Luke Plants Featured in U.S. Department of the Interior Report to Congress on Strategic Review of National Orphan Well Program

Rhea-AI Summary

Zefiro Methane Corp (ZEFIF) announced that Luke Plants, Senior VP of Corporate Development and CEO of subsidiary Plants and Goodwin (P&G), was featured in the U.S. Department of the Interior's Orphaned Wells Program Annual Report to Congress. The report, published in November for FY2024, highlighted the successful plugging of 9,636 orphaned or abandoned oil and gas wells on state, private, and federal lands.

Plants detailed how the Bipartisan Infrastructure Law (BIL) funding enabled P&G to establish a comprehensive training program and improve equipment standards. The company increased its workforce by 40% to 135 employees as a direct result of this funding. The BIL projects have stimulated local economies through increased demand for services and materials, while providing business owners confidence to invest in fixed assets.

Positive

• 40% workforce expansion to 135 employees due to federal funding
• Successful participation in federal infrastructure program
• Enhanced equipment standards and training programs implemented
• Increased business opportunities through government partnerships

Negative

• None.

As part of the department’s “Annual Report to Congress” for the Orphaned Wells Program, Zefiro Senior Vice President of Corporate Development Luke Plants was quoted in his capacity as CEO of Plants and Goodwin, Inc. (“P&G”), which is a subsidiary of Zefiro. Mr. Plants detailed P&G’s 40% increase in its workforce and the impact of the Bipartisan Infrastructure Law on their nationwide plugging operations

FORT LAUDERDALE, Fla., Jan. 21, 2025 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB: ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”) today announced that Luke Plants was featured within the U.S. Department of the Interior’s “Orphaned Wells Program Annual Report to Congress”. Mr. Plants is CEO of Plants and Goodwin, Inc. (“P&G”), which is a subsidiary of Zefiro. Mr. Plants also serves as Senior Vice President of Business Development for Zefiro.

Published this past November as part of the department’s Fiscal Year 2024 review, the report highlights that, as of September 30, 2024, a total of 9,636 orphaned or abandoned oil and gas wells were successfully plugged on state, privately owned, and federal lands through the Orphaned Wells Program.

Mr. Plants’ quote, which appears on Page 49 of the report, is reprinted below. The full report can be accessed in PDF format through this link.

“Thanks to BIL funds, my business has established a robust training program that includes a comprehensive six-month apprenticeship for new hires. Our equipment now meets or exceeds industry standards, creating a safer working environment and ensuring that well-plugging is performed to a high standard, maximizing value for the American public. With our current headcount of 135, we've expanded our workforce by 40% as a direct result of this funding. BIL projects have also stimulated local economies by increasing demand for lodging, food services, and contract materials. Moreover, the predictability of future funding opportunities through the BIL has given business owners the confidence to invest in additional fixed assets, further stimulating American manufacturing. None of these positive economic effects would have been possible without federal stimulus support.”

As a recognized expert on the topic of remediating orphaned oil and gas wells, Luke Plants was quoted by the U.S. Department of the Interior in its “Orphaned Wells Program Annual Report to Congress”

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Regarding his input in this report, Luke Plants commented, “Over the past 18 months, our team has worked hard to foster and deepen a variety of federal and state government partnerships to help expand P&G’s nationwide plugging operations as part of Zefiro’s footprint in the United States. This report highlights the important progress that has been made to address this pressing environmental remediation issue, and we remain committed to working with key stakeholders across the public, private, and non-profit sectors to help more communities accelerate economic growth and safeguard their critical air, water, and land resources.”

Reporters/Media: For any questions or to arrange an interview with Mr. Plants, please contact Rich Myers of Profile Advisors (New York City) by email at media@zefiromethane.com 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)
investor@zefiromethane.com

For media inquiries, please contact:

Rich Myers - Profile Advisors (New York)
media@zefiromethane.com
+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/9e7dd91b-34b9-476e-94d9-e0cf51d81fef

FAQ

How many orphaned wells were plugged under the U.S. Department of Interior's program as of September 2024?

As of September 30, 2024, a total of 9,636 orphaned or abandoned oil and gas wells were successfully plugged on state, privately owned, and federal lands through the Orphaned Wells Program.

What workforce growth did ZEFIF's subsidiary Plants and Goodwin achieve through BIL funding?

Plants and Goodwin increased its workforce by 40% to reach 135 employees as a direct result of the Bipartisan Infrastructure Law funding.

What operational improvements did ZEFIF implement with the BIL funding?

The company established a robust training program including a six-month apprenticeship for new hires and upgraded equipment to meet or exceed industry standards.

How has the Bipartisan Infrastructure Law funding impacted ZEFIF's business operations?

The BIL funding has enabled workforce expansion, equipment upgrades, implementation of training programs, and provided confidence for investment in fixed assets due to predictable future funding opportunities.