When one thinks about the natural resources segment, that person often considers exploration and getting the commodity out of the ground. There are, however, other ways to go about profiting from the commodities. These methods often offer less exposure to price swings with the same general opportunity for profit. Most investors do not think in alternative options as they invest in natural resources companies. They can, however, profit if they do and can find a company that is working from a slightly different perspective.

Cobra Oil & Gas Corp., a development stage oil and gas operator, works to purchase and operate oil and gas properties primarily in North America. The company focuses on assembling geologic data and assembling partners for property development. It currently has operating properties in Alberta, Canada, British Columbia, Canada and several southern Midwestern/Southwestern United States locations.

From all appearances the company seems to be doing well on all

Headquartered in Dallas, Texas, and with offices in Caesarea, Israel, Zion Oil & Gas Inc. (ZN) is an exploration stage company looking for oil and gas in Israel. They explore for oil and gas in onshore areas between Tel-Aviv and Haifa. The company has a current market capitalization of $54.65 million and trades on the American Stock Exchange (AMEX).

Zion Oil & Gas Inc. holds two petroleum exploration licenses. These are the Joseph and Asher-Menashe Licenses between Netanya on the south and Haifa on the north. These licenses cover a total of roughly 162,000 acres. Mr. John M. Brown founded Zion Oil & Gas in April 2000. His mission for the company is to explore for oil and gas in Israel and reach production levels that will help Israel become an energy independent country. Incorporated on July 9, 2003, the company came into being because of an inspirational visit by