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Zion Oil & Gas and Aladdin Middle East Intend to Sign Drilling Contract in September 2008

Source: www.gulfoilandgas.com 9/2/2008, Location: Middle East

Zion Oil & Gas announced that it and Aladdin Middle East (AME) intend to enter into a drilling contract by September 12, 2008. The Chief Executive Officer, Richard Rinberg, and the President and Chief Operating Officer of Zion, Glen Perry, are scheduled to visit AME's offices in Ankara, Turkey, in order to sign a drilling contract with AME. It is now anticipated that the 2,000 horsepower rig, to be used to drill Zion's planned Ma'anit-Rehoboth #2 well, will arrive in Israel in November 2008.

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.

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