IMPORTANT ZION OIL & GAS, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces that a Securities Class Action Lawsuit has been Filed in the United States District Court for the Northern District of Texas Against Zion Oil & Gas, Inc.

Lead Plaintiff Deadline is October 9, 2018

NEW YORK, NY / ACCESSWIRE / August 17, 2018 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of Texas on behalf of investors that purchased or otherwise acquired securities of Zion Oil & Gas, Inc. ("Zion" or the "Company") (NASDAQ: ZN) between March 12, 2018, and July 10, 2018, inclusive (the "Class Period").

Investors who have incurred losses in the shares of Zion Oil & Gas, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Zion Oil & Gas, Inc., you may, no later than October 9, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Zion Oil & Gas, Inc.

The filed Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that:

• Zion was either already or was likely to soon become the subject of a U.S. Securities and Exchange Commission (SEC) investigation; and
• (2) as a result, Zion's public statements were materially false and misleading at all relevant times.

On July 11, 2018, Zion disclosed that the Company had received a subpoena to produce documents from the Fort Worth office of the SEC, informing Zion of the existence of a non-public, fact-finding inquiry into the Company. On this news, Zion's share price fell $0.44 per share, or 11%, to close at $3.56 per share on July 12, 2018.

Subsequently, on the evening of August 16, 2018, after the close of trading, the Company announced that its Megiddo-Jezreel #1 well in Israel is not commercially successful. Intraday, the stock was trading down over 25%, trading at $1.85 per share. This announcement clearly shocked the market since on February 13, 2018, the Company announced that they found "clear evidence" of oil and gas in the deeper portion of the well. On that day, the stock closed at $4.30, up $2.00.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP