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Zion Oil & Gas Obtains License Extension

Stocks in this article: ZN

DALLAS and CAESAREA, Israel, July 9, 2013 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) reported today that the Israeli Petroleum Commissioner has awarded the company a one-year extension on its Asher-Menashe petroleum exploration license in Northern Israel.

Zion's Asher-Menashe License covers an area of approximately 78,824 acres located on the Israeli coastal plain and the Mount Carmel range between Caesarea in the south and Haifa in the north. Zion received notification from the Israeli Petroleum Commissioner extending the term of the Asher-Menashe License one final year, until June 9, 2014.

The Asher-Menashe License extension carries a commitment to re-enter Zion's Elijah #3 well to perforate, stimulate, and production test a Jurassic zone of interest.

On June 12, 2013, Zion's Board of Directors authorized spending up to $1.63 million toward upcoming operations in our Joseph and Asher-Menashe License areas. This dollar figure includes authorization to re-enter our Elijah #3 well to conduct in-well testing operations in hopes of finding commercially productive hydrocarbons.

Zion recently entered into a 2013 Workover Contract with Lapidoth Israel Oil Prospectors to use their rig and crew to conduct our upcoming field operations, currently planned for September and October, 2013.

NEW MEGIDDO-JEZREEL LICENSE

Having reviewed our new license application and revised work plan, Israel's Energy Ministry officially published our proposed license area boundaries (approximately 98,000 acres in Israel's Megiddo and Jezreel Valley – see purple area in figure below).

The notice states that other companies have until September 3, 2013 to submit a competing application. After that date and following a second review, the new license can then be granted.

A map accompanying this release is available at http://media.globenewswire.com/cache/11950/file/20785.pdf

NEW ZION BOARD MEMBER

Mr. Glen H. Perry has re-joined the Zion Board of Directors, effective July 1, 2013. Mr. Perry was a founding member of Zion, serving on the Board of Directors and as President and Chief Operating Officer until 2009. He has also been serving as our Israeli Operations Consultant. Mr. Perry resides in Tel Aviv and is a dual US-Israeli citizen. He has a Master of Science degree in Petroleum Engineering from the University of Texas at Austin. He has over 40 years' experience in the domestic and international petroleum energy field, specializing in project evaluation and development, as well as senior management of oil and gas exploration and production companies. Mr. Perry fills the vacancy of departing board member, Mr. Julian Taylor. Mr. Taylor was appointed a director in June 2009. We greatly appreciate Julian's dedicated service on Zion's board for over four years.

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