Zion Oil & Gas CEO, Dustin Guinn: Results of Unit Program

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Dear Zion Supporters and Shareholders,

I want to take this opportunity to let each of you know that the unit offering and overall participation in our Direct Stock Purchase Plan (DSPP) during the last month has been very successful. I continue to be amazed by your support.

Zion raised ~$5.3MM in the current unit offering. As a result, we plan to resume testing operations on October 14th. We are extremely happy about this, and wanted to make sure we share this with you so that you might be encouraged as well.

As I previously mentioned, we plan to test up to five additional shallower zones that have been identified by pre-drilling identification, supported by drilling results, and further supported by post-drilling analysis by third-party review of the MJ#1 open hole logs. We expect testing to take between six to nine weeks barring any unforeseen mechanical delays.


Gate-at-Zion-drill-site
Gate at Zion Oil & Gas drill site in Israel

Management, along with all of our staff, want to sincerely thank you for your continued support. This mission has been one of the most difficult challenges we have undertaken, and we are not done. We also recognize that we are completely shareholder funded and as a result, this is your company. There is so much left to do, and it is an honor to represent our shareholders in this mission.

Thank you for your continued prayer, and please let us know how we can be praying for you.

Shalom and thank you,

Dustin Guinn
CEO, Zion Oil & Gas

FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, anticipated attributes of geological strata being drilled or tested, the presence or recoverability of hydrocarbons, operational risks in testing and well completion, 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.