Zefiro Methane Corp. Co-Hosts U.S. Department of the Interior & New York State Officials at Successfully Plugged Oil Well Site

The visit, which Zefiro co-hosted with its subsidiary oil and gas well plugging operation Plants & Goodwin, highlighted both the Company’s ongoing well-plugging efforts and the public-private sector partnerships needed to help address this nationwide problem

Zefiro Methane Chairman Talal Debs on site

October 25, 2023: Zefiro Founder and Executive Chairman Talal Debs is pictured with DOI Infrastructure Coordinator Winnie Stachelberg at the site of an oil well successfully plugged by Zefiro and P&G in South Wales, NY

SOUTH WALES, N.Y., Oct. 26, 2023 (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 U.S., yesterday co-hosted U.S. Department of the Interior (“DOI”) Infrastructure Coordinator Winnie Stachelberg and several officials from the New York State Department of Environmental Conservation (“NYSDEC”) at an oil well the Company helped successfully plug in South Wales, New York. The visit, which Zefiro co-hosted with oil and gas well plugging operator and Zefiro subsidiary Plants & Goodwin (“P&G”), underscored the Company’s commitment to working with federal and state government partners, along with a variety of key organizations throughout the energy sector, to scale their operations in a manner that can help address this nationwide problem.

According to the latest projections, there are more than four million abandoned wells scattered across 26 U.S. states, including over approximately 23,000 unplugged sites in New York state alone. These unplugged wells often leak methane gas that can be up to 84 times more hazardous than carbon dioxide emissions and have the potential to harm surrounding farmland, drinking water sources, and air quality.

October 25, 2023: Zefiro Founder and Executive Chairman Talal Debs is pictured with DOI Infrastructure Coordinator Winnie Stachelberg at the site of an oil well successfully plugged by Zefiro and P&G in South Wales, NY

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“For too long, government agencies and corporate entities seeking to stem the nationwide proliferation of abandoned oil and gas wells have not had access to the resources needed to address this legacy issue,” said Talal Debs, Founder and Executive Chairman, Zefiro Methane Corp. “The Department of the Interior and the New York State government have shown their resolve to help end this noxious cycle, and our team at Zefiro will continue to do our part to foster the public-private projects needed to get the job done for all affected communities in the Empire State and across the country.”

“From the woods of Appalachia to the swamps of Louisiana, hardworking crews that have the unique capacity to identify and plug orphaned oil and gas wells are calling out for the tools needed to confront this public health threat,” said Luke Plants, Chief Executive Officer, Plants & Goodwin. “This example of federal, state, and industry stakeholders coming together to plug this hazardous well can be replicated at countless sites throughout the nation, and as a third-generation oil well plugger, I could not be more excited to keep building these kinds of partnerships that are already producing meaningful results.”

On behalf of the Board of Directors of the Company,

ZEFIRO METHANE CORP.

“Curt Hopkins”

Curt Hopkins, 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
(347) 774-1125

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.

Forward-Looking Statements

This press 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. Forward-looking information in this press release includes statements regarding the Company, the Company’s business, the industry in which the Company operates, the Company’s opportunities, strategies, competition, expected activities and expenditures as the Company pursues its business plan, the adequacy of the Company’s available cash resources and other statements about future events or results. 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: (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; and (iv) other factors beyond the control of the Company. 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. The forward-looking information is based on a number of assumptions, including assumptions regarding general market conditions, the availability of financing for proposed transactions and programs on reasonable terms, and the ability of outside service providers to deliver services in a satisfactory and timely manner. The forward-looking information included in this press release are made as of the date of this press 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a8bc74b-b677-4414-bcb7-d0dc1246e962

 

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