Zion Oil Confirms Three Day Broker Protect Period for ZNWAW and ZNWAZ Warrants

DALLAS and CAESAREA, Israel, Dec. 11, 2012 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) confirmed today that its common stock warrants which publicly trade under the symbol "ZNWAW" and "ZNWAZ" on the NASDAQ Global Market will expire and cease to trade at 5:00 PM Eastern Time on December 31, 2012.

Zion will extend a three trading day broker protect period for any trades of the ZNWAW and ZNWAZ warrants that occur through the scheduled expiration date. Holders wishing to exercise the ZNWAW and ZNWAZ warrants must deliver funds for the exercise by 5:00 PM Eastern Time on December 31, 2012, the scheduled expiration date, and the warrant holders' brokers have until 5:00 PM Eastern Time on December 31, 2012 to complete the transaction with Zion's transfer agent, Registrar and Transfer Company (RTC). The exercise price of the ZNWAW and ZNWAZ warrants is $1.75 per share.

In order to exercise a warrant, the warrant holder may contact his or her broker, who will be able to electronically exercise the warrant through a system operated by The Depository Trust & Clearing Corporation (DTCC). Brokers are encouraged to contact the Company's transfer agent, RTC by telephoning 1-800-368-5948, in advance of the expiration date to confirm the procedures for exercising warrants and payment of exercise prices in light of the broker protect period.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Haifa and Tel Aviv. It currently holds three petroleum exploration licenses: the Joseph License (on approximately 83,272 acres) and the Asher-Menashe License (on approximately 78,824 acres) between Netanya, in the south, and Haifa, in the north, and the Jordan Valley License (on approximately 55,845 acres), just south of the Sea of Galilee. The total license area amounts to approximately 218,000 acres.

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

CONTACT: Zion Oil & Gas, Inc.
         6510 Abrams Rd., Suite 300
         Dallas, TX 75231
         Brittany Russell:
         Telephone: 214-221-4610
         Email: dallas@zionoil.com
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