Zion Oil and Gas Inc. Was incorporated in Florida on April 6, 2000 and reincorporated in Delaware on July 9, 2003. The Company is an initial stage oil and gas exploration company. It holds three petroleum exploration licenses all onshore Israel, Megiddo-Jezreel License, the Asher-Menashe License, and the Jordan Valley License. The Megiddo-Jezreel License covers an area of approximately 98,842 acres of onshore land south and west of Zion's existing Jordan Valley License. The Asher-Menashe License covers an area of approximately 78,834 acres located on the Israeli coastal plain and the Mount Carmel range between Caesarea in the south and Haifa in the north. The Jordan Valley License covers approximately 55,845 acres, just south of the Sea of Galilee in the Jordan Valley area. The Company's business in Israel is subject to regulation by the State of Israel under the Petroleum Law.