Beyond Oil Provides Update on Commercial Partnership with Fandango Collection & Recycling Ltd.

Exclusive Distributor in Israel Expanding its Outreach in the Israeli Food Service Industry

VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / May 16, 2023 / Beyond Oil Ltd. (CSE:BOIL) (OTC PINK:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company extending the life of frying oil, reducing costs and waste, is pleased to provide an update on the definitive agreement that was signed between Beyond Oil and Fandango Collection & Recycling Ltd. ("Fandango") that was previously announced in a news release dated February 15, 2023.

Customer Product Demonstrations

Fandango has launched a comprehensive product demonstration initiative across the State of Israel that divides the country into several geographical territories, whereby each territory is managed by Fandango's regional managers, who oversee the relationship with a roster of existing customers who are testing the Beyond Oil product. The results of the product demos have been very positive thus far, and the partnership has organically resulted in new customer relationships for Beyond Oil. As expected, each of the product demonstrations has confirmed the ability of Beyond Oil's product to extend oil use life by many multiples.

"We are excited to distribute and market Beyond Oil's product, which we believe will offer unparalleled benefits for the environment, business operations, and the health and safety of the customers," said Shai Medioni, CEO of Fandango. "Many of Fandango's customers have been with us for decades, and they are very pleased with the ability of this product to extend oil life and produce a much healthier product for their own customers. We now have first-hand, independent confirmation that the Beyond Oil product achieves all of the outcomes that their team claimed it would when we began investigation of the product earlier this year. Fandango is excited to be participating in what we believe is revolutionizing the food oil industry."

"We are very pleased with the results thus far from our product demonstration initiative in Israel," said Jonathan Or, CEO and Co-Founder of Beyond Oil. "Our strategic partnership with Fandango marks a significant step forward for Beyond Oil. This partnership allows us to establish a solid foundation for our business in the local Israeli market, bringing us one step closer to achieving our mission of providing sustainable solutions for the food-service industry across the globe. We are looking forward to continuing our work with Fandango and accelerating our outreach in the weeks and months to come."

Update on 16 Ton Purchase Order from Fandango

Further to the news release dated February 23, 2023 which announced a 16-ton purchase order of the Beyond Oil product from Fandango, Beyond Oil is pleased to announce that it has begun fulfilling this order with an initial one-ton shipment to Fandango on May 10, 2023. This initial shipment will be used to continue the expansion of the customer product demonstrations in Israel, and it is expected that these shipments will accelerate as the product demonstration initiative advances in speed and scope.

Further updates on the commercialization of this partnership will be provided in the near future.

Product Highlights

Frying Oils Recovery: Extensive testing indicates that the Beyond Oil Product extends the usable life of frying oil, improves product quality, and reduces frying oil costs. As a preferential adsorbent, the product reduces soluble impurities formed during the frying process that cause damaging free fatty acids ("FFA") and total polar materials ("TPM"), undesirable odors, off-flavors, and off-colors. The product is simple to integrate into existing daily filtration processes.

One-of-a-Kind: To the Company's knowledge, Beyond Oil has developed a unique solution that can absorb the FFAs and TPMs generated in frying oil, together with other harmful components and undesired off-flavors, colors, and odors.

Patent Protected: The Company also has a portfolio of registered and patent-pending solutions that extend the shelf-life of produced and used vegetable oils.

Potential Cost-Savings: One of Beyond Oil's unique value propositions is that it can dramatically lower costs for quick-service restaurants by significantly extending the useful life of the oil while meeting food quality and safety requirements. For more information on how the Beyond Oil Product extends the life of frying oil, see the Company's news release dated December 12, 2022.

Distribution Ready: The Company received a non-objection letter from the US Food & Drug Administration ("FDA") in March 2022, on the basis that all the Beyond Oil Product ingredients meet food-grade specifications of the FDA. In May 2022, Beyond Oil received a non-objection letter from Health Canada and

a National Sanitation Foundation certification. Beyond Oil is legally permitted to sell its product into the Israeli market according to the processing-aid and filtering-aid regulations.

How the Beyond Oil Product Works

The Beyond Oil Product integrates with most passive filtration systems. The combination of active filtration by the powder and passive filtration by the filter media and filtration machine ensures the best results by removing other degradation particles. The powder remains on the filter media and creates an additional layer which provides the microfiltration benefit.

About Beyond Oil Ltd.

Beyond Oil develops and manufactures an innovative, proprietary, and patented product designed to extend the life of frying oil while preserving the oil's quality and nutritional value. The unique product integrates into the existing filtration systems of both commercial and industrial fryers, reducing oil costs, helping create healthier food, decreasing waste, and increasing sustainability. For more information visit: www.beyondoil.co.

About Fandango Collection & Recycling Ltd.

Fandango is a leading company in the Israeli hospitality industry, supplying over 8,000 commercial kitchens with a comprehensive range of products, including frying oil and specialized equipment for maintaining the optimal condition of frying oil. Fandango also collects used cooking oil from commercial kitchens and provides a wide range of other essential products and supplies to the industry, including paper products, detergents and fast-food containers.

Contacts
Jonathan Or
CEO and Co-founder of Beyond Oil
1-647-691-9801
info@beyondoil.co

Shai Medioni
CEO of Fandango
shai@fandango.co.il

Caroline Sawamoto
Investor Relations
1-647-691-9801
ir@beyondoil.co

Forward Looking Statement and Information

The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains "forward-looking statements" within the meaning of the securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. In addition, we cannot assure that any patent will issued as a result of a pending patent application or, if issued, whether it will issue in a form that will be advantageous to us. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time at www.sedar.com. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of third-party websites.

SOURCE: Beyond Oil Ltd