Zefiro Subsidiary Plants & Goodwin Awarded Additional Government-Funded Remediation Work in Ohio

Rhea-AI Summary

Zefiro Methane Corp. (OTCQB: ZEFIF) announced its subsidiary Plants & Goodwin (P&G) has secured the Belmont 6 project from the Ohio Department of Natural Resources (ODNR), valued at USD $420,784.45. The project involves decommissioning and environmental remediation of four orphaned oil and gas wells in Belmont County, Ohio.

P&G won the contract with the lowest bid among eight contractors, with competing bids ranging from USD $434,189.00 to USD $792,123.50. The company expects to achieve a 20% profit margin on this project. This award follows P&G's recent USD $19.6 million Construction Manager at Risk contract from ODNR, as well as earlier projects involving 50 wells throughout Ohio and 10 wells in Ashtabula County.

The Belmont 6 project encompasses four specific wells: Polivka #1, Ronald Rice #3, Rice EJ #1, and Rice EJ #2, with depths ranging from 1,034 to 4,000 feet, requiring various remediation approaches due to their different conditions and locations.

Positive

• Won competitive bid at USD $420,784.45, beating seven other contractors
• Expected profit margin of 20% on the Belmont 6 project
• Recently secured larger USD $19.6 million management contract from ODNR
• Demonstrated continued business growth with multiple contract wins in Ohio
• 55-year track record of successful operations in environmental remediation

Negative

• None.

Earlier this month, the Company announced that the Ohio Department of Natural Resources awarded Zefiro subsidiary Plants & Goodwin a three-year Construction Manager at Risk contract totalling USD $19.6 million. The same department has awarded Plants & Goodwin the “Belmont 6” project, which involves decommissioning and environmental remediation of four orphaned oil and gas wells in Belmont County (near the Ohio/Pennsylvania state line) with a total project value of USD $420,784.45.

FORT LAUDERDALE, Fla., June 30, 2025 (GLOBE NEWSWIRE) --  ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (OTCQB: ZEFIF) (the “Company”, “Zefiro”, or “ZEFI”) is pleased to announce that its subsidiary Plants & Goodwin Inc. (“P&G”) has been awarded the Scope of Work for Belmont 6, a project which consists of four orphan well sites in Belmont County, Ohio in the townships of Pultney and Richland. This orphan well plugging contract is issued by the Ohio Department of Natural Resources (“ODNR”) with whom P&G has a long-established working relationship. Seven other contractors issued bids for Belmont 6 ranging from USD $434,189.00 to USD $792,123.50, and P&G prevailed with its bid of USD $420,784.45. P&G estimates that it will realize margin of approximately 20% from this project.

The ODNR’s project page for Belmont 6 can be accessed through the following link: https://ohiodnr.gov/business-and-industry/business-opportunities/closed-orphan-well-plugging-contracts/owp-belmont-6

Additionally, the full 90-page Scope of Work for Belmont 6 can be accessed through the following link: https://dam.assets.ohio.gov/image/upload/ohiodnr.gov/documents/oil-gas/contractor/SOW-Belmont_6.pdf

Details of each of the four wells comprising the Belmont 6 project are provided below:

• Polivka #1 (Pultney, Ohio): Drilled in 1981 to a depth of 3,999 feet, produced from the Ohio Shale. Polivka #1 is equipped with multiple casing strings and was located on a parcel owned by Pyrotechnics by Presutti.
  
  
• Ronald Rice #3 (Richland, Ohio): Drilled in 1981 to a depth of 4,000 feet, also produced from the Ohio Shale. Ronald Rice #3 has casing cemented nearly to surface, and it lies above an abandoned underground coal mine and within a reclaimed surface mine.
  
  
• Rice EJ #1 (Richland, Ohio): Drilled in 1945 to a depth of 1,159 feet. This well produced gas from the Salt Sand formation. It is outfitted with open-hole completions and a combination of tubing and casing, some of which is corroded or open to the atmosphere.
  
  
• Rice EJ #2 (Richland, Ohio): Drilled in 1945 to a depth of 1,034 feet. This well produced gas from the Salt Sand formation. It is outfitted with open-hole completions and a combination of tubing and casing, some of which is corroded or open to the atmosphere.

P&G was also recently awarded a USD $19.6 million plugging and abandonment management contract from ODNR. Additionally, earlier this year ODNR awarded P&G an eight-project slate of 50 wells throughout Ohio, which was followed by a project of ten wells in Ashtabula County, Ohio under ODNR’s purview.

Zefiro subsidiary Plants & Goodwin Inc. is actively conducting environmental remediation work throughout the state of Ohio working with government agencies such as the ODNR, as well as private land owners

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Zefiro Interim Chief Executive Officer Catherine Flax commented, “With fully integrated operations, a top-of-the-line equipment fleet, and some of the most talented environmental remediation personnel in the country, P&G has consistently proven itself over the past 55 years as a trusted and results-oriented service provider for oil and gas well projects across the Appalachia region. As P&G continues to be awarded projects from government bodies as well as private-sector entities, Zefiro is pleased to be tackling a larger and larger percentage of the orphan well crisis in the United States. We have accomplished a lot so far in 2025, and with the addition of Belmont 6 to our portfolio of projects for the year, we are thrilled to be keeping up this exciting growth momentum.”

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/f1c25ae2-3f38-45c4-a396-55b08f9a3a61

FAQ

What is the value of Zefiro's (ZEFIF) new Belmont 6 contract in Ohio?

The Belmont 6 project was awarded to Zefiro's subsidiary Plants & Goodwin for USD $420,784.45, the lowest bid among eight contractors.

How many wells will Zefiro (ZEFIF) remediate in the Belmont 6 project?

The Belmont 6 project includes the remediation of four orphaned oil and gas wells located in Belmont County, Ohio, in the townships of Pultney and Richland.

What profit margin does Zefiro (ZEFIF) expect from the Belmont 6 project?

Plants & Goodwin estimates it will realize a margin of approximately 20% from the Belmont 6 project.

What other contracts has Zefiro (ZEFIF) recently won in Ohio?

Zefiro recently won a USD $19.6 million plugging and abandonment management contract, an eight-project slate of 50 wells throughout Ohio, and a project of 10 wells in Ashtabula County.

What are the depths of the wells in Zefiro's (ZEFIF) Belmont 6 project?

The wells range in depth from 1,034 to 4,000 feet. Specifically, Polivka #1 is 3,999 feet, Ronald Rice #3 is 4,000 feet, Rice EJ #1 is 1,159 feet, and Rice EJ #2 is 1,034 feet deep.