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Zefiro Methane Corp
Symbol ZEFI
Shares Issued 72,137,700
Close 2024-11-19 C$ 0.79
Market Cap C$ 56,988,783
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Zefiro completes Oklahoma gas well remediation project

2024-11-19 19:06 ET - News Release

Mr. Talal Debs reports

ZEFIRO METHANE CORP. COMPLETES ITS FIRST EVER OKLAHOMA-BASED WELL REMEDIATION PROJECT

Zefiro Methane Corp.'s subsidiary Plants & Goodwin Inc. has 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 seven-inch 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 12 months.

According to the latest expert estimates, there are millions of unplugged oil and gas wells spread throughout the United States, 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 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 neighbours 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 was 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.

About Zefiro Methane Corp.

Zefiro is an environmental service company, specializing in methane abatement. Zefiro strives to be a key commercial force toward active sustainability. Leveraging decades of operational expertise, Zefiro is building a new tool kit 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 United States-based methane offsets, Zefiro aims to generate long-term economic, environmental and social returns.

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