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Zion Oil Announces Warrant Exercise Results

For updates on the drilling activity please visit Zion's website .

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

The information above does not constitute an offer to buy or exchange securities or constitute the solicitation of an offer to sell or exchange any securities in Zion.

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.

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's operations, are forward-looking statements as defined in the "Safe Harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

Zion's homepage may be found at:

The Zion Oil & Gas, Inc. logo is available at
CONTACT: Zion Oil & Gas, Inc.
         6510 Abrams Rd., Suite 300
         Dallas, TX 75231
         Mike Williams:       
         Telephone: 214-221-4610

Zion Oil & Gas Logo

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