Zion Oil Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Zion Oil Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

Appointment of Board Vacancies

The Company has appointed Dr. Lee R. Russell and Michael B.
Croswell, Jr. to the Board of Directors, effective May 1, 2017,
to fill vacancies on the Board as voted by the Board of Directors
and recommended to the Board by the Nominating and Corporate
Governance Committee.

Dr. Lee R. Russell has been an independent Geoscience Consultant
with the Company since August of 2012. He has over 41 years of
industry experience in research and exploration positions with
Shell Oil Co., Arco, and Sun Oil, as well as in his own
exploration pursuits and consultancy. Projects have ranged from
domestic exploration in the Gulf of Mexico, Rocky Mountains, and
Alaska, to international projects in East and West Africa, North
Sea, Norway, Onshore China, New Zealand, Papua New Guinea, and
Newfoundland. He is a published author of many scientific
articles and served as a Panel Chair and Co-Author of a National
Research Council study on Solid Earth Sciences and Society. He
received his BA in Geology from Ohio Wesleyan University in 1970,
and MSc and PhD degrees in Geology and Geophysics from Texas Tech
University in 1972 and 1977. He is a member of the American
Association of Petroleum Geologists, serving two terms as
Associate Editor, and is a Fellow of the Geological Society of
America.

Michael B. Croswell Jr., CPA, has been serving as Corporate
Controller for the Company since April 2011. In February 2013,
Michael was promoted to Vice President of Administration and in
August 2016, Mr. Croswell was promoted to Chief Financial
Officer. Mr. Croswell is a corporate accounting and management
professional with a diverse range of industry experience. Mr.
Croswell is a Certified Public Accountant since 1997 and earned
his Bachelor of Business Administration degree in accounting from
Stephen F. Austin State University in 1994 and earned a Master of
Business Administration degree from the University of Dallas in
2013.

There are no arrangements or understandings between Dr. Russell
and any other person to which he was elected to the Board, and
there are no relationships between Dr. Russell and the Company
that would require disclosure under Item 404(a) of Regulation S-K
of the Securities Exchange Act of 1934, as amended. There are no
arrangements or understandings between Mr. Croswell and any other
person to which he was elected to the Board, and there are no
relationships between Mr. Croswell and the Company that would
require disclosure under Item 404(a) of Regulation S-K of the
Securities Exchange Act of 1934, as amended.

For his services on the Board, Dr. Russell will be compensated as
an independent director. Also, Dr. Russell provides consulting
services to the Company under a Petroleum Geoscience Consulting
Agreement since August 31, 2012. For the last three years, Dr.
Russell has received under the independent consulting agreement a
fee of $6,500 per month and since September 1, 2016 he has
received a fee of $8,000 per month. Dr. Russell will be a Class
II director up for reelection at the 2019 annual stockholders
meeting. Mr. Croswell will continue under his current
compensation package as the Chief Financial Officer without any
changes. Mr. Croswells Employment Agreement dated as August 15,
2016 was filed with the Securities and Exchange Commission under
the Companys Form 8-K on September 16, 2016. Mr. Croswell will be
a Class I director up for reelection at the 2018 annual
stockholders meeting.


About Zion Oil & Gas, Inc. (NASDAQ:ZN)

Zion Oil & Gas, Inc. is an oil and gas exploration company. The Company holds a petroleum exploration license onshore Israel, the Megiddo-Jezreel License (MJL), comprising approximately 99,000 acres. The MJL is onshore, south and west of the Sea of Galilee. The Company has drilled approximately four exploratory wells. The Company has not generated any revenues.

Zion Oil & Gas, Inc. (NASDAQ:ZN) Recent Trading Information

Zion Oil & Gas, Inc. (NASDAQ:ZN) closed its last trading session up +0.06 at 1.21 with 136,149 shares trading hands.

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