Press Release: Zion Oil & Gas Operational Update on Megiddo-Jezreel #1 Well in Israel

Zion Oil & Gas Operational Update on Megiddo-Jezreel #1 Well in Israel


Current Rights Offering Will Not be Extended Beyond May 31, 2018

DALLAS and CAESAREA, Israel, May 17, 2018 – Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it expects to commence perforation, stimulation and flow back operations on its Megiddo-Jezreel #1 (MJ #1) well as early as next week in Israel.

Zion’s President and Chief Operations Officer, Dustin Guinn, stated, “After extensive well preparation, rig up and endurance testing of our service provider’s imported well testing equipment, which includes additional well control equipment, flare stacks, separation units, slick line unit, stimulation and storage equipment, we are ready to begin the highly anticipated testing and flow back of the MJ #1 well. We recognize that this has taken longer than expected, but the fact remains that Zion has just surpassed one year without a recordable incident, a great achievement, and we will not increase our risk profile to save a few days. While we do not have a definite timeline for the testing of each zone, especially if we need to perform extended flow back testing, we expect basic testing to require approximately 7-10 days per zone to perforate, run tubing, monitor flow, stimulate and resume monitoring flow. Extended testing will require more time.”

Zion’s CEO, Victor G. Carrillo, added, “Having recently returned from Israel, we remain very excited about and anxiously await results from our upcoming well testing operations. In addition, we celebrate the State of Israel’s 70th anniversary as a nation and I heartily applaud and commend the President’s decision to move the US Embassy to Jerusalem – Israel’s eternal capital. Mazal Tov to Israel!”

The current Rights Offering expires at 5:00pm Eastern Standard Time, on May 31, 2018 and will not be extended. All shareholders that held ten or more shares on April 13, 2018, are eligible to participate until then.

Zion’s 2018 Annual Shareholders Meeting will be held on June 5 at 2:00 pm at the Westin Park Central Hotel in Dallas, Texas. If you are a shareholder planning to attend, please register through our website ( Shareholders are also encouraged to obtain Proxy information and voting instructions online from AST Financial ( and cast your vote via proxy.

“And by the Almighty who will bless you with blessings of heaven above, Blessings of the deep that lies beneath …” Genesis 49:25

"In His hand are the deep places of the earth …" Psalm 95:1-7

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.