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Press Release

Zefiro Methane Corp. 2023 Year in Review: Scaling an Integrated Enterprise to Reduce Methane Emissions

Published by Todd Bush on January 10, 2024

From landmark oil & gas well plugging acquisitions to helping define the marketplace by working with standout industry partners, the Company has taken a leadership role in an innovative portion of the energy sector

FORT LAUDERDALE, Fla., Jan. 09, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (the “Company”, “Zefiro”, or “ZEFI”), which works to reduce methane emissions by plugging orphaned oil and gas wells across the United States, took numerous steps in 2023 to help establish the market for producing carbon credits linked to remediating potentially hazardous methane leaks. These innovative, industry-leading actions include:

  • Working with organizations at the vanguard of the energy commodities sector, such as Mercuria Energy Group LTD, to help set the market for producing carbon credits via nationwide oil and gas well plugging initiatives;

  • Forging the Company’s capacity to produce American Carbon Registry-approved carbon credits by finalizing multiple commercial acquisitions, including a Pennsylvania-based well plugging enterprise and an Ohio-based wireline company, that will bolster operations in key markets across the United States;

  • Driving critical conversations regarding the unplugged oil well issue at leading sustainability-focused events, such as the United Nations’ 2023 Climate Change Conference (“COP28”) and NYC Climate Week 2023, to underscore the importance of key public, private, and nonprofit stakeholders working together on solutions that benefit affected communities; and

  • Partnering with the Department of the Interior and the New York State Department of Environmental Conservation on the state’s first orphan gas well plugging project using funds from the Infrastructure Investment and Jobs Act, which is better known as the “Bipartisan Infrastructure Law” and provides a total investment of USD $4.7 billion to plug orphaned wells across the country.

Zefiro Methane Corp. 2023 Year in Review: Scaling an Integrated Enterprise to Reduce Methane Emissions

October 2023: As a subcontractor to North Wind Site Services, LLC, Zefiro’s subsidiary Plants & Goodwin, Inc. completed the very first plugging operation of an orphaned gas well in New York State using federal funding. Pictured above is Basil Seggos (Commissioner of the New York State Department of Environmental Conservation) at a press conference on the site of the well (located in Holland, New York) shortly after it was plugged.

Through these groundbreaking actions and landmark commercial initiatives, Zefiro has bolstered its capacity to help private entities and government agencies address one of the nation’s most immediate public health risks. According to the latest expert estimates, there are more than four million unplugged oil and gas wells spread out across 26 different states, with an unknown amount of these sites leaking potentially hazardous gases. The Environmental Protection Agency has indicated that methane emissions are at least 28 times more potent than carbon dioxide in terms of trapping heat in the atmosphere. Additionally, unplugged wells that leak methane have been found to seriously threaten the environmental well-being of their surroundings, including public spaces, private properties, and local farmland. Due to these factors, the immediate environmentally friendly solution and direct community health benefits that Zefiro’s plugging operations provide can be translated into a diverse portfolio of long-term, independently verified, and uniquely valuable carbon credits.

For further details regarding the current position of Zefiro's business, please refer to the Company’s Amended and Restated Preliminary Prospectus, filed with the British Columbia Securities Commission on November 3, 2023. This document can be accessed by clicking here or through Zefiro’s profile on SEDAR’s website.

“In the absence of scalable solutions to plug the increasing number of unplugged oil and gas wells in the United States, we have forged an innovative and effective approach to tackling this nationwide crisis while driving meaningful business value,” said Talal Debs, Founder and Chief Executive Officer of Zefiro Methane Corp. “Zefiro is proud to have worked with private enterprises, landowners, and government officials throughout 2023 to address this legacy problem. Through strategic acquisitions and a growth-driven playbook, we hope to build upon this momentum in the years to come.”

“Since our inception, Zefiro has strived to help turn the tide on an environmental problem that has threatened the well-being of too many communities across the globe,” said Tina Reine, Chief Commercial Officer, Zefiro Methane Corp. “The bold steps we have made this year display a healthy and growing appetite among our partners and customers for the type of innovative, bespoke nationwide services we provide. We firmly believe that our field-tested plugging operations and portfolio of certified carbon credits is the long-awaited solution that rewards investors, protects public health, and safeguards our natural resources for future generations.”

On behalf of the Board of Directors of the Company,

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.

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