Zion O&G Names New CFO

Zion O&G announced that Mr. Ilan Sheena CPA (Israel) has been appointed Chief Financial Officer of the Company, effective March 31, 2011. Mr. Sheena replaces Kent Siegel, who has resigned from the Company by mutual and amicable agreement.

Mr. Sheena, age 52, has been Vice President (Finance) of the Company's Israeli Branch since November 2009 and Managing Director of the Israeli Branch since August 2010. Mr. Sheena is an accounting professional with broad local and international experience. He has a degree in Accounting and Economics from Tel Aviv University and is a member of the Institute of Certified Public Accountants in Israel.

Zion's Chief Executive Officer, Richard Rinberg, said, "Since joining Zion in 2009, Ilan Sheena has become a highly valued member of Zion Oil & Gas. His background and experience will greatly assist us to execute our business strategy, help maximize value and help assess available options for maximizing returns to shareholders. By expanding Ilan's role within our management team, we will increase his contribution to Zion. I am confident that his expertise and experience will contribute to Zion's continued growth and ultimate success."