Zefiro Methane Corp. Subsidiary Acquires Appalachian Well Surveys, Inc.
The transaction positions Zefiro subsidiary Plants & Goodwin as the premier ‘end-of-life’ service provider for entities seeking to meet their oil & gas well asset retirement objectives
BRADFORD, PENNSYLVANIA/FORT LAUDERDALE, FLORIDA - DECEMBER 4, 2023 - 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, Founder and Chief Executive Officer
For further information, please contact:
Zefiro Investor Relations
1 (800) 274-ZEFI (274-9334)
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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.
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