DALLAS and CAESAREA, Israel, March 11, 2011 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) (Nasdaq:ZNWAW) (Nasdaq:ZNWAZ) today announced that 100,600 of its publicly traded warrants quoted under the symbol ZNWAW were exercised under the program whereby holders could exercise warrants at $4, versus the $7 exercise price provided by the original terms of the warrants, generating cash of $402,400 for Zion. The reduced exercise price program, which was in effect since January 3, 2011, expired on March 7, 2011, and the original exercise price of $7 has been reinstituted for all remaining unexercised warrants with the symbol ZNWAW. Warrants (with symbol ZNWAW) for 506,079 shares remain outstanding and continue to be exercisable through January 31, 2012. Concurrently, Zion received an additional $301,040 in cash from warrant exercises of its other publicly traded warrants trading under the symbol ZNWAZ, which were issued in connection with the closing of Zion's most recent rights offering and were first quoted in December 2010. Warrants (with symbol ZNWAZ) for 3,567,561 shares, which are exercisable at $4 through December 31, 2012, remain outstanding. Richard Rinberg, CEO of Zion, stated, "We temporarily reduced the exercise price on our ZNWAW warrants in order to both raise funds for our exploration work in Israel and be fair to all of Zion's investors. We are glad to have afforded this opportunity to our investors." Zion is currently drilling its Ma'anit-Joseph #3 well in Northern Israel and has reached a drilling depth of approximately 14,576 feet (4,443 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.