Zion Oil & Gas has reported a net loss of $0.75 million, or $0.07 per share, for the third quarter of 2007, compared to a net loss of $0.5 million, or $0.06 per share, for the same quarter a year earlier.
The company has reported total expenses of $0.81 million for the third quarter of 2007 compared to $0.5 million in the same period of 2006. Zion has no revenues as it is still an exploration stage company.
Richard Rinberg, CEO of Zion, said: Zion’s most recent financials show that, even with the loss of the Ma’anit number one well recorded in June 2007, we are moving forward with our business in a steady and prudent manner.
In the coming weeks, we plan to increase our exploration activity with the commencement of our previously announced seismic acquisition program in the Asher-Menashe license area, and we continue to purchase and import the pipe and other equipment necessary for our planned next well, the Ma’anit-Rehoboth number two, on the Ma’anit structure in the Joseph license area. Our management team is looking forward to a dynamic period ahead.