FWP - Oil and Gas Investor

NOTICE

Zion Oil & Gas, Inc, has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about Zion Oil & Gas and its offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Zion Oil & Gas or its underwriter will arrange to send you the prospectus if you request it by calling toll free 1-888-TX1-ZION (1-888-891-9466 ). Links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas, Inc., at www.zionoil.com.

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The article reproduced below was published in the May 2007 edition of the Oil and Gas Reporter and first came to our attention on May 3, 2007. It is based in part on a telephonic and written interview of Richard Rinberg.

The Oil and Gas Investor is a commercial financial news publication, appearing in both electronic and print editions, concentrating in the matters relating to the energy, and particularly the oil and gas, industry. The Oil and Gas Investor is wholly unaffiliated with Zion Oil & Gas, Inc., and Zion Oil & Gas has made no payment and given no consideration to the Oil and Gas Investor in connection with the article reproduced below or any other matter published by the Oil and Gas Investor concerning Zion Oil & Gas or otherwise.