Zion Oil & Gas, Inc. Announces Significant Progress and Launch of a New Unit Program

DALLAS and CAESAREA, Israel, May 18, 2023 /PRNewswire/ -- Zion Oil & Gas, Inc. (OTCQX: ZNOG) celebrates significant milestones and divine guidance leading the company into a new phase of operations in Israel.

"We have seen God's hand guiding us as we make significant strides toward our mission of providing oil and gas for Israel's economic and political independence," said Rob Dunn, CEO of Zion Oil & Gas. "Our preparations for the re-entry of the Megiddo-Jezreel #1 well (MJ-01) are underway, and we are excited about the potential for success by utilizing new perforation methods."

The company owns its drilling rig, a substantial advantage that eliminates past challenges of securing one. They are also finalizing quotes for specialized coil tubing and plan to commence operations in the third quarter of this year.

"Our 7th license application is in process, and we are confident in its approval, considering we have never been denied a license," said Jeffrey Moskowitz, VP and Managing Director, Israel Branch. "This is not an extension but a new license spanning seven years, providing ample time for further exploration and development."

As pioneers in their field, Zion Oil & Gas conducted the first and only commercial 3D seismic testing in Israel. The Israeli Ministry of Energy has expressed encouragement towards their planned operations.

In addition to their operational achievements, the company recently concluded a SEC investigation without any charges or recommendations for enforcement action, highlighting the company's commitment to the highest levels of integrity and transparency.

Zion is also excited to announce a new Unit Program running from May 15, 2023, to June 15, 2023. Each Unit costs $250 and is available to both new and existing Direct Stock Purchase Plan investors. Each unit comes with 200 Warrants, with an option to gain an additional 300 Warrants for those who join the Automatic Monthly Investment (AMI) Program with the DSPP. More details about the Unit Program can be found on their website at https://www.zionoil.com/unit-2023.

"We are thankful for the continued support, trust, and prayers of our shareholders and supporters. Your encouragement plays a vital role in our work, and we are confident that we are part of God's plan for Israel," said John Brown, Zion Founder and Board Chair.

About Zion Oil & Gas

Zion Oil & Gas, a US public company traded on OTCQX Best Market, explores for oil and gas onshore in Israel.

"The Lord Himself goes before you and will be with you; He will never leave you nor forsake you. Do not be afraid; do not be discouraged."
Deuteronomy 31:8

"Sing to the Lord, for He has done glorious things; let this be known to all the world. Shout aloud and sing for joy, people of Zion, for great is the Holy One of Israel among you."
Isaiah 12:5-6

Contact:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (OTCQX: ZNOG)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com

FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion's operations and the results therefrom, including testing and completion; Zion's ability to discover and produce oil in commercial quantities; Zion's ability to continue as a going concern; operational risks in ongoing exploration efforts; regulatory approvals needed for our license and the rig's operation; the effect, if any, of the coronavirus pandemic on the timing of the operation of the well, and liquidity for shareholders on OTCQX 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. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion's filings with the SEC. 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/zion-oil--gas-inc-announces-significant-progress-and-launch-of-a-new-unit-program-301828176.html

SOURCE Zion Oil & Gas, Inc.