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Zion Oil & Gas Extends Rights Offering

DALLAS and CAESAREA, Israel, July 1, 2010 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that it has extended the expiration date for its rights offering to Thursday July 15, 2010.

As the current rights offering has not been fully subscribed and in the light of the uncertain stock market conditions prevailing during the last few weeks, the Company has decided to extend the duration of the offering by approximately two weeks. The rights may now be exercised at any time prior to 5:00 p.m. Eastern Daylight time on July 15, 2010, the new scheduled expiration of the offer.

Zion's Chief Executive Officer, Richard Rinberg, said today, "I am pleased that we have already raised significant amounts in this rights offering, but the uncertain stock market conditions in the past few days appear to have impacted negatively on our rights offering. By extending the offering, we are giving Zion's stockholders a further opportunity to subscribe in our rights offering and support our oil and gas exploration work in Israel." 

Under the terms of the rights offering, the Company distributed at no charge to the holders of its common stock as of May 6, 2010, non-transferable subscription rights to purchase one share of common stock for every two shares of stock owned.  Each subscription right will entitle the holder to purchase one share of Zion stock at a price of $5.00, irrespective of the market price. Other than the extension of the expiration date of the rights offering, the offering terms described in Zion's Prospectus Supplement dated April 28, 2010, remain the same and apply during the extended period of the offering. Zion reserves the right to further extend the expiration date, though it has no current intention of doing so.

Zion's common stock trades on the NASDAQ Global Market under the symbol "ZN" and Zion's warrants trade under the symbol "ZNWAW."

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