Press Release: Zion Oil & Gas Receives Multi-Year Extension on Megiddo-Jezreel License

Zion Oil & Gas Receives Multi-Year Extension on Megiddo-Jezreel License


Zion Prepares to Resume Drilling Operations

DALLAS and CAESAREA, Israel, November 27, 2017 – Zion Oil & Gas, Inc. (NASDAQ: ZN) is pleased to announce that on November 20th, 2017 Zion received a two-year extension on its Megiddo-Jezreel License No. 401, extending its validity to December 2, 2019. Zion’s CEO, Victor Carrillo, expresses his optimism, “During this season of thanksgiving, we are especially grateful that Israel’s Petroleum Commissioner has granted Zion a multi-year extension that validates the years of work accomplishments on the license. This multi-year extension should assure investors that our current well will continue unabated, without the risk that the Energy Ministry would ‘pull our license.’ Since I joined the company in 2011, I’ve seen no multi-year license extensions, as any extension is typically only one year at a time. Zion’s proven track record of continued exploration in Israel, and our history of fulfilling our obligations to the State of Israel, give confidence to the current Petroleum Commissioner to grant us this multi-year license extension.”

Zion’s President, Dustin Guinn, says, “We have received on location most of the equipment that was ordered to allow us to prepare to resume drilling operations soon. While it has been a patience-testing delay, I would like to reiterate that it was one that was necessary to maintain the integrity of the wellbore which will allow Zion to safely continue drilling deeper. I am very excited about resuming drilling operations. We have begun rigging up the equipment that has arrived on location and once all are inspected and tested we will run back in the hole and resume drilling. As we approach what I believe is the most exciting section of the well, we ask that you continue to pray for safe operations throughout the drilling and testing of the well”.

Zion’s Megiddo-Jezreel #1 well in Israel

FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion’s planned operations, geophysical and geological data and interpretation, anticipated attributes of geological strata being drilled, the presence or recoverability of hydrocarbons, operational risks in testing and well completion, the sufficiency of cash reserves, ability to raise additional capital, timing and potential results thereof and plans contingent thereon are forward-looking statements as defined in the “Safe Harbor” provisions 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.