Zion Oil & Gas Comments on Third Quarter Results

Zion Oil & Gas has commented on its recently released results for the quarter ended September 30, 2009. The company reported a net loss of $817,000 or $(0.05) per share for the third quarter of 2009 compared to a net loss of $853,000 or $(0.08) per share for the same quarter a year earlier. The company has no revenues as it is an exploration stage company.

Zion's Chief Executive Officer, Richard Rinberg, commented: "During the third quarter, Zion drilled the Ma'anit-Rehoboth #2 well to a depth of 17,913 feet (5,460 meters), and we intend to carry out completion operations soon, on the seven zones that warrant completion testing, using a suitable workover rig. Having successfully drilled Zion's Ma'anit-Rehoboth #2 well, in early October, we moved the 2,000 horsepower drilling rig to a new location further north in Israel, to begin drilling our Elijah #3 well. Drilling operations on the Elijah #3 well are underway; we have already drilled and cased the Elijah #3 well to approximately 3,461 feet (1,055 meters) and are currently drilling at 3,763 feet (1,147 meters)."