SECURITIES AND EXCHANGE COMMISSION




SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 8-K


CURRENT REPORT


Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934


October 16, 2007 (October 11, 2007)

____________________________________

Date of Report (Date of earliest event reported)


Zion Oil & Gas, Inc.

_______________________________________

(Exact name of registrant as specified in its charter)


Delaware

______________________________

(State or other jurisdiction of incorporation)




 





333-131875 

(Commission File Number)


20-0065053

(IRS Employer Identification No.)






 



6510 Abrams Road, Suite 300, Dallas, TX 75231

_____________________________________

(Address of Principal Executive Offices)


Registrant's telephone number, including area code: 214-221-4610






INFORMATION TO BE INCLUDED IN THE REPORT




Item 1.01:       Entry into a Material Definitive Agreement




Grant of "Joseph" Petroleum Exploration License




On October 11, 2007, the Israeli Petroleum Commissioner issued to Zion Oil & Gas, Inc. petroleum exploration License No. 339/ "Joseph".  The Joseph License covers an area of 337,000 dunam (approximately  83,272 acres) south of the company's 319,000 dunam (approximately 78,824 acre) Asher-Menashe License. The Joseph License is located on the Israeli coastal plain  between Netanya in the south and Caesarea in the north. The License has a three-year primary term, commencing October 11, 2007 through October 10, 2010, and may be extended for additional periods up to a maximum of seven years as provided by the Israeli Petroleum Law.  




Under the terms of the Joseph License, Zion must commence a well to a Triassic Age target  (approximately 4,500 meters) by July 1, 2009. Additional terms of the License require the company to prepare and submit during the license's primary term various geological and geophysical studies. The date by which the well must be commenced may be extended by the Petroleum Commissioner giving consideration to the circumstances.




 


Item 9.01:	Financial Statements and Exhibits




Exhibit 10.1	Petroleum Exploration License No. 339/ "Joseph" (translation)


 






SIGNATURES


Pursuant to the requirements of The Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.


Date: October 16, 2007 


Zion Oil and Gas, Inc.


By: /s/ Richard J. Rinberg


Richard Rinberg


Chief Executive Officer