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May 30, 2005 Stock Pick: Zion Oil & Gas, Inc. (ZN)

Stock Price: $7.00 (long-term)

Zion Oil & Gas, Inc. explores for oil and gas in Israel on its Ma'anit-Joseph License and Asher Permit areas located onshore between Tel Aviv and Haifa. The company intends to donate 6% of its gross revenues from the license to two charitable trusts to be established by Zion, one in Israel and one in the U.S.

ZN just closed a successful IPO raising $12.64 million by issuing a total of only 1.806 million shares. The proceeds will be used to continue workover operations on their Ma'anit #1 well as well as preparing to drill a second well known as Ma'anit-Reohoboth #2.

Over a year ago,USA Today released an article pertaining to oil in Israel and particularly Zion Oil's efforts. It is believed that it is possible for Zion to make a significant discovery of some 484 million barrels of oil in Israel.

There are 10.07 million ZN shares outstanding with the IPO now closed. The investors in the IPO purchased shares at $7.00. This provides a support level for ZN. We believe ZN is undervalued at a market cap of only $70.47 million compared to other oil & gas companies.

There are only 2.84 million shares in the ZN float. Insiders have major holdings in ZN.

ZN is an undiscovered gem about to become discovered. We are excited to be the first site to discover ZN. Opinion: $21.00 within 6 - 12 months.

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