Dallas, Texas and Caesarea, Israel – April 28, 2009: Zion Oil & Gas, Inc. (NYSE AMEX: ZN), announced that the registration statement for its previously announced common stock rights offering was declared effective by the Securities and Exchange Commission on April 27, 2009. The offering will be open to all holders of record on May 4, 2009 (the “Record Date”).

Under the terms of the rights offering, described in the prospectus contained in the registration statement, Zion will distribute to each person who own shares of Zion common stock on the Record Date, non-transferable subscription rights to purchase shares of Zion’s common stock. Each shareholder of record on the Record Date will receive .375 of a subscription right for each share of common stock owned on the Record Date. This is equivalent to three (3) subscription rights for every eight (8) shares of common stock owned on the Record Date. The Company will not distribute any fractional rights; fractional subscription rights will be rounded up to the next largest whole number. Each whole subscription right entitles the holder to purchase one share of common stock at a purchase price of $5.00 per share. Shareholders who exercise their rights in full will also be entitled to purchase additional shares pursuant to an over-subscription right to the extent holders do not fully subscribe for their basic subscription rights. The subscription rights are non-transferable. The aggregate amount of stock available in the rights offering is 4.2 million shares.

As soon as possible after the Record Date, Zion plans to mail to holders of its common stock (as of the close of business on the Record Date) a prospectus and other items necessary for exercising the rights. Shareholders who hold their shares in a bank or broker name will receive the rights offering material from their bank or broker. The prospectus will contain a description of the rights offering and other information. The subscription rights will be exercisable until the close of business on June 10, 2009, unless Zion extends the offering.

More information about the offering is available at www.zionoil.com. A copy of the prospectus can be obtained on request, by calling toll free 1-888-TX1-ZION (1-888-891-9466) or by contacting Kim Kaylor at Zion Oil & Gas, Inc., 6510 Abrams Rd., Suite 300, Dallas, TX 75231; telephone 1-214-221-4610; email: "); linkNode.appendChild(tNode); linkNode.setAttribute('id', "emob-qnyynf@mvbabvy.pbz-41"); mailNode.parentNode.replaceChild(linkNode, mailNode);

The securities are offered by prospectus only, and only within those States and other jurisdictions in which the securities may be sold, and this announcement is neither an offer to sell nor a solicitation of any offer to buy in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities of any such state or jurisdiction.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. Zion 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. Zion has applied for a further permit area (tentatively named by Zion the Issachar-Zebulun Permit Area) and the application, if granted, will increase Zion’s total license area to over 400,000 acres.

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements relating to Zion’s expectations regarding the rights offering, the timing of any closing and the results thereof, Zion’s 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 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.

Zion’s homepage may be found at: www.zionoil.com.

Contact:

Zion Oil & Gas, Inc.
Brittany Russell, 214-221-4610
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