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Zion Oil & Gas Reports Second Quarter Results

DALLAS and CAESAREA, Israel, Aug. 9, 2010 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) reported today its results for the quarter ended June 30, 2010. The company reported a net loss of $23,526,000 or $(1.25) per share for the second quarter of 2010 compared to a net loss of $1,332,000 or $(0.11) per share for the same quarter a year earlier. The increase in net loss is primarily attributable to the impairment charge of $22,022,000 recorded during the second quarter of 2010 in respect of the Ma'anit-Rehoboth #2 well. The company has no revenues as it is still an exploration stage company .

On release of the second quarter results, Zion's Chief Executive Officer, Richard Rinberg, commented:

"During the second quarter, Zion made good progress in a number of areas. In Israel, construction and preparation began on the drill site for our next well on the Ma'anit structure. As of today, we remain on track to "spud" (begin drilling) the Ma'anit-Joseph #3 well by August 19, 2010. In Dallas, our staff successfully completed a Rights Offering, raising gross proceeds of approximately $12.4 million which we intend to use to further our exploration and drilling program.

"We remain excited about the possibility of recovering hydrocarbons on our license and permit areas, onshore Israel, especially due to the U.S. Geological Survey report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion's exploration rights fall within the area of the Levant Basin."  

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv. It currently holds two petroleum exploration licenses, the Joseph and the Asher-Menashe Licenses, between Netanya, in the south, and Haifa, in the north, covering a total of approximately 162,000 acres and the Issachar-Zebulun Permit Area, adjacent to and to the east of Zion's Asher-Menashe license area, covering approximately 165,000 acres. Zion's total petroleum exploration rights area is approximately 327,000 acres.

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