Zion Oil & Gas Inc (ZNOG)

[KyOil]

Let me try again to state the issue from an investor's point of view and hopefully Zion will get it.

On the 3D “volumetrics,” - Mr. KyOil may be correct in specific scenarios. However, that doesn’t apply to what we are doing. To release any “volumetrics” would be speculative. We always prefer to state our vision, our belief, and our work as non-speculatively as possible. Then, investors should temper their expectations accordingly.

It would not have been speculative to give the volumetrics (P50 barrels of oil) when the result of the 3D was known a couple of years ago. The P50 number is a probability number based on the 3D and has to be verified by drilling/testing/producing. Everyone understands that, or could be educated on that point. Since Zion did not release the P50 the boards have speculated the potential reservoir is from 2 million to 20 billion barrels. Much less speculation would have occurred if the P50 had been released from Zion. Again, I know of zero exploration companies (other than Zion) trying to raise capital to drill who did not provide a P50 . I'm open to being proved wrong if the names of such companies and the subject well could be provided.

I know Zion prefers to state their vision and belief; this is the very point I have been trying to make. They are good at that, but its qualitative communication only. The work they tend to communicate is activity quantitative info; not progress or results. A progress report would be something like "the stimulation is complete" but we have not gotten a progress report since the logs where stated complete in Dec 2021. Nothing else has been stated done since then, yet I have to believe many major steps have been completed in 2022.