BRADFORD, Pa. and FORT LAUDERDALE, Fla., Dec. 04, 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 country, today announced that Plants & Goodwin (“P&G”), a leading Pennsylvania-based orphaned well plugging organization and a subsidiary of the Company, has acquired Appalachian Well Surveys, Inc. (“AWS”), a Cambridge, Ohio-based wireline company.
As a result of this transaction, Zefiro will become the energy sector’s first comprehensive ‘end-of-life’ provider for entities seeking to meet their well retirement targets. This acquisition is the latest in a series of strategic investments by Zefiro to bolster its nationwide operational capacity.
Financial terms of the transaction were not disclosed.
The agreement specifically cements P&G’s incorporation of AWS’ current assets and experienced personnel throughout its existing operations. This includes, but is not limited to, the activation of fourteen wireline units capable of deploying various downhole tools, two mast trucks that are designed to bolster abandonment projects, and current certifications to operate explosives in every Appalachian Basin state.
An Appalachian Well Surveys, Inc. mast truck operating on a recent jobsite.
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“Reversing the unchecked proliferation of leaking oil and gas wells will require private sector plugging operations to optimize efficiency at each stage of their operations,” said Talal Debs, Founder & Chief Executive Officer, Zefiro Methane Corp. “This transaction is critical to helping P&G-led crews bolster their effectiveness in the field, and we could not be more excited to welcome AWS into the Zefiro family.”
“As demand for our well-plugging expertise continues to increase, it has never been more important that we invest in the resources needed to properly complete these unique projects,” said Luke Plants, Chief Executive Officer, Plants & Goodwin/Senior Vice President of Business Development, Zefiro Methane Corp. “The infusion of AWS’ talent and technical expertise will make P&G a full-spectrum service provider and ensure that our dedicated well plugging specialists can do their part to help address this public health threat.”
ZEFIRO METHANE CORP.
“Talal Debs”
Talal Debs, Founder and Chief Executive Officer
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/450461e4-5218-4860-afe3-1f4fe063a008
