Zion Oil & Gas CEO Gene Soltero Retires - Richard Rinberg Appointed CEO with Offices in Israel

    DALLAS, March 29 /CNW/ - John M. Brown, Founder and Chairman of Zion Oil
& Gas, Inc. (AMEX:  ZN) of Dallas, Texas and Caesarea, Israel announced today
that, having successfully guided the company through the originally scheduled
termination date of its IPO and an Amex listing, company CEO Eugene A. Soltero
announced his retirement as CEO and director.

    Mr. Brown said that Mr. Soltero, who served variously as Zion's CEO,
President and COO over the past six years, wished to spend more time with his
family and pursue new business opportunities. He added that Mr. Soltero
supported the plans to move the CEO's office to Israel. Mr. Brown thanked Mr.
Soltero for his services to Zion and wished him well in his retirement and
other activities.

    Mr. Brown announced that upon Mr. Soltero's retirement, Richard Rinberg
was elected Zion Oil's CEO. Mr. Rinberg, a resident of Israel, has served as
Zion's President since November 2005 and as a director since 2004. While Zion
will continue to have corporate offices in Dallas, CEO Rinberg will be based
in Israel.

    Mr. Brown said that, by relocating the office of the CEO to Israel at a
time the company is about to renew operations on its Ma'anit #1 well and
organizes to commence its planned Ma'anit-Rehobot #2 well, Zion will be able
to intensify the focus on its operation in Israel. He said that the CEO's
presence in Israel would increase the Israeli public's awareness of Zion and
its activities, as well as the awareness of the Israeli investment and
financial communities.

    Mr. Brown also announced that Zion's Executive Vice President, Mr. Glen
Perry, was elected President and Chief Operating Officer of Zion. Mr. William
Avery, Vice President and Treasurer of the company, was appointed a director
of the company to fill the vacancy created by Mr. Soltero's retirement.

    Zion Oil & Gas, a Delaware corporation, explores for oil and gas in
Israel on its Ma'anit-Joseph License and Asher Permit areas located onshore
between Tel Aviv and Haifa. In 2005, Zion drilled an exploratory well on its
Ma'anit-Joseph License to a total depth of 15,842 feet. It is currently
preparing for workover and completion activities on that well, which
activities are scheduled to commence in mid-April 2007, and is preparing to
drill an appraisal and deep test well, the Ma'anit-Rehoboth #2, on that
License. Zion has an application pending for the issuance of the Asher-Menashe
License on approximately 81,000 acres north of its Ma'anit-Joseph License on
lands most of which were subject to Zion's Asher Permit. In the event of a
commercial discovery, following recovery of certain exploratory costs, Zion
intends to donate 6% of its gross revenues from its Israeli petroleum rights
to two charitable trusts to be established by Zion, one in Israel and one in
the U.S.

    FORWARD-LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding applications made by Zion and
possible results thereof, Zion's planned operations, potential results thereof
and plans contingent thereon, 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 prospectus 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., Dallas Sandy Green,
214-221-4610 Email: sandy@zionoil.com

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