Zion Oil to Webcast 2007 Annual Meeting of Stockholders.

Martin Van Brauman Appointed as Interim Chief Financial Officer

CAESAREA, Israel -- Zion Oil & Gas, Inc. (Amex: ZN) of Dallas, Texas and Caesarea, Israel, announced today that its Annual Meeting of Stockholders, to be held on Tuesday, June 19, 2007 at 2:00 p.m. (Dallas local time)

at The Hotel Palomar, Dallas, 5300 East Mockingbird Lane, Dallas, Texas, will be webcast live at http://www.odysseyisp.net/zionoil. A replay of the webcast can be accessed at this site approximately one hour after the conclusion of the live event and will be available for 30 days after the meeting at the company's website, www.zionoil.com.

Zion also announced today that Martin Van Brauman has been appointed as interim Chief Financial Officer of Zion Oil & Gas, Inc. Mr. Van Brauman holds a Doctor of Jurisprudence degree from St. Mary's University and an M.B.A. and LL.M. (Tax Law), from Southern Methodist University and has over 21 years of experience in corporate tax and accounting analysis. Mr. Van Brauman, Board Certified in Tax Law by the Texas Board of Legal Specialization, is currently a member in the law firm of Gibson, Wiley, Cho & Van Brauman, PLLC. He spent 12 years as a Senior Attorney (International Specialist and Petroleum Industry Specialist) with the Office of Chief Counsel, IRS, providing legal support for complex issues concerning major U.S. oil companies and the preparation of requests for Technical Advice Memoranda for the Petroleum Industry Group, following which he spent three years as a tax consultant with the global accounting firms of Deloitte & Touche and Grant Thornton. Zion and Mr. Van Brauman are currently negotiating arrangements pursuant to which Mr. Van Brauman will be appointed a Senior Vice President and CFO of Zion. Upon completion of these arrangements an appropriate announcement will be made.

Mr. Rinberg, Chief Executive Officer, said that Mr. Van Brauman possesses broad financial and deep strategic experience that complements the expertise of Zion's existing team. Mr. Rinberg commented that Mr. Van Brauman will be a valuable addition to Zion's senior management and said that he looked forward to his future contribution to the company.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel, onshore between Tel Aviv and Haifa. In 2005, Zion drilled an exploratory well on its 98,100 acre Ma'anit-Joseph License to a total depth of 15,842 feet. It is currently carrying out completion activities on that well and is preparing to drill an appraisal and deep test well, the Ma'anit-Rehoboth #2, on that License.

On June 10, 2007 Zion was granted a second petroleum exploration license designated the Asher-Menashe License, on approximately 78,800 acres north of its Ma'anit-Joseph License.

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 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 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.

Zion's home page may be found at: www.zionoil.com