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Zion Oil & Gas Appoints Victor Carrillo As Executive Vice President

DALLAS and CAESAREA, Israel, Feb. 1, 2011 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that Mr. Victor Carrillo, a member of the Company's Board of Directors, has been appointed Executive Vice President of the Company. Mr. Carrillo will continue to serve on Zion's Board of Directors; however, in his new position, he will be working on a full time basis on the Company's oil and gas exploration activities.

Mr. Carrillo joined Zion's Board of Directors in September 2010. He is a petroleum geologist and geophysicist, attorney and former county judge. He has over 20 years of experience in the oil and gas industry, specifically in exploration and production and, until December 2010, he was Chairman of the Texas Railroad Commission (the agency that oversees the oil and gas, pipeline and surface mining industries in Texas).

Mr. Carrillo earned his law degree from the University of Houston Law Center, a Master of Science degree in geology (with an emphasis in geophysics) from Baylor University, and a Bachelor of Science degree in geology from Hardin-Simmons University. Mr. Carrillo also received an honorary doctorate degree from Hardin-Simmons University in May 2006.

Zion's Chief Executive Officer, Richard Rinberg, said today, "We are very pleased to announce Mr. Carrillo's appointment as our Executive Vice President. Victor Carrillo has a wealth of experience in the petroleum industry and together with Bill Ottaviani, Zion's President and Chief Operating Officer, Zion now has a complete skill-set of experienced petroleum professionals, working full-time to implement our multi-well strategy and achieve success with our exploration and operations, as we continue our pursuit to recover hydrocarbons in Israel."

Zion is currently drilling its Ma'anit-Joseph #3 well in Northern Israel and has reached a drilling depth of approximately 16,000 feet (4,876 meters). The Ma'anit-Joseph #3 well has targets in both the Triassic and the Permian geological zones. The primary target is a Permian age formation, expected at a depth of over 19,000 feet (5,790 meters), making the Ma'anit-Joseph #3 well one of the deepest wells ever drilled onshore Israel.

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