Zion Oil & Gas Reports Third Quarter Results



    CAESAREA, ISRAEL, November 19 /CNW/ - Zion Oil & Gas, Inc. (Amex:   ZN) of
Dallas, Texas and Caesarea, Israel, today reported its results for the quarter
ended September 30, 2007. The company reported a net loss of $748,000 or
$(0.07) per share for the third quarter of 2007 compared to a net loss of
$503,000 or $(0.06) per share for the same quarter a year earlier. The company
has no revenues as it is still an exploration stage company.

    Upon release of the most recent quarterly results, Zion's Chief Executive
Officer, Richard Rinberg, commented: "Zion's most recent financials show that,
even with the loss of the Ma'anit #1 well recorded in June 2007, we are moving
forward with our business in a steady and prudent manner. In the coming weeks,
we plan to increase our exploration activity with the commencement of our
previously announced seismic acquisition program in the Asher-Menashe License
area, and we continue to purchase and import the pipe and other equipment
necessary for our planned next well, the Ma'anit-Rehoboth #2, on the Ma'anit
structure in the Joseph License area. Our management team is looking forward
to a dynamic period ahead."

    Zion Oil & Gas, a Delaware corporation, explores for oil and gas in
Israel in areas located on-shore between Haifa and Tel Aviv. It currently
holds two petroleum exploration licenses, the Joseph and the Asher-Menashe
Licenses, between Netanya, in the south, and Haifa, in the north, covering a
total of approximately 162,100 acres.

    The Company's financial statement information is summarized below:

    

                               (In thousands, except for per share income)

    STATEMENT OF OPERATIONS    Three months ended      Nine months ended
                                   September 30           September 30
    ----------------------------------------------------------------------
                                 2007       2006        2007       2006
    ----------------------------------------------------------------------

    ----------------------------------------------------------------------
    Revenues                           -          -           -          -
    ----------------------------------------------------------------------
    Total Expenses                 (811)      (496)    (11,822)    (1,431)
    ----------------------------------------------------------------------
    Net income (loss)              (748)      (503)    (11,678)    (1,460)
    ----------------------------------------------------------------------
    Earnings (loss) per common
     share - basic and diluted    (0.07)     (0.06)      (1.20)     (0.19)
    ----------------------------------------------------------------------
    Weighted average shares
     issued and outstanding -
     basic and diluted            10,121      8,029       9,712      7,879
    ----------------------------------------------------------------------
    

    

    CASH FLOW DATA                                   Nine months ended
                                                        September 30
    ----------------------------------------------------------------------
                                                     2007         2006
    ----------------------------------------------------------------------
    Net cash provided by (used in) operating
     activities                                       (2,970)      (1,065)
    ----------------------------------------------------------------------
    Net cash provided by financing activities           8,218          653
    ----------------------------------------------------------------------
    Net cash provided by (used in) investing
     activities                                       (2,653)        (648)
    ----------------------------------------------------------------------
    

    

    BALANCE SHEET DATA          September 30, 2007     December 31, 2006
    ----------------------------------------------------------------------
    Current Assets                            6,259                  3,551
    ----------------------------------------------------------------------
    Total Assets                              7,977                 12,104
    ----------------------------------------------------------------------
    Total Liabilities                         1,199                  1,585
    ----------------------------------------------------------------------
    Total Shareholders Equity                 6,778                  9,619
    ----------------------------------------------------------------------
    

    FORWARD LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding Zion's operations and planned
operations and an ability to raise additional capital, are forward-looking
statements as defined in the "Safe Harbor" provision 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. 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.




For further information:

For further information: Zion Oil & Gas, Inc. Ashley Chatman,
214-221-4610 ashley@zionoil.com

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Zion Oil & Gas, Inc.

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