FORT LAUDERDALE, Fla., Jan. 09, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (the “Company”, “Zefiro”, or “ZEFI”), which works to reduce methane emissions by plugging orphaned oil and gas wells across the United States, took numerous steps in 2023 to help establish the market for producing carbon credits linked to remediating potentially hazardous methane leaks. These innovative, industry-leading actions include:
- Working with organizations at the vanguard of the energy commodities sector, such as Mercuria Energy Group LTD, to help set the market for producing carbon credits via nationwide oil and gas well plugging initiatives;
- Forging the Company’s capacity to produce American Carbon Registry-approved carbon credits by finalizing multiple commercial acquisitions, including a Pennsylvania-based well plugging enterprise and an Ohio-based wireline company, that will bolster operations in key markets across the United States;
- Driving critical conversations regarding the unplugged oil well issue at leading sustainability-focused events, such as the United Nations’ 2023 Climate Change Conference (“COP28”) and NYC Climate Week 2023, to underscore the importance of key public, private, and nonprofit stakeholders working together on solutions that benefit affected communities; and
- Partnering with the Department of the Interior and the New York State Department of Environmental Conservation on the state’s first orphan gas well plugging project using funds from the Infrastructure Investment and Jobs Act, which is better known as the “Bipartisan Infrastructure Law” and provides a total investment of USD $4.7 billion to plug orphaned wells across the country.
October 2023: As a subcontractor to North Wind Site Services, LLC, Zefiro’s subsidiary Plants & Goodwin, Inc. completed the very first plugging operation of an orphaned gas well in New York State using federal funding. Pictured above is Basil Seggos (Commissioner of the New York State Department of Environmental Conservation) at a press conference on the site of the well (located in Holland, New York) shortly after it was plugged.
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Through these groundbreaking actions and landmark commercial initiatives, Zefiro has bolstered its capacity to help private entities and government agencies address one of the nation’s most immediate public health risks. According to the latest expert estimates, there are more than four million unplugged oil and gas wells spread out across 26 different states, with an unknown amount of these sites leaking potentially hazardous gases. The Environmental Protection Agency has indicated that methane emissions are at least 28 times more potent than carbon dioxide in terms of trapping heat in the atmosphere. Additionally, unplugged wells that leak methane have been found to seriously threaten the environmental well-being of their surroundings, including public spaces, private properties, and local farmland. Due to these factors, the immediate environmentally friendly solution and direct community health benefits that Zefiro’s plugging operations provide can be translated into a diverse portfolio of long-term, independently verified, and uniquely valuable carbon credits.
For further details regarding the current position of Zefiro's business, please refer to the Company’s Amended and Restated Preliminary Prospectus, filed with the British Columbia Securities Commission on November 3, 2023. This document can be accessed by clicking here or through Zefiro’s profile on SEDAR’s website.
“In the absence of scalable solutions to plug the increasing number of unplugged oil and gas wells in the United States, we have forged an innovative and effective approach to tackling this nationwide crisis while driving meaningful business value,” said Talal Debs, Founder and Chief Executive Officer of Zefiro Methane Corp. “Zefiro is proud to have worked with private enterprises, landowners, and government officials throughout 2023 to address this legacy problem. Through strategic acquisitions and a growth-driven playbook, we hope to build upon this momentum in the years to come.”
“Since our inception, Zefiro has strived to help turn the tide on an environmental problem that has threatened the well-being of too many communities across the globe,” said Tina Reine, Chief Commercial Officer, Zefiro Methane Corp. “The bold steps we have made this year display a healthy and growing appetite among our partners and customers for the type of innovative, bespoke nationwide services we provide. We firmly believe that our field-tested plugging operations and portfolio of certified carbon credits is the long-awaited solution that rewards investors, protects public health, and safeguards our natural resources for future generations.”
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)
investor@zefiromethane.com
For media inquiries, please contact:
Rich Myers - Profile Advisors (New York)
media@zefiromethane.com
(347) 774-1125
About Zefiro Methane Corp.
Zefiro develops methodologies to reduce methane emissions by plugging orphaned and abandoned oil/gas wells, while originating carbon offsets. Under executive leadership to include the former carbon market team at J.P. Morgan, Zefiro actively deploys crews to decommission wells throughout the United States. With unprecedented global demand for carbon offsets as corporations and institutions work towards net-zero targets, Zefiro is strategically aligning with industry leaders for a greener future.
Forward-Looking Statements
This press 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. Forward-looking information in this press release includes statements regarding the Company, the Company’s business, the industry in which the Company operates, the Company’s opportunities, strategies, competition, expected activities and expenditures as the Company pursues its business plan, the adequacy of the Company’s available cash resources and other statements about future events or results. 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: (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; and (iv) other factors beyond the control of the Company. 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. The forward-looking information is based on a number of assumptions, including assumptions regarding general market conditions, the availability of financing for proposed transactions and programs on reasonable terms, and the ability of outside service providers to deliver services in a satisfactory and timely manner. The forward-looking information included in this press release are made as of the date of this press 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68c0be7b-d8a7-43db-a27e-74ddc385f9b8
