Zion Oil & Gas Submits Permian Report for Planned Well

    CAESAREA, ISRAEL, October 29 /CNW/ - Zion Oil & Gas, Inc. (Amex:   ZN) of
Dallas, Texas and Caesarea, Israel, announced that the company's geological
team recently completed a year-long study of the deep Permian horizons on the
company's Joseph and Asher-Menashe Licenses. The resulting 'Permian Report'
identified a Permian drilling prospect on the Ma'anit structure on Zion's
Joseph License.

    On October 29, 2007, Zion submitted the Permian Report to the Israeli
Petroleum Commissioner. The Report is a 43-page technical geological report
and prospect presentation, in which the Company analyzes the hydrocarbon
potential in drilling the planned Ma'anit-Rehoboth #2 well to Permian targets,
in addition to the Triassic targets drilled in Zion's Ma'anit #1 well.

    In the Report, Zion notes and analyzes the striking similarity between
the late Permian Arqov formation in Israel, into which Zion plans to drill the
planned Ma'anit-Rehoboth #2 well, and the late Permian Khuff formation in the
Persian Gulf region. The Khuff formation is the main reservoir for the
prolific off-shore gas bearing North Field in Qatar and South Pars field in

    It should be emphasized that, notwithstanding the similarities between
the Permian Arqov formation in Israel and the Permian Khuff formation in the
Persian Gulf region, the planned Ma'anit-Rehoboth #2 well is "wild-cat"
exploratory test well insofar as the targeted Permian horizons are concerned.
Until the well is drilled and its results analyzed, the gas reservoirs found
in the Khuff fields of the Persian Gulf should not be assumed to be present in
the Arqov formation that appears to underlie Zion's Joseph License. The
comparisons presented in Zion's Permian Prospect were presented to the Israeli
Petroleum Commissioner solely as part of Zion's overall geological and
economic analysis justifying the drilling of a "wild-cat" test well on the
Ma'anit structure to Permian targets.

    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 on the south and Haifa on the north covering a total
of approximately 162,000 acres.

    FORWARD LOOKING STATEMENTS: Statements in this press release that are not
historical fact, including statements regarding Zion's geological and economic
interpretations and analyses and the possible implications thereof, its
operations and planned operations, statements regarding potential results of
planned operations 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 (including sufficiency of cash
reserves), 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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