Zion Oil & Gas Starts Drilling the Ma’anit-Joseph #3 Well

Dallas, Texas and Caesarea, Israel – August 26, 2010 – Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that drilling operations have begun on its Ma’anit-Joseph #3 well, in its Joseph License area, onshore Northern Israel. The drilling operations are expected to last approximately six months.

Utilizing the 2,000 horsepower drilling rig used to drill Zion’s previous wells, Zion has commenced drilling its Ma’anit-Joseph #3 well, initially towards its secondary target, Triassic age lithology, expected below approximately 10,827 feet (3,300 meters). Zion then plans to continue drilling to its primary target, Permian age lithology, down to a planned total depth below approximately 19,357 feet (5,900 meters).

The rig will operate on a 24-hour basis utilizing two drilling crews on 12-hour shifts. On a continual basis, samples will be collected by Zion’s wellsite geologists, analyzed for both hydrocarbon content and lithology and then stored.

Zion’s Chief Executive Officer, Richard Rinberg, said today, “We are excited to be drilling the Ma’anit-Joseph #3 well and continue to be optimistic about the possibility of recovering hydrocarbons on our license and permit areas, onshore Israel, especially due to the U.S. Geological Survey report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion’s exploration rights fall within the area of the Levant Basin.”

A Biblical Treasure Hunt Part 3

What are these Blessings? How do the founders of these oil and gas exploration companies, many of them oil and gas professionals with years of industry experience, come to connect Biblical verses with potential petroleum reservoirs located deep underground? Is there any possible connection between the Blessings and the story of Elijah’s sacrifice? With other references appearing in historical texts concerning what may possibly be oil seeps in the area of the Carmel?

In what follows I have tried to collect and present the various Biblical and historical references that I understand have inspired the founders of these petroleum exploration ventures.

I. THE BIBLICAL CLUES

THE TRANSLATION: Except where otherwise noted, the translation used is that of The Jerusalem Bible (Koren, Jerusalem, 2000). The Jerusalem Bible is a Bible published with the original Hebrew text and an English translation printed on facing pages. In the words of the editors:

“The English Translation is not essentially new: it is rather a thoroughly corrected, modernized and revised version of those Anglo-Jewish Bibles which have long been accepted for home and synagogue use throughout the English-speaking world. As a basis for this edition, the ‘Jewish Family Bible’ of M. Friedlander, published with the sanction of the Chief Rabbi of the British Empire, Dr. N. M. Adler in 1881, was selected. That version had two important merits: it was faithful to the MASORA, or received Hebrew text, and it retained as much as Jewish sentiment permitted of the unsurpassed language and rhythm of the ‘Authorized Version’ [King James] of 1611. These advantages have been preserved in the present version.

“In addition to the text of Friedlander, a comparison was made with the interesting nineteenth century Jewish Bible of Isaac Lesser, and with other later translations. As a result many fresh readings have been adopted. The language of the older versions has been modernized where it was felt that the ancient linguistic and grammatical forms would cause difficulty for the present-day reader. Also many points of detail have been corrected in the light of modern scholarship, or as a result of fresh application to the TARGUMIM and the classical Jewish commentators.”

For ease of use, proper names do not appear in transliteration from the Hebrew as in The Jerusalem Bible, but in traditional English spelling. Also, rather than using colons followed by small letters to show breaks between sentences as in The Jerusalem Bible which follows the traditional Hebrew punctuation, I follow the modern English tradition using periods followed by capital letters.

A. THE BLESSINGS OF JOSEPH

1. Jacob’s Deathbed Blessing of Joseph:

Genesis 49: 22-26:

“Joseph is a fruitful bough, a fruitful bough by a well; whose branches run over the wall. The archers fiercely attacked him, and shot at him and hated him; but his bow abode in strength, and the arms of his hands were made supple by the hands of the mighty God of Jacob (from thence from the shepherd, the Stone of Israel), by the God of thy father who shall help thee; and by the Almighty, who shall bless thee, with blessings of heaven above, blessings of the deep that couches beneath, blessings of the breasts and of the womb. The blessings of thy father are potent above the blessings of my progenitors to the utmost bound of the everlasting hills, they shall be on the head of Joseph, and on the crown of the head of him that was separated from his brothers.”

[Variant Translation: The Jerusalem Bible translation above is based on The King James Version. The Revised Standard Version translates the opening passage of verse 26: “The blessings of your father are mighty beyond the beyond the blessings of the eternal mountains, the bounties of the everlasting hills, ….” This translation is based on the Septuagint, the 3rd Century translation of the Bible into Greek by the Jews of Alexandria. The Septuagint translates the Hebrew “HOREI”, literally “parents”, as “mountains” based on the argument that the root “HOR” in this context can also mean mountain as in “HOR HA’HAR” (Numbers 20:22). The translation of the Septuagint was adopted by the Rashbam (Rabbi Samuel ben Meir), the grandson of the noted Rabbi Solomon ben Isaac (Rashi), who lived in the Rhine Valley in the 12th Century. Olam Ha’Tanakh (Davidson–Eti, Tel-Aviv, 1993) [“Olam Ha’Tanakh”], vol. “Breishit” [Genesis], p. 253.]

2. Moses’ Deathbed Blessing of the Tribes of Joseph (Manasseh and Ephraim):

Deuteronomy 33 : 13-17:

“And of Joseph he said, Blessed of the Lord be his land, for the precious things of heaven, for the dew and for the deep that couches beneath, and for the precious fruits brought forth by the sun, and for the precious things put forth by the moon, and for the chief things of the ancient mountains, and for the precious things of primordial hills, and for the precious things of the earth, and its fullness, and for the good will of him that dwelt in the bush. Let the blessings come upon the head of Joseph, and upon the top of the head of him who was separated from his brothers.”

B. THE BLESSING OF ASHER

Moses’ Deathbed Blessing of the Tribe of Asher

Deuteronomy 33 : 24:

“And of Asher he said, be Asher blessed above sons; let him be acceptable to his brethren, and let him dip his foot in oil.”

C. MOSES’ SONG OF PRAISE TO GOD AND THE LAND OF ISRAEL AND DEATHBED TESTAMENT TO THE NATION OF ISRAEL

Deuteronomy 32 : 13:

“He made him ride on the high places of the earth, and he ate the produce of the fields; and he made him suck honey out of the rock, and oil out of the flinty rock.”

II. THE LANDS OF JOSEPH (MANASSEH AND EPHRAIM) AND ASHER – THE MAP.

Cartographical Note: There is a dispute among scholars as to whether the southern border of Asher extended down the Mediterranean coast to Caesarea and included the northern parts of Mt. Carmel or it ran along the Kishon Stream which flows along the northeastern flank of Mt. Carmel. In all cases it is generally agreed that the Lands of Manasseh abutted on and lay just to the south of the Lands of Asher.

Geographical Note: In the context of appreciating the geological implications of the map of the northern portions of the Lands of Manasseh, it should be mentioned that running approximately from somewhat east of Caesarea in the West to Megiddo in the East and representing the southern boundary of the Mt. Carmel range is Wadi Ara, the Ara Valley or Nahal I’ron (part of the ancient Via Maris or Way of the Sea that ran between Egypt and Damascus) which, from dipping beds and seismic data, geologists infer to be a major fault feature. A fault the size of Wadi Ara in a tectonically active area, in which the Carmel range and the northern Samarian hills (including the Umm-el-Fahm anticline) are located, is a phenomenon which is of major interest to petroleum geologists and explorationists.

Zion Oil Announces Revised Drilling Schedule

Zion Oil announced today (read the full press release below) that the delivery of the AME drilling rig to Israel will be delayed until January of 2009 due to Israeli government delays in processing AME’s work permits.

According to AME, other than the delay in processing work permits, machinery updating and refurbishment is complete and the drilling rig is sitting in Ankara, ready to ship.

On Zion’s side, completion of the site preparation and final government permissions are underway.

Anyone who has ever built a house knows about delays, like the building inspector not showing up when he’s scheduled. The inspector finally arrives and the house get completed. I don’t think the process changes much as the project’s grow in size.

The bottom line is that the rig is now scheduled to be in Israel in January rather than November, as previously expected. On the positive side, it looks like AME and their drilling equipment is ready to roll and Zion’s site preparations should be complete by the time the rig arrives in January. Pray for progress without further delays. And news of a bit turning in Northern Israel!

Here is Zion’s press release:

 

Zion Oil Updates Drilling Schedule

 Dallas, Texas and Caesarea, Israel- November 7, 2008 – Zion Oil & Gas, Inc. (NYSE Alternext US: ZN) announced today updated information regarding the status and importation into Israel of the drilling rig and crews contracted for (on September 12, 2008) with Aladdin Middle East Ltd (AME). Under the terms of the contract, AME committed to provide a completely refurbished and updated 2,000 horsepower rig and crews to drill Zion’s planned Ma’anit-Rehoboth #2 well ‘directionally’ to below 18,000 feet.

AME has advised Zion that the drilling rig refurbishment has been successfully completed and that the rig stands ready in Ankara, Turkey. AME have started the process of obtaining Israeli work permits for their crews; however due to the relevant government office in Israel having been closed for most of October, the workers’ permitting process was delayed. It is now anticipated that the rig will be shipped out of Turkey in January 2009.  

Zion has recently received positive notifications on almost all of the required Israeli permits (other than crew work permits) related to the Ma’anit-Rehoboth #2 well and is now working on the location site to prepare it for the arrival of the rig.  

As detailed in its registration statement, Zion is raising funds in order to pursue its planned multi-well drilling program. Depending on actual amounts raised, Zion intends to carry out the following work program: drill Zion’s second well, on Zion’s Joseph License, to the Triassic Formation (down to a depth of 15,400 feet) and / or to the Permian Formation (down to a depth of 18,040 feet), drill a test well on Zion’s Asher-Menashe License to the Triassic Formation and, if appropriate, the Permian Formation and prepare for the drilling of an additional well on either its Joseph or Asher-Menashe License. 

Zion’s common stock trades on the NYSE Alternext US under the symbol ZN. 

Before you invest, for more complete information about Zion Oil & Gas and its offering, you should read Zion’s registration statement (including a prospectus) together with the other documents Zion has filed with the SEC. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter, Brockington Securities, Inc, will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, at www.zionoil.com. 

Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on 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 planned operations, potential results thereof and plans contingent thereon, including the importation of a drilling rig into Israel, the granting of various required permits, the selection of potential drilling targets and locations, are forward-looking statements as defined in the “Safe Harbor” provisions 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 Oil & Gas, Inc. has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about Zion Oil & Gas and its offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466). Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas. Inc., at www.zionoil.com. 

Contact:

Brittany Russell

Zion Oil & Gas, Inc.

6510 Abrams Rd., Suite 300

Dallas, TX 75231

(1) 214-221-4610

Email: dallas@zionoil.com

Zion Oil & Gas Appoints New Board Member

Dear Shareholder and/or Friend of Zion,

We have recently appointed our Chief Financial Officer and Executive Vice President, Martin Van Brauman, to our Board of Directors.   As you can read in the Press Release below, Martin has impressive qualifications and experience.   Zion is lucky to have such a high caliber individual.

Sincerely yours

John Brown Chairman of the Board and Founder

Zion Oil & Gas Appoints New Board Member

Wednesday August 13, 11:53 am ET

DALLAS–Zion Oil & Gas, Inc. (Amex: ZN – News), of Dallas, Texas and Caesarea, Israel, announced today that Mr. Martin Van Brauman has been elected as a Director of Zion Oil & Gas, Inc. Mr. Van Brauman is currently Senior Vice-President and Chief Financial Officer of Zion.

Mr. Van Brauman holds a B.E. degree from Vanderbilt University, a Doctor of Jurisprudence degree from St. Mary’s University and an M.B.A. and LL.M. (Tax Law), from Southern Methodist University. Mr. Van Brauman has over 22 years of experience in corporate tax and accounting analysis and is Board Certified in Tax Law by the Texas Board of Legal Specialization. In addition to working as a tax partner in several private law firms, Mr. Van Brauman spent 12 years as a Senior Attorney (International Specialist and Petroleum Industry Specialist) with the Office of Chief Counsel, IRS, following which he spent three years as a tax consultant with the global accounting firms of Deloitte & Touche and Grant Thornton.

Mr. John Brown, Chairman of the Board and Founder, said that the appointment of Mr. Van Brauman as a Director of the Company strengthens Zion’s Board and that he looks forward to Mr. Van Brauman’s future contribution to the company.

Zion Oil & Gas, Inc., a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north covering a total of approximately 162,000 acres.