Zefiro Methane Corp. Subsidiary Completes Pennsylvania’s First-Ever Bipartisan Infrastructure Law-Funded Well Remediation Project

Rhea-AI Summary

Zefiro Methane Corp's subsidiary, Plants & Goodwin, has completed Pennsylvania's first Bipartisan Infrastructure Law-funded well remediation project. The project involved plugging 15 orphaned oil and gas wells in Otto Township, some located near residential areas. This achievement is part of a $4.7 billion federal initiative to address the 3.7 million abandoned wells across the U.S., which pose potential methane leak risks.

The project showcased Zefiro's expertise in handling complex environmental remediation, dealing with poor site records and safety issues in residential areas. This success follows other publicly funded assignments, including work at Cuyahoga Valley National Park and New York's first orphan well plugging operation using Bipartisan Infrastructure Law funding.

Positive

• Successful completion of Pennsylvania's first Bipartisan Infrastructure Law-funded well remediation project
• Establishment of Zefiro as a leading environmental remediation services provider
• Access to a $4.7 billion federal funding pool for well remediation projects
• Demonstrated ability to handle complex remediation projects in challenging environments
• Expansion of project portfolio with high-profile, publicly funded assignments

Negative

• None.

The federal legislation granted USD $4.7 billion to remediate sites of potential methane leaks across the United States. This landmark accomplishment by Plants & Goodwin further establishes Zefiro as a leading environmental remediation services provider.

FORT LAUDERDALE, Fla, Aug. 21, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB: ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”) today announced that its subsidiary Plants & Goodwin, Inc. (“P&G”) has successfully completed Pennsylvania’s first-ever Infrastructure Investment and Jobs Act (“Bipartisan Infrastructure Law”)-funded oil and gas well plugging project. The federal legislation allocated $4.7 billion to help address the nationwide proliferation of abandoned oil and gas wells, including granting over $300 million to the Commonwealth of Pennsylvania alone.

Specifically, P&G executed a variety of “plug and abandonment” operations over a three-month period on a total of fifteen orphaned sites in Otto Township, Pennsylvania. The wells that comprised this project were primarily located adjacent to several residential areas, with two sites situated mere yards from several single-family homes and one well only 20 feet away from both a dwelling structure and a state road. These projects required a sophisticated approach to account for a series of unique operational challenges, including poor recordkeeping regarding the history of these abandoned sites and various safety issues related to performing heavy-duty groundwork within residential neighborhoods.

The success of this initiative is part of a series of publicly funded, groundbreaking assignments that Zefiro and its subsidiaries have undertaken to help address this issue, including working with the National Park Service on plugging numerous leaking oil and gas wells at Cuyahoga Valley National Park and helping complete the State of New York’s first orphan well plugging operation that used Bipartisan Infrastructure Law funding. According to the latest estimates from the U.S. Department of the Interior, there are more than 3.7 million abandoned oil and gas wells spread throughout the U.S., with the potential for many of these sites to be leaking methane gas that can be up to 28 times as potent as carbon dioxide emissions in terms of trapping heat in the atmosphere.

Denny Mong (Right) is pictured with P&G President of P&A Services Steve Plants (Left).

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Founder and Chief Executive Officer of Zefiro Talal Debs commented, “For decades, too many Pennsylvanians have had to contend with unplugged oil wells leaking potentially toxic methane gas into their own backyards. Zefiro is proud to have worked alongside our federal and Commonwealth of Pennsylvania government partners to complete this inaugural effort, and we look forward to helping more communities throughout the country eliminate the dangers these sites pose to critical air, drinking water, and land resources.”

Chief Executive Officer of P&G Luke Plants commented, “As the leader of a third-generation family business that has served hardworking Pennsylvanians for over fifty years, I cannot be any prouder that our team of decommissioning specialists helped complete this landmark project. The historic levels of funding allocated from this bipartisan legislation is an important first step toward properly addressing this legacy issue, and we stand ready to work with public and private sector stakeholders across the region to help combat this pressing public health threat.”

Reporters/Media: For any questions or to arrange an interview with Talal Debs or Luke 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/ae5d9fe9-54e6-462a-a995-583d0441c6d7

FAQ

What is the significance of Zefiro Methane Corp's (ZEFIF) recent well remediation project in Pennsylvania?

Zefiro's subsidiary completed Pennsylvania's first Bipartisan Infrastructure Law-funded well remediation project, plugging 15 orphaned wells. This establishes Zefiro as a leading provider in the $4.7 billion federal initiative to address abandoned wells and methane leaks across the U.S.

How many abandoned oil and gas wells are estimated to exist in the United States?

According to the U.S. Department of the Interior, there are more than 3.7 million abandoned oil and gas wells spread throughout the United States, many of which potentially leak methane gas.

What challenges did Zefiro Methane Corp (ZEFIF) face in the Pennsylvania well remediation project?

Zefiro faced challenges including poor recordkeeping of abandoned sites, safety issues related to working in residential areas, and wells located close to homes and state roads, requiring a sophisticated approach to remediation.

What other notable projects has Zefiro Methane Corp (ZEFIF) been involved in recently?

Zefiro has worked with the National Park Service on plugging wells at Cuyahoga Valley National Park and helped complete New York's first orphan well plugging operation using Bipartisan Infrastructure Law funding.