Zion Oil and Gas Launches Dividend Reinvestment and Direct Stock Purchase Plan

DALLAS and CAESAREA, Israel, March 27, 2013 (GLOBE NEWSWIRE) -- Zion Oil & Gas, Inc. (Nasdaq:ZN) today announced the introduction of a Dividend Reinvestment and Common Stock Purchase Plan for existing shareholders and prospective investors. The Plan allows investors to purchase shares of Zion's common stock directly from the Company and reinvest cash dividends (when and if Zion pays dividends in the future), without the payment of fees and commissions typically charged by stockbrokers for small transactions.

Registered stockholders and other interested first-time investors can enroll in the Plan by simply completing and submitting an enrollment form. The minimum initial investment is $250 for new investors. Once enrolled in Plan, investors may make additional investments of $50 or more through automatic deductions from checking accounts or through optional cash investments. In addition, for a limited time period through August 30, 2013, investors can also purchase units of Zion's securities, with each unit comprised of one share of common stock and one warrant to purchase an additional share of Zion's common stock.

The Plan will be administered by Registrar and Transfer Company of Cranford, New Jersey (the "Plan Agent"), which also serves as the Company's stock transfer agent. Stockholders and other interested parties may obtain a copy of the Plan prospectus and an enrollment form by contacting the Plan Agent by telephoning 1-800-368-5948 or visiting the Plan Agent's website at www.rtco.com. You can also visit Zion's website for additional information about the Plan (www.zionoil.com.)

This announcement is neither an offer nor a solicitation of any offer. The securities are offered by prospectus only, and only within those states and other jurisdictions in which the securities may be sold, and this announcement is neither an offer to sell nor a solicitation of any offer to buy in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities of any such state or jurisdiction. The offering will be made by means of a prospectus supplement that was filed on March 27, 2013 pursuant to Zion's shelf registration statement (File No. 333-174266). Copies of the prospectus supplement are available for viewing on the website of the U.S. Securities and Exchange Commission located at www.sec.gov.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas onshore in Israel. 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), both 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. Zion's 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: invest@zionoil.com
         www.zionoil.com
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