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Caesarea, Israel - June 21, 2007 - Zion Oil & Gas, Inc. (Amex: ZN), of Dallas, Texas and Caesarea, Israel, announced today its strategic decision to release and reapply for the Ma'anit-Joseph License. The decision was taken following results of testing in the Ma'anit # 1 well workover, evaluation of the mechanical condition of the well and the desire to optimize drilling operations on the planned Ma'anit-Rehoboth # 2. Specifically, the Company resolved to (1) discontinue further operations on the Ma'anit # 1 well; (2) relinquish the 98,100 acre Ma'anit Joseph License, a step which under Israeli law is required following the discontinuation of operations on the Ma'anit # 1 well; and (3) immediately after, apply for a new three-year license to cover approximately 85,000 acres including both the Ma'anit structure and the Joseph prospect. The application will include a proposed time table for drilling of the Ma'anit-Rehoboth # 2 well. Representatives of the company have already had preliminary discussions with the Israeli Petroleum Commissioner regarding the above and reasonably expect that the application will be acted upon by the Petroleum Commission no later than October 2007.

Capitalizing on the extensive information gained from the Ma'anit # 1 well, the company continues its planning, sourcing and purchasing of equipment and inventory for the Ma'anit-Rehoboth # 2 well. Mr. Richard Rinberg, Zion's Chief Executive Officer, said today that: "Zion gained a significant amount of information and experience from drilling the Ma'anit # 1 well. We plan to leverage that information and utilize the experience in our future drilling operations. We believe that our decision will position us for greater success in the future." The company also announced that it is finalizing its seismic acquisition program on its 78,800 acre Asher-Menashe License and expects to sign a contract regarding the program with the Geophysical Institute of Israel during July 2007. Additional information relating to Zion's actions and related matters will be included in a report on Form 8-K that the company anticipates filing with the Securities and Exchange Commission following the release of the Ma'anit-Joseph License.

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's future operations and future actions of the Petroleum Commission and the Geophysical Institute of Israel 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.

Zion's home page may be found at: www.zionoil.com

Contact:
Sandy Green
Zion Oil & Gas, Inc.
6510 Abrams Rd., Suite 300
Dallas, TX 75231
214-221-4610
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