Zefiro Subsidiary Awarded USD $19.6 Million Plugging & Abandonment Management Contract from the Ohio Department of Natural Resources
- Secured substantial USD $19.6 million contract over three years
- Contract expected to have material positive effect on operations and financial results
- Leverages existing Ohio-based assets and workforce
- Creates long-term employment opportunities in Ohio
- Federal grant funding ensures stable payment source
- Final contract execution still pending management fee negotiations
- Requires waiver approval from State Controlling Board
- Project execution dependent on subcontractor performance
Zefiro subsidiary P&G continues to work with government agencies as a trusted service provider for projects involving several aspects of environmental remediation.
FORT LAUDERDALE, Fla., June 18, 2025 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB: ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”) is pleased to announce that its wholly owned subsidiary, Plants & Goodwin, Inc. (“P&G”), has been selected as the prime contractor for a three-year Construction Manager at Risk (“CMAR”) contract totaling USD
Under the terms of the contract, P&G will be responsible for managing the plugging and abandonment (“P&A”) activities to address high-priority marginal wells throughout the state of Ohio. The project is expected to address emissions from approximately 200 marginal wells over the contract term.
P&G has been awarded a USD
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The work will be carried out by P&G and its subcontractors. As of the date of this announcement, while the Company has received notification of contract award, final execution is pending negotiation of management fees and receipt of a waiver of competitive selection from the State Controlling Board.
This contract represents a significant business opportunity for Zefiro and is expected to have a material effect on the Company’s operations and financial results. The Company will file a material change report on SEDAR+ in accordance with applicable securities regulations.
Zefiro Senior Vice President of Corporate Development and P&G Chief Executive Officer Luke Plants commented, "This program, which is designed to abate methane emissions from leaking marginal wells, provides good long-term jobs for the state of Ohio while addressing environmental damage felt by the wider public. By utilizing our existing footprint in the state, we can leverage this project to optimize the use of our Ohio-based assets and workforce."
About Zefiro Methane Corp.
Zefiro is an environmental services company, specializing in methane abatement. Zefiro strives to be a key commercial force towards Active Sustainability. Leveraging decades of operational expertise, Zefiro is building a new toolkit to clean up air, land, and water sources directly impacted by methane leaks. The Company has built a fully integrated ground operation driven by an innovative monetization solution for the emerging methane abatement marketplace. As an originator of high-quality U.S.-based methane offsets, Zefiro aims to generate long-term economic, environmental, and social returns.
On behalf of the Board of Directors of the Company,
ZEFIRO METHANE CORP.
Catherine Flax
“Interim Chief Executive Officer”
For further information, please contact:
Zefiro Investor Relations
1 (800) 274-ZEFI (274-9334)
investor@zefiromethane.com
Forward-Looking Statements
This news 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. In particular, this news release contains forward-looking information including statements regarding: the Company’s intention to reduce emissions from end-of-life oil and gas wells and eliminate methane gas; the Company’s partnerships with industry operators, state agencies, and federal governments; the Company’s expectations for continued increases in revenues and EBITDA growth as a result of these partnerships; the Company’s intentions to build out its presence in the United States; the anticipated federal funding for orphaned well site plugging, remediation and restoring activities; the Company’s expectations to become a growing environmental services company; the Company’s ability to provide institutional and retail investors alike with the opportunity to join the Active Sustainability movement; the Company’s ability to generate long-term economic, environmental, and social returns; and other statements regarding the Company’s business and the industry in which the Company operates. 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, but are not limited to: (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; (iv) failure to obtain all necessary regulatory approvals; and (v) other risk factors set forth in its Prospectus dated April 8, 2024 under the heading “Risk Factors”. 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. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The forward-looking information included in this news release is made as of the date of this news 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.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by Zefiro Methane Corp. can be found under the Company's profile on SEDAR+ at www.sedarplus.ca/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d431acea-adf2-44a9-85ac-205e32f768d2
FAQ
What is the value of Zefiro's ODNR contract for well plugging and abandonment?
How many wells will be addressed under Zefiro's Ohio contract?
What is the current status of ZEFIF's Ohio ODNR contract?
What is the purpose of Zefiro's new Ohio contract?
Who will execute the well plugging work for ZEFIF in Ohio?
