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Zion Oil & Gas Signs Protocol with Drilling Contractor to Drill Zion’s Wells in Israel Create a PDF Printer Friendly Version E-mail this Page
Caesarea, Israel – June 19, 2008 – Zion Oil & Gas, Inc. (Amex: ZN) of Dallas, Texas and Caesarea, Israel announced today that on June 18, 2008, it signed a memorandum of understanding with Aladdin Middle East Ltd (AME) confirming both parties intent to sign a drilling contract no later than July 31st, 2008, to drill Zion’s planned Ma’anit-Rehoboth #2 well and other wells in Israel, in accordance with Zion's business plan.AME is currently refurbishing and updating one of their 2,000 horsepower rigs, in order to be able to drill Zion’s wells 'directionally' to below 18,000 feet. The parties intend to sign the definitive drilling contract when the drilling rig nears completion. It is anticipated that the rig will arrive in Israel in September 2008.

Glen Perry, Zion's President and Chief Operating Officer, commented today, "I am confident that our relationship with AME will enable Zion to drill our wells both efficiently and successfully to the planned target depths. Especially as, quite recently, AME successfully drilled a 20,000 foot well in Bulgaria with one of their 2,000 horsepower rigs."

AME is an independent oil and gas exploration and production company, incorporated in Delaware, with offices in Wichita, Kansas and operational headquarters in Ankara, Turkey. It is the largest non-governmental operator in Turkey and holds over 3,000,000 acres of onshore exploration licenses in Turkey. AME has drilled more than 130 exploration and development wells in Turkey, Egypt and Bulgaria for major oil companies, including Exxon Mobil Corp., Wintershall Holding AG and Neste Oil. Its rig inventory includes 11 drilling and workover rigs.

Zion Oil & Gas, 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 relating to Zion’s entry into a drilling contract with AME and the importation of a rig into Israel to drill Zion’s planned wells, 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 the Prospectus 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. Accordingly, Zion can give no assurance that the expectations reflected in these statements will prove to be correct. Zion assumes no responsibility to update these statements.

Contact:
Ashley Chatman
Zion Oil & Gas, Inc.
6510 Abrams Rd., Suite 300
Dallas, TX 75231
(1) 888-891-9466 (1-888-TX1-ZION)
(1) 214-221-4610
Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
 

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