Zion Oil & Gas Commences Field Acquisition in Asher-Menashe

Zion Oil & Gas of Dallas, Texas and Caesarea, Israel commenced the field acquisition stage of its previously announced geophysical survey in its Asher-Menashe License area between Caesarea and Haifa, Israel.

Following the recent completion of the permitting stage, Zion with the assistance of geophysical consultant, Ernie Ayers, CEO of Radix Inc., Ft. Davis, Texas, and the Geophysical Institute of Israel, last week finalized the program design, including both the seismic lines to be acquired and the acquisition parameters. Zion plans to acquire 7 new seismic lines (4 in the Ramot Menashe area and 3 in the Nahal Me'arot area) totaling approximately 50 kilometers (30 miles).

Zion expects that field acquisition will be completed by mid-January 2008, following which the data will be processed by Radix Inc. in Texas and then interpreted by Zion's geological team, in consultation with Radix, in Texas and Israel.

The survey is intended to assist Zion in selecting the optimal drilling site for a test well on its Ramot Menashe (Menashe Heights) lead and upgrading the company's Nahal Me'arot lead (nearby the Asher-Atlit No. 1 well) into a drillable prospect.

Zion Oil & Gas, a Delaware corporation, explores for oil and gas in Israel in areas located onshore between Tel-Aviv and Haifa. It currently holds two petroleum exploration licenses, the Joseph and Asher-Menashe Licenses, between Netanya on the south and Haifa on the north, covering a total of approximately 162,000 acres.