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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>October 22, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Zion Oil &amp; Gas, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 5%; padding-bottom: 1.35pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">&nbsp;001-33228</TD>
    <TD STYLE="width: 5%; padding-bottom: 1.35pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font-weight: bold; text-align: center">&nbsp; 20-0065053</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;(State or other jurisdiction of incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp; (Commission File Number)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;(IRS Employer<BR> Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6510 Abrams Road, Suite 300, Dallas,
TX 75231</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>214-221-4610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 1.01. Entry into a Material Definitive
Agreement</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 22, 2012,
Zion Oil &amp; Gas, Inc. (the &ldquo;Company&rdquo;) implemented a reduction in the exercise price of all of its publicly traded
warrants trading on the NASDAQ Global Market under the symbols <B>ZNWAW </B>and<B> ZNWAZ. </B>Under the exercise price reduction
program, these warrants can be exercised, through their scheduled expiration date of December 31, 2012, at the reduced warrant
exercise price of $1.75. Each warrant so exercised produces one share of the Company&rsquo;s common stock, trading on the NASDAQ Global
Market under the symbol <B>ZN.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for the temporary
reduction in the warrant exercise prices as herein provided, all of the terms and conditions contained in the applicable Warrant
instruments will continue in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the press
release is attached as Exhibit 99.1 and is incorporated by reference herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 9.01. FINANCIAL STATEMENTS AND
EXHIBITS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 99.1 &ndash; Press Release issued
on October 22, 2012</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Zion Oil and Gas, Inc.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.6pt">Date:&nbsp;October 22, 2012</TD>
    <TD STYLE="padding-bottom: 1.6pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/&nbsp;Victor Carrillo</TD>
    <TD STYLE="padding-bottom: 1.6pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Victor Carrillo</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Operating Officer</TD>
    <TD>&nbsp;</TD></TR>
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{"company-data": {"conformed-name": "ZION OIL & GAS INC", "cik": "0001131312", "assigned-sic": "1382", "irs-number": "200065053", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33228", "film-number": "121154909"}, "business-address": {"street1": "6510 ABRAMS RD", "street2": "SUITE 300", "city": "DALLAS", "state": "TX", "zip": "75231", "phone": "2142214610"}, "mail-address": {"street1": "6510 ABRAMS RD", "street2": "SUITE 300", "city": "DALLAS", "state": "TX", "zip": "75231"}}
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 22, 2012
Date of Report (Date of earliest event reported)
Zion Oil & Gas, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
001-33228
20-0065053
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
6510 Abrams Road, Suite 300, Dallas,
TX 75231
(Address of Principal Executive Offices)
214-221-4610
Registrant's telephone number, including
area code
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. Entry into a Material Definitive
Agreement
On October 22, 2012,
Zion Oil & Gas, Inc. (the "Company") implemented a reduction in the exercise price of all of its publicly traded
warrants trading on the NASDAQ Global Market under the symbols
ZNWAW
and
ZNWAZ.
Under the exercise price reduction
program, these warrants can be exercised, through their scheduled expiration date of December 31, 2012, at the reduced warrant
exercise price of $1.75. Each warrant so exercised produces one share of the Company's common stock, trading on the NASDAQ Global
Market under the symbol
ZN.
Except for the temporary
reduction in the warrant exercise prices as herein provided, all of the terms and conditions contained in the applicable Warrant
instruments will continue in full force and effect.
A copy of the press
release is attached as Exhibit 99.1 and is incorporated by reference herein.
ITEM 9.01. FINANCIAL STATEMENTS AND
EXHIBITS
Exhibit 99.1 – Press Release issued
on October 22, 2012
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.
Zion Oil and Gas, Inc.
Date: October 22, 2012
By:
/s/ Victor Carrillo
Victor Carrillo
President and Chief Operating Officer