A faith-based company founded to drill for oil and gas exclusively in Israel is the subject of an investigation by the U.S. Securities and Exchange Commission (SEC). 

In a mid-July legal filing of notification to its shareholders and investors, Zion Oil & Gas said it had received a subpoena from the SEC’s Fort Worth office, informing it of the existence of a “non-public, fact-finding inquiry.” 

In the two weeks after the announcement, Zion’s stock (traded on the NASDAQ system under the symbol AZ), dropped about 20 percent. It has traded between about $1.85 and $5.85 per share over the past year. 

Founded in 2000, Zion has spent at least $170 million but not booked any profits, according to the Dallas Morning News. In its latest annual financial filing, the company reported losses totaling $25.8 million over its past three fiscal years.

Zion’s main holding is a 99,000-acre lease known as the Megiddo-Jezreel location. In its most recent release, it said it expected to begin perforation, stimulation and flow back operations this summer.  

“We recognize the keen interest in the MJ #1 well,” President and COO Dustin Guinn said in the release.