Zion Raised Total Gross Proceeds of $45MM in '09

Zion Oil & Gas reported a net loss of $(4,424,000) or $(0.40) per share for the 2009 year compared to a net loss of $(4,018,000) or $(.39) per share for the prior year. The Company had no revenues, as it is still an exploration stage company. As in prior years, the audit opinion from the Company's independent registered accounting firm, Somekh Chaikin (a Member of KPMG International), included in the Company's Annual Report on Form 10-K a 'going concern' qualification.

Upon release of the 2009 annual results, Zion's Chief Executive Officer, Richard J. Rinberg, commented, "During 2009, Zion's staff were successful in significantly moving Zion's business forward. We completed three offerings, comprised of a follow-on offering and two rights offerings, raising total gross proceeds in excess of $45 million. We were awarded a preliminary petroleum exploration permit (the Issachar-Zebulun permit) on approximately 165,000 acres onshore Israel. We drilled the Ma'anit-Rehoboth #2 well to a depth of 17,913 feet (5,460 meters) and recovered a small quantity of crude oil. We also drilled the Elijah #3 well to a depth of approximately 10,938 feet (3,334 meters). In September, we switched the listing of ZN common stock and common stock purchase warrants from the NYSE Amex to the NASDAQ Global Market."


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