VANCOUVER, British Columbia, July 13, 2023 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (the “Company”, “Zefiro”, or “ZEFI”) is pleased to announce that it has pre-sold a portion of its methane emission offset portfolio to Mercuria Energy America, LLC (“Mercuria”), the United States-based division of one of the world’s largest independent energy and commodities groups. These credits, verified by certified third-party auditors, will be produced via Zefiro’s ongoing efforts to cap hazardous, unplugged, and abandoned oil and gas wells across the country.
Financial terms of the transaction were not disclosed.
Following the recent publication of the American Carbon Registry’s methodology report on the value of reducing methane emissions by properly capping these wells, the acquisition will help set the market for this unique type of offset. The transaction also comes when the latest expert projections estimate that the number of these sites throughout the United States has grown to over four million. These wells often leak methane gas that can be up to 84 times more hazardous than carbon dioxide emissions, and they can potentially harm surrounding air quality and farmland irrevocably.
“Since Zefiro’s inception, our team has worked tirelessly to establish the value of methane emission offsets with industry colleagues and public officials to better protect communities affected by unplugged oil and gas wells,” said Curt Hopkins, Chief Executive Officer of Zefiro. “Plugging well sites that are potentially toxic is the long-awaited solution to reward investors while safeguarding our environment for future generations, and we are proud to have taken such an important step with a partner like Mercuria to drive this critical marketplace forward.”
“This landmark transaction signals to the entire sector that not only is there a robust market for high-quality methane emission offsets, but also that plugging these wells is integral to both our national public health and the long-term success of the energy industry,” said Tina Reine, Chief Commercial Officer of Zefiro.
“For too long, investors have not had routine access to reduction activities that display proven pathways to reducing harmful oil and gas emissions,” said Adam Raphaely, Managing Director, Mercuria Group America. “Our work with Zefiro represents not only Mercuria’s commitment to fostering innovative projects and ideas that have the power to reshape the industry but also our alignment with the core principles of many of our customers.”
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 (1-800-274-9334)
investor@zefiromethane.com
About Zefiro Methane Corp.
Zefiro develops methodologies to reduce methane emissions by plugging orphaned and abandoned oil/gas wells, while originating carbon credits. 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.
