Zion Oil & Gas, Inc. Announces Significant Progress And Launch Of A New Unit Program

Zion Oil & Gas, Inc. celebrates significant milestones and divine guidance leading the company into a new phase of operations in Israel.

"We have seen God's hand guiding us as we make significant strides toward our mission of providing oil and gas for Israel's economic and political independence," said Rob Dunn, CEO of Zion Oil & Gas. "Our preparations for the re-entry of the Megiddo-Jezreel #1 well (MJ-01) are underway, and we are excited about the potential for success by utilizing new perforation methods."

The company owns its drilling rig, a substantial advantage that eliminates past challenges of securing one. They are also finalizing quotes for specialized coil tubing and plan to commence operations in the third quarter of this year.

"Our 7th license application is in process, and we are confident in its approval, considering we have never been denied a license," said Jeffrey Moskowitz, VP and Managing Director, Israel Branch. "This is not an extension but a new license spanning seven years, providing ample time for further exploration and development."

As pioneers in their field, Zion Oil & Gas conducted the first and only commercial 3D seismic testing in Israel. The Israeli Ministry of Energy has expressed encouragement towards their planned operations.

In addition to their operational achievements, the company recently concluded a SEC investigation without any charges or recommendations for enforcement action, highlighting the company's commitment to the highest levels of integrity and transparency.

Zion is also excited to announce a new Unit Program running from May 15, 2023, to June 15, 2023. Each Unit costs $250 and is available to both new and existing Direct Stock Purchase Plan investors. Each unit comes with 200 Warrants, with an option to gain an additional 300 Warrants for those who join the Automatic Monthly Investment (AMI) Program with the DSPP. More details about the Unit Program can be found on their website at https://www.zionoil.com/unit-2023.

"We are thankful for the continued support, trust, and prayers of our shareholders and supporters. Your encouragement plays a vital role in our work, and we are confident that we are part of God's plan for Israel," said John Brown, Zion Founder and Board Chair.

About Zion Oil & Gas
Zion Oil & Gas, a US public company traded on OTCQX Best Market, explores for oil and gas onshore in Israel.