Zion submitted its application for the Joseph License on June 26, 2007, following the relinquishment of the company's Ma'anit-Joseph License at the end of its term. The Joseph License application covered approximately 85,000 acres on-shore between Caesarea and Netanya, immediately south of Zion's 78,000 acre Asher-Menashe License. The acreage comprises approximately 85% of the lands previously held by Zion under the Ma'anit-Joseph License and includes both the Ma'anit structure, on which the company drilled the Ma'anit #1 well to a total depth of 15,842 feet and plans to drill the Ma'anit-Rehoboth #2 well to Triassic and Permian targets, and the Joseph prospect located south of Ma'anit. The primary term of the Joseph License will be three years from its grant, extendable to a maximum of seven years.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv.

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding the anticipated issuance and terms of an exploration license to be granted to Zion, Zion's operations and planned operations, potential results thereof and plans contingent thereon, are forward-looking statements as defined in the "Safe Harbor'' provision 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:
Ashley Chatman
Zion Oil & Gas, Inc.
6510 Abrams Rd., Suite 300
Dallas, TX 75231
214-221-4610
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