Upon release of the most recent quarterly results, Zion’s Chief Executive Officer, Richard Rinberg, commented: “Zion’s most recent financials show that, even with the loss of the Ma'anit #1 well recorded in June 2007, we are moving forward with our business in a steady and prudent manner. In the coming weeks, we plan to increase our exploration activity with the commencement of our previously announced seismic acquisition program in the Asher-Menashe License area, and we continue to purchase and import the pipe and other equipment necessary for our planned next well, the Ma’anit-Rehoboth #2, on the Ma’anit structure in the Joseph License area. Our management team is looking forward to a dynamic period ahead.”

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 162,100 acres.

The Company's financial statement information is summarized below:

(In thousands, except for per share income)

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's operations and planned operations and an ability to raise additional capital, 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.