May 25, 2010 (FinancialWire) — Zion Oil & Gas, Inc. (NASDAQ: ZN) said it has signed an extension to its drilling contract with Aladdin Middle East Ltd, which was originally executed on September 12, 2008.

Under the terms of the extended contract, AME has agreed to serve as the drilling contractor for Zion's planned next well, the Ma'anit-Joseph #3 well, located in the area covered by Zion's Joseph License.

The Ma'anit-Joseph #3 well, scheduled to "spud" (that is, begin drilling) in August 2010, is planned to be drilled below 18,000 feet and is targeted at the 'deep' Permian geologic formation. If successful, it will be the first well drilled to the Permian in Northern Israel.

Israel-based Zion Oil & Gas explores for oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv. It currently holds two petroleum exploration licenses.

Delaware-based AME is an independent oil and gas exploration and production company.

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