ITEM 8.01 OTHER EVENTS

On June 6, 2012, Zion Oil & Gas, Inc. (the "Company") implemented a temporary reduction in the exercise price of all of its publicly traded warrants trading on the NASDAQ Global Market under the symbols ZNWAL, ZNWAW and ZNWAZ under which these warrants could have been exercised, through August 15, 2012, at the reduced warrant exercise price of $1.75 per share. The final results of the reduced warrant exercise price program reflects that warrants for a total of 1,826,649 shares were exercised, resulting in cash proceeds to the Company of approximately $3.2 million. As a result of these warrant exercises, the Company will be issuing a total of 1,826,649 shares of its common stock which will trade on the NASDAQ Global Market under the symbol ZN.

Following the termination of the reduced warrant exercise price program, the original exercise price of $7 has been reinstituted for all remaining unexercised warrants with the symbol ZNWAW and the original exercise price of $4 for all remaining unexercised warrants with the symbol ZNWAZ. Warrants for approximately 8.4 million shares of common stock which previously traded under the warrant symbol ZNWAL expired on their scheduled termination date of August 15, 2012.