Zion Oil & Gas : Operations Update from Israel as of August 1, 2022

August 1, 2022
Update: MJ02 In Israel Dear Zion Supporters and Shareholders,

We have received an extension on our License for six months, and we have appointed Mr. Frank F. Starr II to the Board of Directors.

License Extension

We are thankful to announce that we received an extension for our 99,000-acre Megiddo-Jezreel License for six months, from August 2, 2022, to February 2, 2023.

Mr. Frank F. Starr II, a new independent Director

Mr. Frank F. Starr II has over 30 years of experience in oil and gas operations, reservoir engineering, acquisitions, and management.

He has been the Founder, President, and Chief Executive Officer of Crimson Energy Partners IV since 2014 and has been active in the South Texas Eagleford since 2016. The company has drilled 40 horizontal Eagleford wells since 2016. Crimson Energy Partners IV currently has a drilling program planned through the end of the year on the company's 28,000 net acres.

From 2009 through 2014, Mr. Starr was President and Chief Executive Officer of Crimson Energy Partners III, which developed a 30,000-acre leasehold position and drilled over 35 horizontal Eagleford and Woodbine wells in 2010. In 2014, Crimson sold the assets to Hawkwood Energy.

From 2005 to 2008, Mr. Starr was President and Chief Executive Officer of Crimson Energy Partners II, which developed a 5,500-acreage position in South Texas, drilling 45 vertical wells into the Olmos and San Miguel plays. In 2008, Crimson sold those assets to Swift Energy.

From 1998 to 2004, Mr. Starr was President and Chief Executive Officer of Crimson Energy Partners I, which developed a 65,000-acre leasehold position. Crimson drilled over 120 vertical wells into the Olmos, San Miguel plays. In 2004, Crimson sold those assets to JM Huber.

Before founding the Crimson partnerships, he worked for Union Pacific Resources (Anadarko) for 17 years, covering Texas, California, the Mid-Continent, and the Rockies.

In 2013, Texas Monthly Magazine awarded Mr. Starr the Top Producer Award, Best CEO of a Mid-Size Company.

Mr. Starr attended the University of Oklahoma for a B.S. Degree in Petroleum Engineering. He serves on the Board of several nonprofits in the DFW area, including Kids Matter Intl. (KMI) and Heart of a Champion (HOC).

Thankful

We continue to give thanks and praise to God for His ongoing provisions. We also appreciate our loyal shareholders and supporters who make this work possible. Your prayers are making a difference!

We will continue to provide material updates when we have relevant information to share with the public.

Sincerely,

Rob Dunn
CEO