Zion Oil & Gas, Inc. and Aladdin Middle East Agree to Defer Signing Drilling Contract

Zion Oil & Gas, Inc. and Aladdin Middle East Agree to Defer Signing Drilling Contract

Saturday, August 2nd 2008

Zion Oil & Gas, Inc. of Dallas, Texas and Caesarea, Israel has recently reported that Aladdin Middle East (“AME”) and Zion have amended their June 18 protocol to extend to September 1, 2008 the date by which they are to sign a drilling contract. The extension is necessary due to delays encountered in preparing and filing applications necessary to enable Zion’s drilling contractor, AME, to bring its drilling rig and crews into Israel and otherwise complete the necessary permitting process to drill Zion’s planned Ma’anit-Rehoboth #2 well. The amendment also extends to October 30, 2008, the date by which AME has to complete the process for acquiring the necessary permits to bring its rig and crews into Israel. It is anticipated that the rig will arrive in Israel in October 2008.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north covering a total of approximately 162,000 acres.

AME is an independent oil and gas exploration and production company, incorporated in Delaware in 1962, with its head office in Wichita, Kansas. AME has drilled more than 130 exploration and development wells in Turkey and Egypt for major oil companies, including Exxon, Mobil, Wintershall AG, MOL, Placid Oil, Neste Oy, Burren Energy Inc. and Edison International spa. Its rig inventory includes 11 drilling and workover rigs.


Zion Oil & Gas, Inc. Ashley Chatman, (1) 214-221-4610


Source: Zion Oil & Gas, Inc.

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