Shares of Zion Oil & Gas Inc., an initial stage oil and gas exploration company with oil and gas exploration in Israel, saw a huge rally in Monday’s trading session. Zion shares ended the day 43.11% higher at $2.39, touching an intra-day high of $2.50.
In just three trading sessions, the stock gained 59.33%. The stock is down 10.15% in the last one month. Year-to-date, it fell 49.47%.
According to a SEC filing made by Zion Oil & Gas last month, the company did not generate any revenue in the quarter ended June 30, 2011. The company posted a net loss of $1.91 million in the three-month period ended June 30, 2011.
Zion Oil & Gas, which currently holds three petroleum exploration licenses in Israel, last month announced final results of its rights offering completed on July 25, 2011. The company’s gross proceeds from the offering were approximately $24.5 million.
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