Zion Oil & Gas,
Inc. ZN ZNWAL ZNWAW ZNWAZ 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.
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