An untold amount of orphaned oil and gas wells exist in the state of Pennsylvania. An April 2024 article in the Pittsburgh Post-Gazette highlights the opportunities to solve the environmental problem that this situation represents for leveraging emerging climate finance methods, which could both drive business value and make a meaningful impact on the neighboring communities of orphaned well sites. In the article, reporter Anya Litvak includes quotes from interviews with Steve Plants, as well as his son Luke Plants, who succeeded him as CEO of Plants & Goodwin after it was acquired by Zefiro in 2023.
FORT LAUDERDALE, Fla., April 05, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (the “Company”, “Zefiro”, or “ZEFI”) is pleased to announce that earlier this week, the Pittsburgh Post-Gazette newspaper published an article on opportunities stemming from the orphaned well problem in the state of Pennsylvania, featuring commentary and insights from Plants & Goodwin, Inc. (“Plants & Goodwin” or “P&G”), one of Zefiro’s operating subsidiaries which was acquired by the Company in May 2023. Plants & Goodwin is headquartered in Bradford, Pennsylvania, and also operates in the states of New York, Ohio, and West Virginia.
In the article, titled “Pennsylvania's Many Orphaned Wells Just Might Yield a Pot of Gold”, reporter Anya Litvak explained how oilfield remediation companies have traditionally not had much reason to think about the amount of gas that might be leaking from the wells they would go on to plug. However, the recently introduced ability to finance well-plugging projects through the origination of carbon credits under a new methodology makes these emissions a focal point in the context of environmental remediation projects. Although the Bipartisan Infrastructure Law provides an unprecedented level of public funding for plugging wells, Litvak stated in the article, “The $4.7 billion from the federal government would make a dent, but only a dent in the problem. For the rest, it might be up to former hedge fund managers to apply their financial wizardry to the emerging carbon market.” Litvak then detailed how Zefiro has already finished measuring the quantity of methane leaking from a group of wells which will be plugged to generate carbon credits via its subsidiary, Plants & Goodwin, and how in the next few months, Zefiro plans to list its first carbon credit project on the American Carbon Registry, which is one of the four major exchanges for voluntary carbon credits.
The full article on the Pittsburgh Post-Gazette can be accessed through the following link: https://www.post-gazette.com/business/powersource/2024/04/01/pennsylvania-orphan-wells-oil-and-gas/stories/202403170069
“Reporters across the United States have shown an impressive level of interest in Zefiro, as well as its subsidiaries such as P&G,” said Rich Myers of Profile Advisors, Zefiro’s Public Relations team in New York City. Myers continued, “As the federal government continues to deploy funds for remediating orphaned oil and gas wells in the United States, interest in the unplugged well crisis has grown considerably from the public and the media alike, as these developments instill a sense of hope for so many Americans and their families who are affected by such things as water and air contamination from methane leaks. Although the realities of living close to an unplugged well may not be on the radar of those who live outside of oil and gas territory, the Environmental Defense Fund estimates that approximately 14 million Americans live within one mile (1.6 kilometres) of a documented orphan well.”
For an overview of all recent press coverage received by Zefiro as well as its subsidiaries to include P&G, please refer to the In the Press page of the Zefiro website at the following link: https://www.zefiromethane.com/media/in-the-press/
At the beginning of April 2024, the Pittsburgh Post-Gazette published an article about the opportunities that exist within the state of Pennsylvania with respect to the ability to generate carbon credits from plugging orphaned wells. The full article can be accessed through this link.
Readers using news aggregation services may be unable to view the media above. Please access the Investors section of the Company’s website for a version of this press release containing all published media.
Zefiro Founder and Chief Executive Officer Talal Debs PhD commented, “At Zefiro, our mission and purpose is driven by the philosophy that I refer to as ‘Active Sustainability’, which is all about strategically building opportunities to attract capital in a way that simultaneously drives business value as well as meaningful impact. It’s difficult to articulate the true magnitude of the unplugged well crisis in the United States… not just in terms of how many wells there are and how many people/families they stand to affect, but also in terms of how much money it will take to plug all of the leaking wells. In contrast to legacy ‘ESG’ values, we do not seek to divert capital away from the oil and gas industry. Rather, we seek to facilitate a viable solution to the problem they have created using a combination of public and private funds. Our subsidiary P&G plays a key role in carrying out the field-level technical work with respect to the unplugged well crisis, which is a fundamental part of the emerging opportunity in Pennsylvania described in Anya Litvak’s recent article about P&G in the Pittsburgh Post-Gazette.”
On behalf of the Board of Directors of the Company,
ZEFIRO METHANE CORP.
“Talal Debs”
Talal Debs, Founder and 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/be6d68a6-1920-4ab2-b3c0-a4d63633025d
