Metawells Oil & Gas Inc. Releases Current Updates

Rhea-AI Summary

Metawells Oil & Gas Inc. (KOSK) announces updates following a recent Letter of Intent with Global Oil and Gas Recovery Corp, expecting an executed agreement soon. The partnership aims to enhance oil recovery techniques using the Green Technology called PENG to revive abandoned wells in the United States. This collaboration tackles environmental issues by converting leaking Methane gas into usable fuel, ultimately benefiting both companies and the environment.

Positive

• Strategic partnership with Global Oil and Gas Recovery Corp. to implement Enhanced Oil Recovery (EOR) techniques on abandoned wells and maturing oil fields in the USA, creating value for shareholders through increased oil and gas production.

• Utilization of Green Technology called PENG to capture leaking Methane gas and convert it into usable fuel, helping to reduce emissions and generate revenue from previously tapped reserves.

• The partnership addresses the issue of abandoned wells, referred to as Zombie Wells, by providing upgraded solutions and technology to revive existing oil and gas wells in the United States, benefiting both companies and the environment.

Negative

• The MRU technology, focused on methane emission mitigation, is still in final development stages and may not be ready for production until late 2024, potentially delaying the environmental benefits and revenue generation for the companies.

• There is a risk associated with the merger completion within the next 10 days, as delays or complications could impact the timeline for announcing projects in the United States, affecting investor confidence.

HARRISON, NY, April 29, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Metawells Oil & Gas Inc. (OTC Pink: KOSK) releases updates following the Letter of Intent signed between Metawells Oil & Gas Inc. and Global Oil and Gas Recovery Corp. The two companies expect to have an executed agreement within the next 10 days.

Metawells President Ronald Minsky says, "Bringing in a Company of this magnitude gives us the ability to use a strong technology company that can enhance oil recovery techniques to existing abandoned wells in the United States."

The United States is the number one producer of oil in the world and by using the Green Technology called PENG, the technology that has the ability to capture leaking Methane gas and convert it into usable fuel, Global exploits 100% of the well and contributes to reducing emissions. Making good use of the Abandoned wells, referred to by the name Zombie Wells, is a huge problem for all Oil and Gas companies larger or smaller throughout the world. There is an excessive need to find upgraded solutions in the oil fields and Global Oil and Gas Recovery Corp. has the right technology with the ability to revive existing oil and gas wells in the United States. This technology will generate revenues from previously tapped reserves on one hand and solving environmental issues on the other. Metawells Oil & Gas Inc. is thrilled to be bringing this technology to the United States through the upcoming merger. On completion of the merger Metawells Oil & Gas Inc. will be able to announce projects about to start in the United States.

ABOUT GLOBAL OIL & GAS RECOVERY CORP.

The Company's primary focus is to implement Enhanced Oil Recovery (EOR) techniques to existing abandoned wells, maturing oil fields and previously tapped reserves located in the United States and Canada. By restoring these existing oil and gas wells we create value for our shareholders by generating revenue from oil and gas production.

Green Technology - Focused on Methane Emission Mitigation

The company is funding the further development of Mobile / Methane Refining Unit (MRU) developed and patented by PEnG. Oil and gas companies flare more than $10.6 billion in natural resources every year. They set fire to billions of cubic feet of natural gas through flaring and venting each year. Flaring, venting and leaking abandoned gas wells not only waste natural resources but pollute the atmosphere with hazardous methane gases.  The MRU technology addresses the flaring, venting and leaking abandoned wells issue by capturing the wasted methane gas and converting it to a usable fuel. This technology is currently in final development stages and could be ready for production in late 2024. To learn more visit: https://globaloilandgasrecovery.com

About Metawells Oil & Gas Inc.

Metawells Oil & Gas Inc. is a holdings company founded in the State of Nevada and engaged in two sectors, the energy sector and the sector of technology. The Company is set to forge strategic collaborations and develop both business segments to accelerate the company growth.

www.metawellsinc.com

Forward-Looking Statements:

Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.

Contact Information
For more information contact:
Ronald Minsky, President
Phone: (212) 381-8029
contact@metawellsinc.com

FAQ

What is the partnership between Metawells Oil & Gas Inc. and Global Oil and Gas Recovery Corp. about?

The partnership aims to enhance oil recovery techniques in abandoned wells in the United States using Green Technology called PENG to convert leaking Methane gas into usable fuel.

What is the main focus of Global Oil and Gas Recovery Corp.?

Global Oil and Gas Recovery Corp. focuses on implementing Enhanced Oil Recovery (EOR) techniques on abandoned wells, maturing oil fields, and previously tapped reserves in the USA and Canada.

When is the MRU technology expected to be ready for production?

The MRU technology, focusing on methane emission mitigation, is expected to be ready for production in late 2024 after final development stages.

What are the potential risks associated with the merger completion?

Delays or complications in the merger completion within the next 10 days could impact the timeline for project announcements in the USA, affecting investor confidence.