DALLAS and CAESAREA, Israel, July 5,
2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel. As of today, we have
reached a depth of ~3,280 feet (~1,000 meters) toward a proposed total depth of up to ~15,000 ft.
Zion's CEO, Victor Carrillo, added, "Since our last update on June
19th, we continue to be quite pleased with the operational progress of the drilling. We successfully ran a suite of
electric logs from surface to ~1,900 ft., successfully ran and cemented our surface casing with 18 5/8 inch casing,
and continue drilling deeper. I would like to emphasize to our investors that as opposed to most other drilling operations
around the world, in Israel, we do not drill during Shabbat (Friday sunset to Saturday Sunset)
out of respect for local laws and religious traditions. We recognize that this may extend the overall time it takes to drill
our well, but we will continue to be good stewards of Israel's land and customs in
acknowledgment that we are their guests."
Zion's forward looking plans call for obtaining sidewall cores (SWCs) from upcoming zones of interest and drilling ahead to
our next casing point.
$250 Unit Program Ends on July 12, 2017 and Will Not
Be Extended
Zion Oil & Gas will not be extending the current $250 Unit Program under its Dividend
Reinvestment and Common Stock Purchase Plan (DSPP) beyond next Wednesday, July 12,
2017.
Interested participants may participate in the $250 Unit program through July 12, 2017 only. To learn more about this program, visit Zion's information on the Direct Stock Purchase
Plan (DSPP) – www.zionoil.com/dspp
Zion Oil & Gas explores for oil and gas onshore in Israel and its operations are focused
on the Megiddo-Jezreel License (approximately 99,000 acres) south and west of the Sea of Galilee.
Forward Looking Statements
This press release contains statements that may be deemed to be "forward-looking statements" under federal securities laws.
Any forward-looking statements are based upon our current expectations, estimates and projections about our business and our
industry and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution
readers that forward-looking statements are predictions based on our current expectations about future events. These
forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that
are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied
by the forward-looking statements as a result of a number of factors and other risks and uncertainties discussed under the
heading "RISK FACTORS" at page 22 of the Prospectus Supplement and in the Company's other filings with the Securities and
Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
Zion Oil & Gas, Inc. has filed with the SEC a registration statement (including a prospectus) for the unit program under
the DSPP to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Zion Oil & Gas, Inc. has filed with the
SEC for more complete information about Zion and this offering. That prospectus and other documents the Company has filed
with the SEC may be obtained at no charge (free) by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas, Inc. will send you the prospectus upon request by calling toll
free 888-891-9466. Direct links to the SEC location, or to the documents in PDF, may be found on Zion's home page at www.zionoil.com.
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000
Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: andrew.summey@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.