Dallas-based Zion Oil and Gas is looking for oil in Israel, and looks to the Bible for guidance and wisdom.
The company has 22 employees and 30,000 investors, according to NPR.
So far, Zion has drilled four wells in Israel, all of them dry holes.
Zion Oil is listed on the Nasdaq stock exchange. It went public in 2000 and since then has spent about $130 million on exploration.
It’s stock is down about 90 percent from five years ago.
The company was founded by John Brown, described by NPR as “a hulking, 73-year-old evangelical Christian who went to Israel, had a religious experience, came back and sold his business in Michigan, then started Zion with no prior experience in the oil industry.”
“I was an alcoholic that God saved, took me from being in the tool business and sent me to Israel and told me he was gonna do something. Zion Oil & Gas was nothing. I didn’t even think about something like that at that point,” Brown told NPR.
Zion’s motto is “geology confirming theology.”
“Brown believes the Book of Deuteronomy alludes to an Israeli oil bonanza,” the report said.
Zion has applied for a new drilling permit in Israel. It will need new funds but hopes to drill its next deep well sometime in 2015, NPR said.