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| | Zion Oil & Gas: CORPORATE PROFILE--Formation and Ownership |
 | | Percentage of ownership is based on 4,858,851 shares of common stock outstanding as of December 31, 2003, and 6,158,851 and 11,858,851 shares of common stock outstanding after the completion of the minimum offering and maximum offering, respectively. |
 | | Of the 63,564 shares of preferred stock exchanged, 25,364 (40%) were held by eight officers, directors and/or holders of more than 5% of our outstanding stock. |
 | | Any other warrants held by officers or directors were acquired by them in connection with the purchase of common stock or preferred stock (at the same price as unrelated third party purchasers) or for reduction of amounts due them for consulting services. |
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