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Zion Oil & Gas Extends Subscription Period For Rights Offering

DALLAS and CAESAREA, Israel, Nov. 16, 2010 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that it has extended the expiration date for its pending rights offering to November 18, 2010.

The preliminary outcome of Zion's rights offering, as of 5:00 p.m. Eastern Standard time on November 15, 2010, the scheduled expiration date of the rights offering, is that Zion stockholders have subscribed to purchase approximately 3,192,000 Units of Zion's securities for an aggregate subscription price of approximately $15,960,000. Approximately 3,800,000 Units are available under the offering.

As the rights offering was not fully subscribed and the Company was advised that some qualified holders of its common stock wished to make a further subscription, the Company has decided to extend the duration of the offering by 3 days. The rights may now be exercised at any time prior to 5:00 p.m. Eastern Standard time on November 18, 2010, the new scheduled expiration of the offer.

Zion's Chief Executive Officer, Richard Rinberg, said today, "I am very pleased at the participation in this 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.

The drilling of our current exploration well, the Ma'anit-Joseph # 3 well, has reached a depth of approximately 8,704 feet (2,653 meters) towards the secondary target, Triassic age lithology, expected below approximately 10,827 feet (3,300 meters). We then plan to continue drilling to the primary target, Permian age lithology, down to a planned total depth below approximately 19,357 feet (5,900 meters).

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." 

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