Carbon Shield announces acquisition of Phoenix Abandonment, bolsters carbon reduction service offering

GREENWOOD VILLAGE, Colo., June 20, 2023 /PRNewswire/ -- Carbon Shield LLC announced today that it has acquired Phoenix Abandonment LLC ("Phoenix"), an independent petroleum engineering consulting firm specializing in wellbore and facility abandonment services. Together, the companies aim to provide a suite of services including plug and abandonment engineering and permitting, innovative greenhouse gas emissions reduction projects, and the advancement of high-quality carbon offset markets.

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The newly formed entity will leverage its deep experience in the well abandonment space to accelerate meaningful and scaled methane reduction in an industry that can provide a major climate-positive impact to global decarbonization goals. Carbon Shield's initiatives will assist operators and States with asset retirement obligations and provide governments, communities, and various stakeholders an avenue to accelerate fugitive methane reduction goals.

Carbon Shield will continue to offer Phoenix's traditional wellbore and facility abandonment engineering and permitting services along with its innovative emissions reduction strategies to its existing customers.

About Phoenix Abandonment

Phoenix Abandonment is a Denver-based petroleum consulting firm that offers full-service engineering, permitting, and operational support regarding decommissioning of oil and gas wells and associated facilities. Founded in 2018, the company's clients range from small operators to large corporations, real estate developers, local governments, State agencies and private landowners. Phoenix has advised nationally recognized planning and design consulting firms, Fortune 500 construction companies, Colorado's Orphan Well Program, and other government agencies.

About Carbon Shield

Carbon Shield LLC is led by a Denver-based team of experienced energy professionals advancing the knowledge, tools, and tactics to assist operators with asset retirement obligations and effectively identify and promote emissions reduction projects within their portfolio. The company partners with energy producers, states, and energy consumers to accelerate responsible, efficient, and mutually beneficial carbon reduction goals via accelerated asset retirement and the creation of high-quality carbon offsets. Communities, corporations, and governments collectively stand to benefit from Carbon Shield's unique service offering that aims to reduce the energy industry's footprint through additional, permanent, and accurately quantified projects, validated and verified by unbiased and reputable third parties.

https://carbon-shield.com

SOURCE Carbon Shield LLC