updated 11/9/2010 4:45:35 AM ET 2010-11-09T09:45:35

DALLAS and CAESAREA, Israel, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) reported today its results for the quarter ended September 30, 2010. The company reported a net loss of $1,433,000 or $(0.07) per share for the third quarter of 2010 compared to a net loss of $817,000 or $(0.05) per share for the same quarter a year earlier. The company has no revenues, as it is still an exploration stage company.

On release of the third quarter results, Zion's Chief Executive Officer, Richard Rinberg, commented:

"During the third quarter, Zion has made good progress with its exploration program in Israel. As planned, we "spudded" (began drilling) the Ma'anit-Joseph #3 well in August 2010 and have currently reached a drilling depth of approximately 2,359 meters (7,740 feet). The Ma'anit-Joseph #3 well has targets in both the Triassic geological zone and the Permian geological zone, which is our ultimate target for this well. In addition, in order to help finance future operations in our multi-well exploratory drilling program, our staff are administering a Rights Offering to our stockholders.

We remain excited about the possibility of recovering hydrocarbons on our license and permit areas, onshore Israel, especially due to the U.S. Geological Survey report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion's exploration rights fall within the area of the Levant Basin."  

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 162,000 acres and the Issachar-Zebulun Permit Area, adjacent to and to the east of Zion's Asher-Menashe license area, covering approximately 165,000 acres. Zion's total petroleum exploration rights area is approximately 327,000 acres.

The Zion Oil & Gas, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6850

The Company's financial statement information is summarized below:

(US$ 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, geophysical and geological data and interpretation, anticipated attributes of geological strata being drilled, drilling efforts and locations, the presence or recoverability of hydrocarbons 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.

NOTICE: Zion Oil & Gas, Inc. has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about Zion Oil & Gas and its offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas will send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466).

Zion's homepage may be found at: www.zionoil.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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