X0304 4 2012-01-12 0 0001131312 ZION OIL & GAS INC ZN 0001517744 Sheena Ilan N 22 LEVIN STREET HERTZLIA L3 46781 ISRAEL 0 1 0 0 Chief Financial Officer Common Stock, Par Value $0.01 2012-01-12 4 M 0 1875 0.01 A 60125 I By ESOP Trust Company FBO ILAN N SHEENA Common Stock Option 0.01 2012-01-12 4 M 0 1875 0 D 2020-01-31 Common Stock, Par Value $0.01 1875 1875 I By ESOP Trust Company FBO ILAN N SHEENA These shares were acquired upon the exercise of stock options issued under Zion Oil & Gas, Inc.'s 2005 Stock Option plan, at a per share price of $0.01. Comprised of (i) 5,625 shares of common stock and (ii) vested options for an additional 54,500 shares of common stock. These options were granted and vested over a period of nine months from April 2011 to December 2011. Brittany Russell AIF for Ilan N. Sheena 2012-01-17