If you’ve spent any time in the dusty corners of the OTC markets, you’ve probably seen the name. Zion Oil & Gas (ticker: ZNOG). It’s a company that has been around since 2000, yet somehow manages to stay in the headlines without ever actually selling a barrel of oil.
Right now, the Zion Oil and Gas stock price is doing something it hasn't done in quite a while: moving. Fast.
As of January 16, 2026, the stock has been on a tear, jumping over 60% in a matter of weeks. It’s currently hovering around $0.37, a far cry from the sub-ten-cent lows we saw not long ago. But if you’re looking at that green candle and thinking you’ve found a hidden gem, you need to slow down. Honestly, this stock is a different breed. Most people treat it like a standard energy play. It’s not. It’s a mix of geological exploration, biblical prophecy, and extreme retail fervor.
What is actually happening in Israel?
The recent spike isn't just "market noise." On January 14, 2026, the company dropped an operational update that sent the message boards into a frenzy. Their rig crew arrived at the MJ-01 and MJ-02 sites in Israel on January 3rd. They aren't just sitting there; they’re upgrading generators and prepping for horizontal drilling.
Horizontal drilling is the big one.
Basically, the plan is to re-enter the MJ-01 well for a cleanup and then pivot to MJ-02 to drill sideways into the reservoir. They've been chasing "gas to surface" for years. Back in May 2025, they actually saw some gas during flowback. That was a huge moment, but gas to the surface isn't the same as a commercial well. You've gotta have the volume to make the math work.
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The Numbers Nobody Mentions
Let’s talk about the elephant in the room: the share count.
Zion has over 1.14 billion shares outstanding. That is a massive number for a company with a market cap around $430 million. When you have that many shares, moving the needle on the Zion Oil and Gas stock price requires an immense amount of buying pressure.
- Net Income: -$1.72 million (Q3 2025)
- Cash on Hand: $10.37 million
- Free Cash Flow: -$3.26 million
The company is currently burning cash to keep the lights on and the drill bits turning. They stay afloat largely through "Unit Programs"—basically selling blocks of stock and warrants directly to supporters. It’s a unique funding model. It’s almost like a crowdsourced oil company.
Why the Price is So Volatile
The Zion Oil and Gas stock price doesn't follow the price of Brent Crude. It follows the news cycle.
If you look at the 52-week range, it has swung from $0.075 to $0.42. That’s wild volatility. The Relative Strength Index (RSI) is currently sitting at 94. In the world of technical analysis, anything over 70 is "overbought." At 94? It’s basically screaming.
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Investors are currently betting on the "Target Reservoir Zone." If they hit a commercial pocket of gas or oil this time, the $0.37 price might look cheap. But we've been here before. Zion has been drilling in the Megiddo-Jezreel valley for years. They’ve had technical successes—finding an active petroleum system—but they haven't found the "pot of gold" yet.
The Biblical Connection
You can't talk about this stock without mentioning the mission. The founder, John Brown, started this company based on a belief that oil is hidden in Israel, specifically mentioned in the blessings of the twelve tribes in the Bible.
This creates a shareholder base that is incredibly loyal. They aren't just "day traders" looking for a quick flip; many are "true believers" who hold the stock for years regardless of the price. This "diamond hands" mentality creates a weird floor for the stock, but it also means the selling can be brutal when the hype cools off.
Is the Current Move Sustainable?
Kinda depends on what they find in the next 60 days.
The rig crew is on-site. The upgrades are happening. If the horizontal leg of MJ-02 shows significant pressure and flow, the Zion Oil and Gas stock price could easily test its old highs. But if they hit another technical snag—like the ones that "warm-stacked" the rig back in 2024—the drop will be just as fast as the climb.
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Honestly, it’s a high-stakes poker game where the cards are buried 5,000 meters underground.
Actionable Insights for the ZNOG Watcher
If you’re tracking the Zion Oil and Gas stock price, don't just stare at the ticker. You’ve got to watch the operational milestones.
- Monitor the Water Well: Zion has to re-establish a mandated water monitoring well to comply with Israeli regulations before they can go full throttle.
- Watch the 01/31 Warrants: There are warrants expiring at the end of this month. These can cause weird price fluctuations as holders decide whether to exercise or let them lapse.
- Check the Next Earnings Date: March 25, 2026. This will show exactly how much of that $10 million in cash is left after this current drilling spurt.
- RSI Awareness: With an RSI of 94, a "pullback to support" at the $0.28 level is historically likely before any further move up.
Stop thinking of this as a "safe" energy investment. It’s a speculative exploration play with a very specific, dedicated community. If you're in, you're in for the drama as much as the data.
To stay ahead, keep a close eye on the company’s "SEC Form 8-K" filings over the next few weeks. Those are the only documents that will tell you if they actually hit a pay zone or if they’re just moving dirt. Any news of a "production test" is the real catalyst to watch for.