Zion Oil Annual Meeting Highlights

Zion Oil & Gas held its Annual General Meeting (AGM) in Dallas on June 21. Zion CEO Richard Rinberg’s report included the year’s exploration highlights:

• In July 2010, we completed a rights offering, raising over $12 Million.
• Late in August 2010, we began drilling operations on the Ma’anit-Joseph #3 well, within the Joseph License.
• In December 2010, we completed a rights offering, raising over $18 Million.
• In April 2011, we were awarded a new petroleum exploration license on land within Zion’s previous (and now expired) Issachar-Zebulun Permit area. We named the new license the Jordan Valley License.
• The difference between a Permit and a License is that with a Permit you can investigate the hydrocarbon potential (including shooting field seismic), but you cannot drill a well; with a License you may drill one or more wells.
• Just last week, we requested the grant of a new petroleum exploration permit area, adjacent to Zion’s Joseph License area – named by us  the Asher-Joseph Permit.
• So, in addition to the exploration areas we currently hold, we have three applications for new exploration areas pending before the Israeli Petroleum Commissioner’s Office: the Asher-Joseph Permit, the Zebulun Permit and the Dead Sea License.
• Last week also saw the milestone of us reaching our target depth of approximately 19,357 feet (5,900 meters) in drilling the Ma’anit-Joseph #3 well into the Permian geologic layer in Northern Israel. After reaching the target depth, we logged the well.

Company President and COO, Bill Ottaviani shared in his Operations Report on Zion’s exploration territory: “During the past 12 months, we have increased our potential exclusive exploratory acreage position by about 60% to around 530,000 acres. This increase assumes that Zion will be granted all the permits and licenses already submitted to Israel’s Petroleum Commissioner’s Office but not yet decided upon. While there is no guarantee that we will receive any or all of the new areas requested, based on our track record of being a responsible operator, we are optimistic that the Commissioner’s Office will look favorably upon our applications.

Victor Carrillo, Zion’s Executive VP, Presented a history of Israel’s search for (and discovery of) oil and gas, and Zion’s role in the country’s exploration efforts.

All of these presentations can be viewed or downloaded from Zion’s website ‘Investor Center’.

Zion Oil Founder and Chairman John Brown closed the annual meeting by reading a passage from the New Testament letter to the Hebrews: “So don’t throw away your confidence, it will be richly rewarded. You need to persevere so that when you have done the will of God, You will receive what he has promised.” (Hebrews 10: 35, 36)

Zion Oil to Present at the NASDAQ-Oppenheimer Israeli Equities Conference in New York

Zion Oil & Gas, Inc. (Nasdaq:ZN) will be participating at the NASDAQ OMX and Oppenheimer 14^th Annual Israeli Equities Conference in New York on February 23, 2010.

Richard Rinberg, Zion’s Chief Executive Officer, and Bill Ottaviani, Zion’s President and Chief Operating Officer, are scheduled to present at the conference at 3:05 p.m. EST on February 23, 2010. A copy of the presentation will be made available on Zion’s website after that date.

Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN” and Zion’s warrants trade under the symbol “ZNWAW”.

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 and the Issachar-Zebulun Permit Area, adjacent to and to the east of Zion’s Asher-Menashe license area, covering approximately 165,000 acres. Zion’s total petroleum exploration rights area is approximately 327,000 acres.

About the 14th Annual Israeli Equities Conference

NASDAQ OMX and Oppenheimer & Co. are pleased to present the upcoming 14th Annual Israeli Equities Conference to be held February 23-24, 2010 at Oppenheimer’s offices at 300 Madison Avenue in New York City.

This conference will bring together over 20 of Israel’s leading companies representing a variety of industries and a range of market capitalization. The format will consist of investor presentations and 1-on-1 and small group meetings. This setting offers both investors and company management intimate discussion on the business environment in Israel and globally.

About Oppenheimer

Oppenheimer & Co. Inc. (“Oppenheimer”) is a leading investment bank and full-service investment firm that provides financial services and advice to high net worth investors, individuals, businesses and institutions. For over 125 years, Oppenheimer has provided investors with the necessary expertise and insight to meet the challenge of achieving their financial goals.

Oppenheimer is a wholly owned subsidiary of Oppenheimer Holdings Inc., an integrated financial services holdings company. Oppenheimer Holdings Inc.’s other wholly owned subsidiaries include Oppenheimer Asset Management Inc., Oppenheimer Life Agencies Ltd., and Oppenheimer Trust Company.

Zion Announces New President/COO

Bill Ottaviani Joins Zion Oil as President and Chief Operating Officer

DALLAS and CAESAREA, Israel, Feb. 1, 2010 (GLOBE NEWSWIRE) — Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that William L. Ottaviani has joined the Company as President and Chief Operating Officer.

William (Bill) Ottaviani, a Petroleum Engineer, has spent 25 years (1982 to 2007) working for Chevron Corporation in various countries, including Angola, Indonesia and the USA, and two years (2007-2009) as Chief Operating Officer of Rex Energy. He earned a Masters in Business Administration from California State University and a Bachelor of Science degree (with High Distinction) in Petroleum and Natural Gas Engineering from Pennsylvania State University.

During his career, Mr. Ottaviani was awarded multiple Chevron and U.S. Department of Energy Recognition Awards for performance achievements. When working for Chevron’s subsidiary, Caltex Pacific Indonesia, Bill was awarded the company’s highest recognition, earning the President’s Award for his work in successfully negotiating a $1.5 Billion gas contract. He is a member of the Society of Petroleum Engineers.

Zion’s Chief Executive Officer, Richard Rinberg, said today that, “Bill Ottaviani joins Zion with a proven industry track record and will greatly strengthen our managerial and operational competence. Bill is a first class oil and gas professional who has the experience, the ability and the specific skill-set to provide Zion with fundamental operational and technical direction, help us to implement our multi-well strategy and achieve success with our operations.”

Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN” and Zion’s warrants trade under the symbol “ZNWAW”.

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 and the Issachar-Zebulun Permit Area, adjacent to and to the east of Zion’s Asher-Menashe license area, covering approximately 165,000 acres. Zion’s total petroleum exploration rights area is approximately 327,000 acres.