Zion Oil Reduces the Exercise Price of Outstanding Warrants

Zion Oil & Gas, Inc.

today announced that it has temporarily reduced the exercise price to $1.75 of all of its outstanding publicly traded warrants quoted under the symbols "ZNWAL", "ZNWAW" and "ZNWAZ until 5:00 p.m. eastern time on August 15, 2012 (the "Expiration Time"). Any and all warrants properly exercised in accordance with their respective terms prior to the Expiration Time will be accepted by Zion at the reduced exercise price and one share of registered common stock per warrant will be issued to the exercising warrant holder. The original exercise price for the ZNWAL Warrants is $3.50; for the ZNWAZ Warrants, $4.00 and for the ZNWAW Warrants is $7.00.