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

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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