🇮🇱 Zion Oil & Gas Update: New Unit Program Until December 31

November 6, 2023

Dear Zion Shareholders and Supporters,

As you’re all aware, Israel is currently in a state of war with Hamas who recently attacked its land and people. From Zion’s inception, our vision has been to help the State of Israel become self-sufficient through the exploration and ultimate production of domestic oil and gas resources. This present conflict has only underscored the critical necessity of fulfilling our vision for the State of Israel.

Fully recognizing the known risks associated with the ongoing conflict (including potential process delays and increased security requirements), Zion Oil & Gas nevertheless can, and intends to, move forward with its MJ-01 recompletion project. With a view to the necessary funding, we are launching a new Unit Program today for all investors who want to be part of this work. (Please review the details of the Unit Program below.)

Zion has always proceeded based on our shareholders’ support. As you continue motivating us, we reaffirm our commitment to move forward, fulfilling our purpose according to the Lord’s perfect will and timing.

We want to thank you for the many, personal messages of encouragement and support we’ve received during the past few weeks and for your continued generosity, but above all, for your prayers. They have been felt, particularly by our Zion staff in Israel.

Sincerely,
John Brown
Founder & Chairman, Zion Oil & Gas

Rob Dunn
CEO, Zion Oil & Gas

DETAILS OF UNIT PROGRAM

Duration: From November 6, 2023, to December 31, 2023.

What You Get with Each $250 UNIT Purchase: $250 worth of ZNOG stock priced at the trading day’s high-low average and fifty 25-cent Warrants.

Bonus for Automatic Monthly Investments (AMI) Enrollees: If you’re enrolled in AMI (or choose to sign up) and purchase at least one UNIT, you will receive 50 additional 25-cent Warrants with a minimum investment of $50/month. (This bonus is a one-time offer during this Unit Program.)

Warrant Exercise Period: You can exercise these Warrants for 12 months, starting from January 15, 2024, until January 14, 2025.

What is a Warrant? Simply, a Warrant is like coupon that lets you buy our stock at a set price for a certain time no matter the price of the stock later. (For example: If our stock price rises to one dollar, you may purchase our stock for 25-cents for each Warrant you have.)

How to Participate: Online (https://www.zionoil.com/zion-oil-gas-inc-unit-program-q4-2023/) or through regular postal mail.

Note: Warrants are exclusively available through our UNIT programs and are not sold separately or through brokers.

For further details, please refer to Amendment No. 4 to our Prospectus (https://www.zionoil.com/dspp-pdfs/Zion_Oil_Gas-DSPP_Prospectus.pdf).