PRESS RELEASE: Zion Oil & Gas Drilling Operations Exceed One Mile Depth in Israel

Zion Oil & Gas Drilling Operations Exceed One Mile Depth in Israel


Company successfully raises sufficient funds to drill and test MJ #1 well to proposed total depth

DALLAS and CAESAREA, Israel, July 20, 2017 — Zion Oil & Gas, Inc. (NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel. As of today, we have reached a depth of approximately 5,345 feet (~1,629 meters) toward a proposed total depth of up to ~15,000 feet.

Zion’s CEO, Victor Carrillo, says, “We continue to be very pleased with the operational drilling progress. We’ve observed no notable drilling concerns and have experienced no recordable safety incidents whatsoever. Beginning Sunday after Shabbat, we plan to run a suite of wireline logs from the current depth up to the level of our prior logging run before we set and cement 13 3/8 inch casing to the surface. After the cement fully sets, and we ensure the integrity of the casing job, we will proceed to drill deeper toward our next logging and casing point.”

Zion Oil & Gas Rig in Israel

Successful Outcome of Recent Unit Program

Zion’s recent $250 Unit Program under its Dividend Reinvestment and Common Stock Purchase Plan (DSPP), ended successfully on July 12, 2017. We are pleased to announce that the company raised sufficient funds to drill and test the current well to its proposed total depth, with the ability to also pay for unanticipated financial contingencies.

Carrillo continued, “Management would like to express our tremendous gratitude to our existing and many new shareholders who participated in the Unit Program. It is only with your ongoing financial and prayer support that we are able to move forward in our oil exploration program in Israel.”

Zion Oil & Gas explores for oil and gas onshore in Israel and its operations are focused on the Megiddo-Jezreel License (approximately 99,000 acres) south and west of the Sea of Galilee.