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.”

Zion Releases Drilling Company Video

Zion Oil & Gas released a company video last week in which Bill Ottaviani (Zion’s President and Chief Operating Officer) and Richard Rinberg (Zion’s Chief Executive Officer) explain why Zion Oil & Gas, Inc. has decided to establish Zion Drilling, Inc. and purchase Aladdin Middle East Ltd’s 2,000 horsepower drilling rig, as soon as practicable. Filming took place in both Israel and Turkey, and gives us a chance to learn the strategic thinking behind some of Zion’s business decisions.

The film was shot and produced by British filmmaker Tom Boulting. Boulting’s company, Charter Films, Ltd. is also working on the full length documentary, “49:1 The Zion Story”. News on the making of the film can be found at www.zionthemovie.com.

Israel, Turkey Tensions Not Affecting Zion Oil

According to Zion CEO Richard Rinberg,  recent political tensions between Turkey and Israel are not affecting Zion’s work program or future plans. Zion Oil & Gas operates it exploration company in Northern Israel using a drilling rig and crew owned by Turkish drilling company AME. Future plans call for a new company, Zion Drilling, to to be formed between Zion Oil & Gas and AME.

Zion Oil & Gas has just released a corporate video detailing their exploration efforts and plans for the new drilling company. To view the video click here or on the photo at the top of this article.

In a recent letter to stockholders, Rinberg states that in spite of international tensions, Zion Oil and AME will conduct ‘business as usual’.

“I received a telephone call from a concerned stockholder asking about the recent event offshore Israel and its effect on the relationship between Zion Oil & Gas, Inc (in Israel) and Aladdin Middle East Ltd (in Turkey).

I have been in contact with Cetin Mumcuoglu, the General Manager of Aladdin Middle East Ltd, in Ankara, Turkey, and he is not concerned. International incidents will occur from time to time, but business continues without interruption.

He commented to me, “ We will continue with our business relationship even more strongly.”

Zion Oil & Gas and AME have excellent relations based on mutual respect and trust, so we expect that recent events will have little effect on our continuing business relationship.

Additionally, our Caesarea office and our petroleum exploration areas are in Northern Israel, well away from the Gaza area in Southern Israel, so everything is proceeding as normal.

At present, we do not anticipate that the recent event will have any material adverse effect on our business.”

Kibbutz Ma’anit Agreement Paves Way for Zion’s M-J#3 Well

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According to company CEO Richard Rinberg, Zion plans to start drilling the Ma’anit-Joseph #3 (MJ#3) in August. Zion signed an agreement with the land owner, Kibbutz Ma’anit, for access to the well site and continues the permitting process with various Israeli state agencies.

Rinberg wrote Zion share holders in his May 28 update:

“Further to our ongoing exploration work on the Ma’anit geological structure, we are moving forward with the required permitting and planning for the M-J #3 well (targeted for the ‘deep’ Permian geologic structure). (Deut. 33:13-16)
We are well underway in the process of assembling the various product and service suppliers needed to drill this new well. As reported last time, we instituted a bidding and selection process designed to ensure that we use the best available resources, offering Zion the most favorable overall value. Based on early vendor indications, we anticipate a strong response to our RFQs (Request For Quotes) and have already begun receiving price quotes. All price quotes are expected by month-end and the final vendor selection will follow shortly thereafter.
Permitting for the new well continues to proceed favorably with the recent achievement of a very significant milestone: agreement with Kibbutz Ma’anit granting us access to Kibbutz land where we desire to drill the MJ-3 well.
In Israel, ‘permitting a well’ is a very lengthy and complicated process, as permits are required from various authorities, including the: Water, Fire, Health, Military, District Planning Commission, Environmental Protection, Israel Land, National Infrastructure, Civil Aviation and National Transport Authorities… and of course, the owner of the land.
With the Kibbutz agreement now secured, we are fine-tuning the well site layout and beginning preliminary plans for construction of the site.
The layout and construction of the well site is a project in of itself, as it involves the careful placement of storage containers, offices and living quarters, equipment and liquid storage facilities, power units, and piping all efficiently arranged around the drilling rig and large liquid containment (“mud”) pits while allowing adequate space for the safe movement of personnel and heavy equipment.
As the M-J #3 well site is near residential and commercial areas, we are working diligently with local and governmental groups, to ensure the site will meet (or in some cases exceed) all applicable environmental and safety requirements.
Actual well site construction can begin once we have received all necessary permits. Depending on weather and equipment availability, we anticipate site construction to be completed within one month after being started. Given the progress we are making in both planning and permitting for the M-J #3 well, we remain optimistic that drilling will begin this summer.”

Plans for the new Ma’anit-Joseph #3 well were initiated in April after production testing determined that commercial quantities of gas and oil were not present in Zion’s nearby Ma’anit-Rehoboth #2 well.

Zion Drilling Venture in Israel Signals New Era

Zion Oil & Gas, Inc. announced last week that it had signed a Memorandum of Understanding with Turkish drilling contractor Aladdin Middle East Ltd. to purchase AME’s 2,000 horsepower drilling rig (currently located at Zion’s Ma’anit-Rehoboth #2 wellsite, in Israel). The proposed new company, Zion Drilling, Inc. (a subsidiary of Zion Oil & Gas, Inc.), will own and operate the drilling rig in Israel.

What the new company will mean for Zion Oil & Gas is that they will no longer need to rely on third party drilling contractors on future exploration wells. What the new company will mean for the State of Israel, now experiencing a gas and oil exploration boom, is that a rig, twice the size as has ever operated onshore in Israel, will now be permanently ‘in-country’ and possibly available for other (besides Zion Oil & Gas) Israeli exploration efforts. And that the rig will be owned and controlled by a company solely invested on Israeli oil and gas exploration.

During Zion’s drilling of the Ma’anit #1 well in 2005 operations were frustrated by the rig contracted for project. The Israeli owned 1,000 horsepower Ideco Super 7-11 (at that time the biggest in the country) just wasn’t up to the task of drilling to Zion’s estimated 18,000 foot Permian depth. Fearing they would lose the hole due to mechanical problems, Zion stopped drilling the Ma’anit #1 at 15,842 feet. Although they tested several zones above 15,842, noen produced commercial quantities of oil or gas. The well was abandoned and Zion went on the hunt for a rig capable of drilling to a depth greater than 18,000 feet.

After a year of searching, they discovered a rig owned by Aladdin Middle East in Turkey. The rig required refurbishment and transport to Israel, but at 2,000 horsepower it had the mechanical ability to drill beyond 18,000 feet. Zion brought the rig to Israel in the spring of 2009 and immediately began drilling the Ma’anit-Rehoboth #2. In October of 2009 the AME rig was moved to Zion’s Asher license to begin the Elijah #3 well. Then in February of this year, Zion moved the rig back to the Ma’anit-Rehoboth #2 site to conduct completion testing. Zion’s next well, the Ma’anit-Joseph #3, will be in close proximity to the Ma’anit-Rehoboth #2.

Zion Drilling will purchase AME’s drilling rig for an initial payment of US$ 7 million and a series of US$ 1 million additional payments that are anticipated to coincide with our drilling seven additional wells in Israel over the next few years. As the funds for the purchase of the rig are to be provided by Zion Oil & Gas, our plans are subject to a number of events, including due diligence, the raising of additional capital and the establishment of Zion Drilling.

Zion currently has seven new exploration wells planned and the establishment of a new drilling subsidiary signals not only a long term stability and commitment in Zion’s exploration efforts, but a substantial move forward in Israel’s deep onshore exploration capability and security.

Zion CEO Richard Rinberg’s comment as he announced plans of the new drilling venture speaks not only for Zion’s intention for future oil and gas exploration but can reasonably express the nation of Israel’s oil and gas exploration future as well: “We have both the patience and the firm resolve… and now, we expect to soon have the right tool to finish the job – a 2,000 Horsepower drilling rig in Israel on a permanent basis.”

Zion Oil Announces Proposed New Drilling Subsidiary

Dallas, Texas and Caesarea, Israel – April 19, 2010 – Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that the Company recently signed a Memorandum of Understanding (MoU) with Aladdin Middle East Ltd. (AME).

The MoU outlines Zion’s plan to establish a subsidiary, tentatively named “Zion Drilling, Inc.”, which will purchase AME’s 2,000 horsepower drilling rig (currently located at Zion’s Ma’anit-Rehoboth #2 wellsite, in Israel) in exchange for an initial payment of US$ 7.0 million and a series of US$ 1.0 million additional payments that are anticipated to coincide with Zion’s drilling of seven (7) additional wells in Israel. Each of these payments is to be funded by Zion Oil & Gas, Inc. The MoU provides that Zion Drilling, Inc. will be 51% owned by Zion Oil & Gas and 49% owned by AME. AME will be responsible for the daily drilling operations of Zion Drilling, Inc.

Zion’s Founder and Chairman, John Brown, said today, “The signing of the MoU with AME marks a significant milestone in the life of Zion Oil & Gas. We are looking forward to establish Zion Drilling, Inc. as this will help us to drill as many wells as it takes, in order to recover the ‘treasures of the deep that lie beneath’.” (Deut. 33:13-16)

Zion’s Chief Executive Officer, Richard Rinberg, noted, “By establishing Zion Drilling, Inc. we will clearly demonstrate our ability to continue to drill wells in Israel without dependence on any outside third party.  We will have secured permanent control of a drilling rig for our planned future operations and consequently also raised Zion Oil & Gas, Inc.’s exploration business to a completely new level. We remain excited about the prospect of recovering hydrocarbons on the Ma’anit structure and on our other license and permit areas, especially due to the recent publication of a report by the U.S. Geological Survey (USGS), containing their assessment that there may be 1.7 billion barrels of recoverable undiscovered oil in the Levant Basin. Zion’s exploration rights fall within the area of the Levant Basin.”

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.

AME is an independent oil and gas exploration and production company, incorporated in Delaware in 1962, with its head office in Wichita, Kansas. AME has drilled more than 130 exploration and development wells in Turkey and Egypt for major oil companies, including Exxon, Mobil, Wintershall AG, MOL, Placid Oil, Neste Oy, Burren Energy Inc. and Edison International spa. Its rig inventory includes 11 drilling and workover rigs.

FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion’s planned operations, geophysical and geological data and interpretation, anticipated attributes of geological strata being drilled, drilling efforts and locations, the presence or recoverability of hydrocarbons, sufficiency of cash reserves, ability to raise additional capital, the successful establishment of the drilling subsidiary and the negotiation and execution of definitive agreements with AME with respect thereto, timing and potential results thereof and plans contingent thereon 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’s homepage may be found at: www.zionoil.com

Contact:

Zion Oil & Gas, Inc.

Mike Williams, 214-221-4610

dallas@zionoil.com

Zion Oil 2009 Annual Report

Zion Oil & Gas, Inc. filed is 2009 annual report with the SEC on March 16. Among the company’s operation plans for 2010 listed in the 104 page document are plan’s for a fourth well and another possible stock offering.

After CEO Richard Rinberg’s obligatory “Forward Looking Statements” statement (events that haven’t happened yet, haven’t happen and there’s no way of guaranteeing that they will happen, therefore statements about operational plans for the future are ‘forward looking’) the report states:

“As the Ma’anit-Rehoboth #2 well did not reach the Permian geological formation beneath the Joseph license area, we are currently planning to drill a subsequent well, to be named the “Ma’anit-Joseph #3 well”. The Ma’anit-Joseph #3 well is currently anticipated to be drilled in the vicinity of the Ma’anit-Rehoboth #2 well in order to try and reach the Permian target.“

“We believe that our currently available cash resources will be sufficient to finance our plan of operations, as described, through the end of 2010, including the drilling of the planned Ma’anit-Joseph #3 well. To carry out further drilling and maintain operations as presently conducted, we will need to raise additional funds.”

“In order to support our operations and drilling program beyond fiscal year 2010, on January 28, 2010, we filed with the SEC a registration statement on Form S-3 for a shelf offering. As of the filing of this annual report on Form 10-K, the registration statement has not been declared effective. When declared effective by the SEC, Zion will have the option to offer and sell, from time to time in one or more offerings, up to $50 million of common stock, debt securities, warrants to purchase any of these securities, or any combination of such securities. The securities may be offered in one or more offerings, and at prices subject to prevailing market conditions to be set forth in a supplemental prospectus filing with the SEC at the time of such offering, should such an offering occur. We do not currently have any commitments to sell securities.”

A copy of Zion Oil’s complete 2009 Annual Report can be downloaded by clicking here: Zion Oil 2009 Annual Report

Zion Oil & Gas Newsletter March 5

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Zion Oil & Gas Newsletter March 5, 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dear Shareholder and/or Friend of Zion… Last week, both Bill Ottaviani (Zion’s President and Chief Operating Officer) and I visited New York, in order to present Zion Oil & Gas at the ‘NASDAQ-Oppenheimer 14th Annual Israeli Equities Conference’. We presented to investment professionals attending the ‘by invitation only’ event. Amongst others, conference attendees included representatives from Bank of America, Credit Suisse and Morgan Stanley. We believe that the presentation, an audio webcast with slides, was successful and have posted a link to it on Zion’s homepage (www.zionoil.com) so that you can review and enjoy it. Please note that, due to the ever increasing demands on management time, from now on, we will send you an update email once every two weeks, instead of every week. Of course, if there is anything urgent to report, we will issue a press release or a ‘breaking news’ email to you. But, as always, our petroleum exploration work will continue at an unabated pace… every single working day. ……………………………………………………… So, here is this week’s operations update: The Ma’anit-Rehoboth #2 Wellsite The Ma’anit-Rehoboth #2 Well Since the previous report, I am pleased to note that we have restarted rig operations on this well, as you can see in the pictures above (photographed on Thursday, March 4, 2010). Apart from the rig crew of Aladdin Middle East, the Metsada wireline truck is onsite as is the Weatherford team and their equipment. Our plan is to test several geologic intervals for the presence of producible hydrocarbons. These various ‘intervals of interest’ were previously identified through the use of open-hole diagnostic tools when the well was drilled. Now that we have the drilling rig back on the hole, we can “complete” the well. In the past days, we completed some of the initial down-hole preparatory work that was needed before we can production test the first geologic interval. This preparatory work included milling out the plug used to isolate the open-hole section of the well and validating that the cement bond quality between the casing and rock formation is adequate for testing. Without a good cement bond, that effectively isolates the zone we wish to test, we risk not being able to accurately evaluate the productivity of that particular zone. To assess if the cement bond is adequate, we used an electronic down-hole tool (aptly named a ‘Cement Bond Logging Tool’) that confirmed that we do have sufficient bond quality. This is good news as it means that we do not need to perform a remedial cementing operation and can proceed to the next phase of the testing operation for this first interval. The next phase includes perforating the zone of interest and testing the well for hydrocarbon flow. To ‘perforate’, we use shaped explosive charges that are run into the well on a perforating ‘gun’ – a long hollow cylinder.  The charges are spaced out equally along this cylinder, across the zone of interest, and detonated from the surface. The energy from the exploding charges penetrates (or perforates) the casing and into the rock formation. This action creates a passageway for any hydrocarbons in the rock to find their way to the wellbore.  The pressure drop from the higher pressure rock to the lower pressure wellbore allows any hydrocarbons present to flow from the rock to the well. We plan to use sophisticated equipment from Schlumberger Oilfield Services to measure pressures and flow rates, both inside and outside the well, all critical data needed to assess a well’s long term production capabilities. Logistical planning and coordination continues to be a significant challenge in Israel, as we have to import much of the equipment needed for our well operations. For the most part, we have been securing our needed resources for this well work on a ‘just in time’ basis. Now that we do not have to perform a remedial cementing operation, we find ourselves in a situation where we may need to wait on some needed equipment to continue our work without interruption. Our suppliers have been working very hard to ensure they meet our tight timing needs, but sometimes delays are inevitable.  Should we encounter such a delay, we don’t anticipate it to be very long and will be doing everything possible to stay on our planned schedule to complete the full testing program in April 2010. Operations at the Elijah #3 Well (No change from previous report.) The Elijah #3 well was drilled to a depth of approximately 10,938 feet (3,334 meters) when the drill string became stuck within the Asher Volcanics section of the hole. After recovering a significant portion of the stuck drill pipe, progress in recovering the remainder of the pipe slowed and the decision was made to temporarily suspend drilling operations pending further analysis of the situation and to relocate the rig to the Ma’anit-Rehoboth #2 well. We are currently assessing various options that should enable us to proceed with the ‘next steps’ for this well. The Issachar-Zebulun Permit Area The Issachar-Zebulun Permit Area As reported previously, Zion and the Geophysical Institute of Israel (GII) have signed an Agreement for GII, on behalf of Zion, to acquire approximately 30 kilometers of seismic data in Zion’s Issachar-Zebulun Permit area. A pre-site assessment field trip was conducted last month by Zion’s geological team and members of GII.  As you can see from the photo, doing field work can, at times, be a fairly messy business.  The purpose of the site visit was to assess the general area where seismic data is to be collected and identify potential natural barriers (e.g. waterways) or other impediments (man-made structures) that could impact the seismic acquisition process. With the pre-site assessment completed, detailed planning can now commence for the actual field work. The timing for the field work has been pushed back by a number of weeks, as the seismic crew for GII are currently out of Israel and not scheduled to return until mid-summer 2010. “In your good pleasure, make Zion prosper…” Psalm 51:18 Thank you for your support of Zion, and Shalom from Israel Richard Rinberg CEO of Zion Oil & Gas, Inc. www.zionoil.com FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion’s planned operations, geophysical and geological data and interpretation, anticipated attributes of geological strata being drilled, drilling efforts and locations, the presence or recoverability of hydrocarbons, timing and potential results thereof and plans contingent thereon and sufficiency of cash reserves 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. Contact Information ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ More information about Zion is available at www.zionoil.com or by contacting Michael Williams at Zion Oil & Gas, Inc., 6510 Abrams Rd., Suite 300, Dallas, TX 75231; telephone 1-214-221-4610; email: dallas@zionoil.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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.

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