Zion Oil & Gas Extends Unit Offering

Zion Oil & Gas Extends Unit Offering

DALLAS and CAESAREA, Israel, Aug. 26, 2013 (GLOBE NEWSWIRE) -- Zion Oil & Gas,
Inc. (Nasdaq:ZN) announced today that it has extended the expiration date for
the Unit program under its Dividend Reinvestment and Common Stock Purchase
Plan ("DSPP") to Friday, November 29, 2013. Units may be purchased under the
DSPP at any time prior to 5:00 p.m. Eastern Standard Time on November 29,
2013.

The extension is being made, in part, to allow interested investors to utilize
a new and more convenient electronic enrollment procedure with the TeleCheck
Internet Check Acceptance service as a payment method. The Unit Option
Termination Date will be November 29, 2013, instead of August 30, 2013.The
Warrant Exercisable Date will be on the 31^st day after the Unit Option
Termination Date, or December 30, 2013.The warrants under the Unit program
are exercisable at any time after December 30, 2013 and prior to 5:00 p.m.
EasternStandard Time on December 30, 2018.

Zion's common stock trades on the NASDAQ Global Market under the symbol "ZN"
and Zion's warrants are expected to trade under the reserved symbol "ZNWOW".

This announcement is neither an offer nor a solicitation of an offer.The
securities are offered by prospectus only, and only within the 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 DSPP was filed by Prospectus Supplement
(File No. 333-174266).

Zion Oil & Gas, a Delaware corporation, explores for oil and gas onshore in
Israel and holds three petroleum exploration licenses, comprised of the
Asher-Menashe License (covering approximately 78,824 acres), the Joseph
License (covering approximately 83,272 acres), and the Jordan Valley License
(covering approximately 55,845 acres).Collectively, our three license areas
cover approximately 218,000 acres. The Company has filed application for the
Megiddo-Jezreel Valley License (covering approximately 98,296 acres), which
borders the Jordan Valley License area.

FORWARD LOOKING STATEMENTS: Statements in this communication that are not
historical fact, including statements regarding Zion's planned operations,
geophysical and geological data and interpretation, anticipated attributes of
geological strata being drilled, drilling efforts and locations, the presence
or recoverability of hydrocarbons, sufficiency of cash reserves, ability to
raise additional capital, 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.

NOTICE

Zion Oil & Gas, Inc. filed a Prospectus Supplement on March 27, 2013 to its
Prospectus dated May 26, 2011 with the SEC for the Dividend Reinvestment and
Common Stock Purchase Plan 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
without charge 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.

CONTACT: Zion Oil & Gas, Inc.
         Brittany Martin, 214-221-4610
         dallas@zionoil.com

Zion Oil & Gas Logo