FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Avery William H 2. Issuer Name and Ticker or Trading Symbol ZION OIL & GAS INC [ ZN ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
President and General Counsel
(Last)         (First)         (Middle)
12655 NORTH CENTRAL EXPRESSWAY, SUITE 1000
3. Date of Earliest Transaction (MM/DD/YYYY)
11/7/2019
(Street)
DALLAS, TX 75243
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
ZN Common Stock, Par Value $0.01  11/7/2019  11/7/2019  M    10000  A $0.01  360000  D   
ZN Common Stock, Par Value $0.01  11/7/2019  11/7/2019  M    110000  A $0.01  470000  D   
ZN Common Stock, Par Value $0.01  11/7/2019  11/7/2019  M    100000  A $0.01  570000  D   
ZN Common Stock, Par Value $0.01  11/7/2019  11/7/2019  M    25000  A $0.01  595000  D   
ZN Common Stock, Par Value $0.01  11/7/2019  11/7/2019  M    5000  A $0.01  600000  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
ZN Common Stock Options, Par Value $0.01  $0.01  11/7/2019  11/7/2019  M        10000   10/1/2015  10/1/2025  ZN Common Stock, Par Value $0.01  10000  $0.01  430000  D   
ZN Common Stock Options, Par Value $0.01  $0.01  11/7/2019  11/7/2019  M        110000   6/6/2016  6/6/2026  ZN Common Stock, Par Value $0.01  110000  $0.01  320000  D   
ZN Common Stock Options, Par Value $0.01  $0.01  11/7/2019  11/7/2019  M        100000   1/2/2017  1/2/2027  ZN Common Stock, Par Value $0.01  100000  $0.01  220000  D   
ZN Common Stock Options, Par Value $0.01  $0.01  11/7/2019  11/7/2019  M        25000   1/2/2018  1/2/2028  ZN Common Stock, Par Value $0.01  25000  $0.01  195000  D   
ZN Common Stock Options, Par Value $0.01  $0.01  11/7/2019  11/7/2019  M        5000   7/1/2019  7/1/2029  ZN Common Stock, Par Value $0.01  5000  $0.01  190000  D   

Explanation of Responses:

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Avery William H
12655 NORTH CENTRAL EXPRESSWAY
SUITE 1000
DALLAS, TX 75243
X
President and General Counsel

Signatures
Michael Mosley 11/12/2019
**Signature of Reporting Person Date
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