Zefiro was Sole Bidder on Two of Three Awards; Combined Value of Contracts is Approximately US$1.9 Million
Bradford, Pennsylvania--(Newsfile Corp. - September 15, 2026) - Zefiro Methane Corp. (CBOE CA: ZEFI) (FSE: Y6B) (OTCQB: ZEFIF) (the "Company", "Zefiro", or "ZEFI"), a North American environmental services company specializing in methane abatement and the plugging of orphaned and end-of-life oil and gas wells, today announced that it has been awarded three additional federally funded well-plugging projects in Ohio and Pennsylvania with a combined value of approximately US$1.9 million, covering a total of 12 orphaned wells.
In Ohio, Zefiro has been awarded the Trumbull 3F and Lake 18F projects, each consisting of four wells, representing approximately US$1.47 million in combined revenue. Zefiro was the only bidder on the Lake 18F project. Together, the two awards equate to an average of approximately US$184,000 per well, a premium of more than 40% to the US$129,997.93 average per-well cost1 published under Ohio's Orphan Well Program, reflecting Zefiro's ability to command above-market rates for top-tier work.
Caption: One of the Wells to be Plugged by Zefiro During the Winter Season is Pictured, Located in Southington Township of Trumbull County, Ohio
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The third project is located in Pennsylvania and covers four wells, which have lower construction costs and overhead expenses compared to the wells in Ohio. Based on this, management expects Zefiro to realize at least US$435,000 in revenue from this "Time & Materials" contract, which has provisions for further compensation in the event the project goes beyond its initial scope. Zefiro was also the only bidder on this project. The wells sit within a five-minute drive of the Company's Bradford, Pennsylvania headquarters, which management expects to translate into minimal mobilization and operating overhead costs relative to comparable work.
Management expects work across the three projects to begin in December 2026 or January 2027. Under the terms of these government contracts, Zefiro retains discretion to perform the work at any point over the following 12 months. That flexibility allows the Company to prioritize time-sensitive private-sector work on a fast-response basis while slotting these federally funded projects into slower periods, supporting year-round utilization of crews and equipment in an industry where seasonal downtime is otherwise common.
Sources
1 - Orphan Well Program Report 2022 - Ohio Department of Natural Resources (Page 27)
Management Commentary
Zefiro Chief Executive Officer Catherine Flax commented: "Being the sole bidder on two of these three projects, and securing Ohio pricing well above the state's published average cost per well, speaks directly to the market position our crews have built over decades of work in these basins. We continue to compete on reputation and execution rather than on price, and these awards demonstrate that customers are willing to pay for reliability."
"Equally important is the scheduling flexibility these contracts provide. With a 12-month window to perform the work, we can keep rigs and crews productive through the slower months while preserving our ability to respond quickly when a private-sector client needs us on site. We look forward to executing this work as part of Zefiro's continued efforts to plug orphaned oil and gas wells across America."
About Zefiro Methane Corp.
Zefiro Methane Corp. (CBOE CA: ZEFI) (FSE: Y6B) (OTCQB: ZEFIF) is a North American environmental services company specializing in methane abatement and the plugging of orphaned and end-of-life oil and gas wells. Through operating subsidiary Plants & Goodwin, Inc., a third-generation well services company with a 50-plus-year operating history, Zefiro is vertically integrated across the well lifecycle - measurement and monitoring, plugging and abandonment, site restoration, and carbon credit origination - serving government and private-sector customers across 13 U.S. states. For more information, visit zefiroglobal.com.
Investor Relations Contact
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
ZEFIF@mzgroup.us
www.mzgroup.us
Notice Regarding References to Zefiro Entities
In this press release, the standalone name/term "Zefiro" collectively refers to both (i) Zefiro Methane Corp. (incorporated in the province of British Columbia, Canada) and (ii) Subsidiaries of Zefiro Methane Corp. unless explicitly stated or otherwise implied by the context. Likewise, first-person linguistic mechanisms such as "We", "Our", and "Us" also collectively refer to Zefiro Methane Corp. and its subsidiaries unless explicitly stated or otherwise implied by the context.
For instances in which a precise entity must be identified, the exact legal name of the entity in question will generally be stated (e.g., "Zefiro Methane Corp." would refer to this entity only and not any of its subsidiaries).
This convention is used only for convenience to facilitate simple and plain-language disclosures to investors, and a comprehensive overview of Zefiro Methane Corp.'s subsidiaries that are collectively referred to with the "Zefiro" name/term can be found in the Company's most recent MD&A, which can be accessed on SEDAR+ at www.sedarplus.ca/.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including U.S. and Canadian securities regulations and laws. These forward-looking statements are based on current expectations, estimates, projections, beliefs, and assumptions of management, including those of Zefiro Methane Corp., as of the date of this news release. Forward-looking statements typically include words such as "anticipates," "outlook", "seeks", "expects," "intends," "plans," "believes," "estimates," "may," "will," "should," "could," "would," "continue," "forecast," "potential," "targets," "goals," "vision," "strategy," and similar expressions or variations thereof. These statements may relate to, among other things, the Company's operational outlook, expansion plans, future direction, strategic initiatives, business plans, regulatory environment, growth prospects, pipeline, financial performance, timing and scope of projects, future market conditions, funding and capital requirements, partnerships, or other business developments. 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.
In addition, any statements made in this news release are not guarantees of future performance and are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to: fluctuations in commodity prices, changes in regulatory or political environments, operational risks, financing risks, market demand for emissions reduction or environmental services, delays in project execution, reliance on third-party partners or vendors, competition, and the overall economic environment. For a more detailed discussion of these factors and other risks, see the section entitled "Financial Risks" in Zefiro's management's discussion and analysis for the year ended June 30, 2025 and "Risk Factors" in Zefiro's annual information form for the year ended June 30, 2025, each of which is available under Zefiro's profile on SEDAR+ at www.sedarplus.ca/.
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; (v) The timing of commencement and completion of the projects described in this press release, which remain subject to weather, permitting, site conditions and scheduling; (vi) Variability in the revenue and margin ultimately realized on these projects relative to their awarded contract values; (vii) The continued availability and deployment of federal and state funding for orphaned well remediation; (viii) Anticipated outcomes from the projects as outlined in the press release; as well as other risk factors set forth in the Company's most recent Prospectus 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.
Zefiro Methane Corp. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements.
Also, this news release may include market and industry data obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information.
This news release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Zefiro Methane Corp., nor shall it form the basis of or be relied upon in connection with any investment decision.
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/.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314328
