Zion Oil and Gas is within the initial phases of sourcing a drill rig. Subject to securing adequate funding. Zion is currently working with logistics contractors on the importation framework. Alongside the identification of rigs within the orient. Zion views this as an opportune time for sourcing. A rig thanks to the depressed state of the drilling market.
DERIVATIVE SUIT DISMISSED
On November 26, 2019, Richard G. Andrews, us District Judge for the District of Delaware, signed an Order dismissing the consolidated derivative suit filed against certain current and former directors of Zion also as Zion as a nominal defendant. The Plaintiffs’ deadline to appeal as well as the Order was on December 26, 2019 and the Plaintiffs didn’t appeal.
Judge Andrews issued an eighteen-page Memorandum Opinion holding that Plaintiffs had not sufficiently demonstrated the futility of creating demand on Zion’s Board of Directors before filing suit, noting “I don’t find that the Plaintiffs have pleaded with particularity any facts that suggest the Director Defendan
ts acted in bad faith or otherwise consciously disregarded. Their oversight responsibilities in reference to Zion’s prospects for discovery and extraction of oil.”
SEISMIC PROCESSING AND INTERPRETATION CONTINUES
With Agile Seismic (Houston, Texas, and Belgrade, Serbia) continually applying. State of the art processing techniques to Zion’s seismic data, Zion is starting as well as to see answers to its previous questions from the drilling of the MJ-1 well.
Zion is pleased with the present progress and quality of the info so far and appears forward to the ultimate product.
BRAD DACUS APPOINTED INDEPENDENT DIRECTOR
Mr. Dacus is that the president and founding father of the Pacific Justice Institute (“PJI”). Which focuses on the defense of spiritual freedom and parental rights. Mr. Dacus is licensed to practice law in both Texas and California. He received his Bachelor’s in Business Administration and Finance at Texas A&M University in 1986, and he attended the school of law as well as at the University of Texas in Austin, where he received his Juris Doctorate in 1991.