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TheStreet Open House

Zion Oil & Gas Further Extends Subscription Period For Rights Offering

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."

Under the terms of the rights offering, the Company distributed at no charge to the holders of its common stock as of September 28, 2010, non-transferable subscription rights to purchase their pro rata portion of approximately 3,800,000 Units of Zion's securities. Each Unit consists of one (1) share of Zion's common stock and one (1) warrant to purchase an additional share of Zion's common stock at an exercise price of $4.00.

Under the rights offering, stockholders of record on the record date have the right to subscribe for eighteen (18) Units for every one hundred (100) shares of common stock owned on the record date, equivalent to 0.18 subscription rights for each share of common stock owned on the record date.

Each whole subscription right entitles the stockholders of record on the record date to subscribe for one Unit at the per Unit purchase price of $5.00.The warrant will be exercisable for a two-year period beginning on the closing date after the rights offering expires.

Other than the extension of the expiration date of the rights offering, the offering terms described in Zion's Prospectus Supplement dated September 29, 2010, remain unchanged 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 public warrants trade under the symbol "ZNWAW". The warrants from our current offering will trade under the symbol "ZNWAZ" once issued.

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