Update:
August 1, 2022
Update: MJ02 In Israel
Dear Zion Shareholders and Supporters,
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, Zion CEO
FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion’s operations and the results therefrom, including testing and completion; Zion's ability to discover and produce oil in commercial quantities; Zion’s ability to continue as a going concern; operational risks in ongoing exploration efforts; the timing and completion of the processing, interpretation of the results and plans contingent thereon of the 3-D seismic survey; regulatory approvals needed for the rig’s operation; the effect, if any, of the coronavirus pandemic on the timing of the operation of the well, and liquidity for shareholders on OTCQX are forward-looking statements as defined in the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties, and other unpredictable factors, many of which are described in Zion’s periodic reports filed with the SEC and are beyond Zion’s control. These risks could cause Zion’s actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion’s filings with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.
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