisition of drilling rig and related equipment - ( 122 ) Investment in unproved oil and gas properties ( 838 ) ( 3,665 ) Net cash used in investing activities ( 838 ) ( 3,799 ) Cash flows from financing activities Proceeds from exercise of stock options 8 1 Proceeds from issuance of stock and exercise of warrants 792 9,427 Net cash provided by financing activities 800 9,428 Net (decrease)/increase in cash, cash equivalents and restricted cash ( 955 ) 3,538 Cash, cash equivalents and restricted cash – beginning of period 3,114 5,952 Cash, cash equivalents and restricted cash – end of period 2,159 9,490 Supplemental schedule of cash flow information Non-cash investing and financing activiti Non-cash equity receivables - 2,000 Unpaid investments in oil & gas properties 1,515 1,130 Capitalized convertible bond interest attributed to oil and gas properties - - Cost of options issued to employees attributed to oil and gas properties - 7 The accompanying notes are an integral part of |
the unaudited interim consolidated condensed financial statements. 4 Cash, cash equivalents and restricted cash, |
are comprised as follows: March 31, 2023 December 31, 2022 US$ thousands US$ thousands Cash and cash equivalents 799 1,735 Restricted cash included in fixed long-term bank deposits 1,360 1,379 2,159 3,114 5 Zion Oil & Gas, Inc. Consolidated Condensed Notes to Financial Statements |
(Unaudited) Note 1 - Nature of Operations, Basis of Presentation |
and Going Concern A. Nature of Operations Zion Oil & 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 & gas exploration in Israel. As of March 31, 2023, the Company has no revenues from its oil and gas operations. 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. 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. 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. Exploration Rights/Exploration Activities New Megiddo License 428 (“NML 428”) 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 & 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. 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. 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. We are focusing on finalizing the technical and |
operational preparations for our re-entry of the MJ-01 well. 6 Zion Oil & Gas, Inc. Consolidated Condensed Notes to Financial Statements |
(Unaudited) Note 1 - Nature of Operations, Basis of Presentation |
and Going Concern (cont’d) B. Basis of Presentation The accompanying unaudited interim consolidated |
condensed financial statements of Zion Oil & 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. C. Going Concern 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. 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. 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 |
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