Zion Oil Raises $18.25 Million

DALLAS and CAESAREA, Israel, Dec. 16, 2010 (GLOBE NEWSWIRE) – Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that on December 15, 2010, it completed its previously announced rights offering. The preliminary outcome of the rights offering, as of the close of business on December 15, 2010, indicates that subscriptions for approximately 3.65 million units, for gross proceeds of approximately $18.25 million, have been received (including over-subscriptions). All shareholders that requested over-subscription shares will be awarded their full over-subscription request.

Zion’s Chief Executive Officer Richard Rinberg said today, “I am pleased to announce the successful conclusion of our rights offering. The proceeds from this offering provide us with the funds that we believe are necessary to allow us to proceed with our planned drilling subsidiary, provide us with financial and operating flexibility and enable us to further our exploration and drilling program significantly.

“We have successfully drilled approximately two-thirds of our Ma’anit-Joseph #3 well and are now drilling the final third.

“We remain excited 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.”

Under the completed rights offering, holders of record of Zion’s common stock were given non-transferable subscription rights to purchase eighteen (18) Units for every one hundred (100) shares of common stock owned as of the close of business on September 28, 2010. The purchase price of a Unit was $5. Each Unit consisted of one (1) share of Zion’s common stock and one (1) warrant to purchase an additional share of Zion’s common stock at an exercise price of $4.00.

Zion is currently drilling its Ma’anit-Joseph #3 well in Northern Israel and has currently reached a drilling depth of approximately 13,123 feet (4,000 meters). The Ma’anit-Joseph #3 well has targets in both the Triassic geological zone and the Permian geological zone. The primary target is Permian age lithology, expected at a depth of approximately 19,357 feet (5,900 meters).

For updates on the drilling activity please visit Zion’s website www.zionoil.com

Zion’s common stock trades on the NASDAQ Global Market under the symbol “ZN” and Zion’s $7 warrants trade under the symbol “ZNWAW”. From December 28, 2010 through their expiration date of December 31, 2012, Zion’s $4 warrants will trade on the NASDAQ Global Market under the symbol “ZNWAZ.” Zion’s transfer agent is in the process of distributing the share and warrant certificates to those rights holders who participated in the rights offering, either directly or through their brokers.

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.

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.

John Brown Interviewed on Fox Business

Zion Oil & Gas founder John Brown was interviewed by Alexis Glick on Fox Business Network’s “Money for Breakfast” television show.

The interview was aired early on the morning of September 3 – the day after Zion ‘rang the bell’  on Wall Street announcing the company’s entry into the NASDAQ global market.

View the interview by clicking on the image below:

Zion Oil & Gas Rings the NASDAQ Bell

Zion Chairman John Brown, CEO Richard Rinberg and company President Glen Perry got the NASDAQ market going on Wednesday by ringing the opening bell. The ‘opening bell’ ceremony signified the first day of trading for Zion Oil & Gas on the NASDAQ market under the ticker symbol ‘ZN’.

Zion’s move from the NYSE’s AMEX exchange to the NASDAQ Global exchange will give the company access to a much wider financial market.

Zion has demonstrated that they can compete in the global financial market by continuing to hold their stock value and raise significant capital in the midst of the worst financial melt down since the Great Depression. In short, people believe in Zion Oil and the financial world has taken notice.

About Zion Oil & Gas, Inc. (ZN):

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 NASDAQ OMX:

The NASDAQ OMX Group, Inc. is the world’s largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,900 listed companies. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; NASDAQ OMX Nordic, NASDAQ OMX Baltic, including First North; and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs.

NASDAQ OMX Group technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com.

Zion Oil at a 52 Week High

Zion Oil & Gas one of only two companies on NASDAQ to hit 52 week high on Tuesday. Zion stock price closed at $10.38 on Tuesday. Zion is also now a part of the Small Cap Investor 25 Composite. Not bad for a little company from Dallas looking for oil in Israel because the Bible said it was there. (source: http://smallcapinvestor.com)