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<B><FONT SIZE=4><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>
</FONT><FONT SIZE=5><P ALIGN="CENTER">Form 8-K</P>
</FONT><FONT SIZE=4><P ALIGN="CENTER">CURRENT REPORT</P>
</FONT><FONT SIZE=2><P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of<BR>
The Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">October 16, 2007 (October 11, 2007)<BR>
____________________________________<BR>
Date of Report (Date of earliest event reported)</P>
</FONT><FONT SIZE=5><P ALIGN="CENTER">Zion Oil &amp; Gas, Inc.</B></FONT><BR>
<FONT SIZE=2>_______________________________________<BR>
<B>(Exact name of registrant as specified in its charter)</P>
<P ALIGN="CENTER">Delaware<BR>
______________________________<BR>
(State or other jurisdiction of incorporation)</P>
</B></FONT><P ALIGN="CENTER"></P>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=626>
<TR><TD WIDTH="50%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">333-131875</B> <B><BR>
(Commission File Number)</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">20-0065053<BR>
(IRS Employer Identification No.)</B></FONT></TD>
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<P ALIGN="LEFT">&nbsp;</P>

<B><FONT SIZE=2><P ALIGN="CENTER">6510 Abrams Road, Suite 300, Dallas, TX 75231</B><BR>
<B>_____________________________________<BR>
(Address of Principal Executive Offices)</P>
<P ALIGN="CENTER">Registrant's telephone number, including area code: 214-221-4610</P>
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<HR>
<P ALIGN="CENTER">INFORMATION TO BE INCLUDED IN THE REPORT</P>
</B></U><P ALIGN="LEFT"></P>
<B><U><P ALIGN="LEFT">Item 1.01</U>:       Entry into a Material Definitive Agreement</P>
</B><FONT SIZE=5><P ALIGN="LEFT"></P>
</FONT><B><U><P ALIGN="LEFT">Grant of &quot;Joseph&quot; Petroleum Exploration License</P>
</B></U><FONT SIZE=5><P ALIGN="LEFT"></P>
</FONT><P ALIGN="LEFT">On October 11, 2007, the Israeli Petroleum Commissioner issued to Zion Oil &amp; Gas, Inc. petroleum exploration License No. 339/ &quot;Joseph&quot;.  The Joseph License covers an area of 337,000 dunam (approximately  83,272 acres) south of the company's 319,000 dunam (approximately 78,824 acre) Asher-Menashe License. The Joseph License is located on the Israeli coastal plain  between Netanya in the south and Caesarea in the north. The License has a three-year primary term, commencing October 11, 2007 through October 10, 2010, and may be extended for additional periods up to a maximum of seven years as provided by the Israeli Petroleum Law.  </P>
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT">Under the terms of the Joseph License, Zion must commence a well to a Triassic Age target  (approximately 4,500 meters) by July 1, 2009. Additional terms of the License require the company to prepare and submit during the license's primary term various geological and geophysical studies. The date by which the well must be commenced may be extended by the Petroleum Commissioner giving consideration to the circumstances.</P>
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT">&nbsp;</P>
<B><U><P ALIGN="LEFT">Item 9.01</U>:&#9;Financial Statements and Exhibits</P>
</B><P ALIGN="LEFT"></P>
<P ALIGN="LEFT">Exhibit 10.1&#9;Petroleum Exploration License No. 339/ &quot;Joseph&quot; (translation)</P>
<FONT SIZE=1><P ALIGN="LEFT">&nbsp;</P>
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<HR>
<P ALIGN="CENTER">SIGNATURES</P>
</B><P ALIGN="LEFT">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>
<P ALIGN="LEFT">Date: October 16, 2007 </P>
<P ALIGN="LEFT">Zion Oil and Gas, Inc.</P>
<P ALIGN="LEFT">By: <U>/s/ Richard J. Rinberg</P>
</U><P ALIGN="LEFT">Richard Rinberg</P>
<P ALIGN="LEFT">Chief Executive Officer</P></BODY>
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SECURITIES AND EXCHANGE COMMISSION
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 16, 2007 (October 11, 2007)
____________________________________
Date of Report (Date of earliest event reported)
Zion Oil & Gas, Inc.
_______________________________________
(Exact name of registrant as specified in its charter)
Delaware
______________________________
(State or other jurisdiction of incorporation)
333-131875
(Commission File Number)
20-0065053
(IRS Employer Identification No.)
6510 Abrams Road, Suite 300, Dallas, TX 75231
_____________________________________
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: 214-221-4610
INFORMATION TO BE INCLUDED IN THE REPORT
Item 1.01
:       Entry into a Material Definitive Agreement
Grant of "Joseph" Petroleum Exploration License
On October 11, 2007, the Israeli Petroleum Commissioner issued to Zion Oil & Gas, Inc. petroleum exploration License No. 339/ "Joseph".  The Joseph License covers an area of 337,000 dunam (approximately  83,272 acres) south of the company's 319,000 dunam (approximately 78,824 acre) Asher-Menashe License. The Joseph License is located on the Israeli coastal plain  between Netanya in the south and Caesarea in the north. The License has a three-year primary term, commencing October 11, 2007 through October 10, 2010, and may be extended for additional periods up to a maximum of seven years as provided by the Israeli Petroleum Law.
Under the terms of the Joseph License, Zion must commence a well to a Triassic Age target  (approximately 4,500 meters) by July 1, 2009. Additional terms of the License require the company to prepare and submit during the license's primary term various geological and geophysical studies. The date by which the well must be commenced may be extended by the Petroleum Commissioner giving consideration to the circumstances.
Item 9.01
:	Financial Statements and Exhibits
Exhibit 10.1	Petroleum Exploration License No. 339/ "Joseph" (translation)
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.
Date: October 16, 2007
Zion Oil and Gas, Inc.
By:
/s/ Richard J. Rinberg
Richard Rinberg
Chief Executive Officer