The Company’s membership in the trade association follows recent operational capacity investments in the Appalachia region
VANCOUVER, British Columbia, July 27, 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., is pleased to announce that it has been granted membership in the Gas & Oil Association of West Virginia (“GO-WV”). A trade organization representing approximately 600 companies operating in the state, GO-WV provides advocacy resources, employee benefit support, and a host of other commercial growth focused benefits to their members. This announcement also comes after a series of investments by Zefiro to bolster its operational capacity throughout Appalachia, highlighted by its recent acquisition of a leading regional oil and gas well plugging operation.
According to the latest expert projections, there are more than 4,600 abandoned wells throughout West Virginia, which often leak methane gas that can be up to 84 times more hazardous than carbon dioxide emissions. Following a recent $25 million federal grant from the Infrastructure Investment and Jobs Act to help more communities in the state plug these sites, Zefiro’s membership in the GO-WV association will help the Company connect with key stakeholders and share ideas on how both government agencies and private entities can effectively tap into increased levels of available funding to plug more sites.
“For too long, uncapped oil and gas wells have threatened the farmland, water sources, and air quality of hardworking West Virginians,” said Curt Hopkins, CEO, Zefiro Methane Corp. “Zefiro is committed to helping end this toxic cycle, and we look forward to engaging with other GO-WV members to help more communities throughout the state tackle this long-standing problem.”
Zefiro’s efforts to join GO-WV were led by Jeff Frase, Zefiro’s President of Corporate Development, and carried out due to West Virginia’s status as an innovation hub for the energy sector and the strategic importance of fortifying the Company’s presence in the Marcellus and Utica shale regions. Mr. Frase joined Zefiro in 2021 to launch a new chapter in a distinguished career that has seen him lead banking and oil trading divisions at several of the world’s most prominent financial institutions, including serving as Goldman Sachs’ Managing Director of Global Crude Oil and Derivatives and as J.P. Morgan’s Managing Director and Head of Global Oil. Mr. Frase also previously served as co-CEO of Noble Group, a commodity trading firm that sold its oil sector portfolio to Vitol in 2018 for $1.4 billion.
“As an increasing number of our oil and gas industry partners seek to remediate the orphaned oil and gas wells on their balance sheets, it is critical that Zefiro strives to work with committed government and private sector partners to help address this ongoing public health concern,” said Jeff Frase, President of Corporate Development, Zefiro Methane Corp. “GO-WV members have long been on the frontlines of the movement to confront this unique threat to our natural resources, and we are excited to help make progress on this complex issue with our industry partners in the years ahead.”
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)
[email protected]
About Zefiro Methane Corp.
Zefiro develops methodologies and originates carbon credits to reduce methane emissions, working with corporations and government agencies to plug orphaned oil and gas wells across the United States. With an executive leadership team including members of the former carbon market unit at J.P. Morgan and a decommissioning crew of approximately 100 persons, Zefiro partners with key stakeholders to protect natural resources and service the unprecedented global demand amongst organizations striving for net zero.
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.
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