Zefiro’s foray into this key marketplace is the latest successful effort to expand the Company’s operational footprint to help more communities eliminate the public health threats posed by orphaned oil and gas wells. The completion of this project is expected to produce American Carbon Registry-certified carbon offset products.
FORT LAUDERDALE, Fla., Nov. 19, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) ( ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”) today announced that its subsidiary Plants & Goodwin, Inc. (“P&G”) has successfully completed the Company’s first ever Oklahoma-based gas well remediation project. Specifically, P&G executed a complex “plug and abandonment” operation on a gas well in Custer County, Oklahoma that was 15,000 feet deep and required the removal of nearly 5,000 feet of 7” casing. The sealing of this site is expected to produce American Carbon Registry-approved offset products and represents Zefiro’s ambitions to expand into additional south-central states, such as Texas and Louisiana, within the next twelve months.
According to the latest expert estimates, there are millions of unplugged oil and gas wells spread throughout the U.S., including approximately 18,000 confirmed sites in Oklahoma, 8,500 officially listed wells in Texas, and 4,785 confirmed locations in Louisiana. The projected cost to permanently seal the estimated 1.14 million suspected unplugged wells (which are locations that are not yet included on official government registries) in those three states is $158 billion, and plugging all the abandoned and orphaned oil and gas wells nationwide could cost up to $435 billion.
Zefiro crews working on the company’s first Oklahoma-based project in Custer County, OK. Photo taken in October 2024
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Zefiro Founder and Chief Executive Officer Talal Debs commented, “Too many Oklahomans and Americans living across the south-central United States are still forced to navigate the public health threats posed by these vestiges of a bygone era. The completion of this project not only represents Zefiro’s successful entry into a key marketplace, but also reinforces the Company’s forward momentum and total commitment to executing our growth strategy by helping more of our neighbors combat this legacy issue.”
Zefiro Chief Commercial Officer Tina Reine commented, “Now more than ever, investors throughout the international voluntary carbon marketplace are seeking offset products that can immediately help clean up our critical air, land, and water resources. The expertise of the oil and gas well remediation specialists on this project have further diversified both Zefiro’s operational presence and unique portfolio of high-quality, verified carbon credits, and our entire team cannot be more excited to continue meeting this long-unaddressed sector demand.”
Zefiro Senior Vice President of Business Development and Chief Executive Officer of P&G Luke Plants commented, “The Custer County project is the largest leap forward that our environmental remediation and carbon markets teams have taken together to help solidify Zefiro as the methane abatement sector’s leading comprehensive service provider. This successful effort is indicative of our environmental service division’s drive to help plug more of these wells throughout the south-central United States and in every corner of the country by expanding technical capacity, making operations even more efficient, and helping generate high-quality carbon credits.”
The success of this project is also the latest in a series of commercial initiatives that Zefiro has undertaken to expand its operational footprint into new markets across the United States. This includes opening a new operations facility in West Virginia, completing strategic acquisitions of Ohio and Pennsylvania-based entities that bolster the Company’s client service capabilities nationwide, and working with numerous federal and state government partners, including the National Park Service, the State of New York, and the Commonwealth of Pennsylvania on numerous landmark well remediation projects. Each of these efforts were aimed at helping more communities address the public health threats posed by orphaned oil and gas wells, which can leak methane gas that can be 25 to 85 times as potent as carbon dioxide emissions in terms of trapping heat in the atmosphere.
Reporters/Media: For any questions or to arrange an interview with Luke Plants, please contact Rich Myers of Profile Advisors (New York City) by email at [email protected] or by telephone at +1 (347) 774-1125.
About Zefiro Methane Corp.
Zefiro is an environmental services company, specializing in methane abatement. Zefiro strives to be a key commercial force towards Active Sustainability. Leveraging decades of operational expertise, Zefiro is building a new toolkit to clean up air, land, and water sources directly impacted by methane leaks. The Company has built a fully integrated ground operation driven by an innovative monetization solution for the emerging methane abatement marketplace. As an originator of high-quality U.S.-based methane offsets, Zefiro aims to generate long-term economic, environmental, and social returns.
On behalf of the Board of Directors of the Company,
ZEFIRO METHANE CORP.
“Talal Debs”
Talal Debs, Founder & CEO
For further information, please contact:
Zefiro Investor Relations
1 (800) 274-ZEFI (274-9334)
[email protected]
For media inquiries, please contact:
Rich Myers - Profile Advisors (New York)
[email protected]
+1 (347) 774-1125
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “seeks”, “believes”, “plans”, “expects”, “intends”, “estimates”, “anticipates” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. In particular, this news release contains forward-looking information including statements regarding: the Company’s intention to reduce emissions from end-of-life oil and gas wells and eliminate methane gas; the Company’s partnerships with industry operators, state agencies, and federal governments; the Company’s expectations for continued increases in revenues and EBITDA growth as a result of these partnerships; the Company’s intentions to build out its presence in the United States; the anticipated federal funding for orphaned well site plugging, remediation and restoring activities; the Company’s expectations to become a growing environmental services company; the Company’s ability to provide institutional and retail investors alike with the opportunity to join the Active Sustainability movement; the Company’s ability to generate long-term economic, environmental, and social returns; and other statements regarding the Company’s business and the industry in which the Company operates. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: (i) adverse general market and economic conditions; (ii) changes to and price and volume volatility in the carbon market; (iii) changes to the regulatory landscape and global policies applicable to the Company's business; (iv) failure to obtain all necessary regulatory approvals; and (v) other risk factors set forth in its Prospectus dated April 8, 2024 under the heading “Risk Factors”. The Company operates in a rapidly evolving environment where technologies are in the early stage of adoption. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The forward-looking information included in this news release is made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by Zefiro Methane Corp. can be found under the Company's profile on SEDAR+ at www.sedarplus.ca/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/826cb6f6-0f78-491a-8dd2-620a64c66bc6
