FORT LAUDERDALE, Fla., Jan. 14, 2025 (GLOBE NEWSWIRE) — ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB: ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”) today announced that the Company’s subsidiary Plants & Goodwin (“P&G”) has been awarded eight projects by the state government of Ohio. Specifically, the scope of work includes Zefiro’s team of environmental remediation specialists plugging 50 oil and gas wells located across the state to mitigate an array of potential public health threats.
The effort to seal these potentially noxious sites has been led by Zefiro Senior Vice President of Business Development Luke Plants. P&G crews have already plugged 20% of the sites that comprise this initiative and currently have four full-sized rigs deployed in communities throughout Ohio to help remediate the project’s remaining wells.
According to the latest expert estimates, there are millions of unplugged oil and gas wells spread throughout the U.S. that have the potential to leak methane gas that can be 25 to 84 times as potent as carbon dioxide emissions in terms of trapping heat in the atmosphere. While these projections include the approximately 19,000 orphan wells that have been officially identified by the Ohio Department of Natural Resources (“ODNR”), they also account for the significant number of unknown sites that the ODNR has acknowledged exist throughout the state. The ODNR has also stated that the agency has potential access to USD $634 million in funding to plug orphaned and abandoned wells through 2035, assuming that U.S. federal government and state of Ohio resource allocation levels remain stable.
Pictured above: Zefiro Methane Corp. on-site at an active plugging operation.
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Zefiro Founder and Chief Executive Officer Dr. Talal Debs commented, “From the plains of Oklahoma to the forests of Appalachia, Zefiro’s team of environmental remediation specialists has been tasked by an expanding collection of public and private sector clients with eliminating tens of thousands of tons’ worth of potentially toxic methane emissions. The unique level of resources and institutional knowledge that we have directed toward this latest assignment is indicative of our ambitious operational expansion efforts, and we are grateful to our partners at the ODNR for entrusting our expert crews with helping more communities reclaim critical air, water, and land resources.”
Zefiro Senior Vice President of Business Development Luke Plants commented, “Whether its site identification, gas leak testing, or well plugging operations, the demand for Zefiro’s industry-leading suite of methane abatement services and technologies continues to increase across a diverse collection of key marketplaces. Our team is highly capable, field-tested, and increasingly eager to help more communities take on this legacy issue, and we will keep working alongside our colleagues at the ODNR until the job is done.”
Zefiro’s ongoing work in Ohio is the latest in a series of commercial initiatives that the Company has undertaken to expand its operational footprint across North America. 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, and working with numerous government partners throughout the continent, including the U.S. National Park Service, the State of New York, the Commonwealth of Pennsylvania, and the Province of Alberta, on numerous landmark well remediation initiatives.
Reporters/Media: For any questions or to arrange an interview with Dr. Debs or 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 http://www.sedarplus.ca/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68f730df-50d8-44b4-9815-25c5ce1da68e
