Zefiro Subsidiary Awarded USD $2.4 Million in Additional Federally Funded Projects to Plug 12 Orphan Wells in Ohio

Executive Summary

• Zefiro Methane Corp.'s subsidiary, Plants & Goodwin, Inc. (P&G), has been awarded three orphan well remediation contracts by the Ohio Department of Natural Resources (ODNR).
• The projects involve plugging 12 orphan wells and one water well across Lorain and Gallia counties, Ohio, funded by the federal Infrastructure Investment and Jobs Act (IIJA).
• Management expects the contracts to generate approximately $2.4 million in revenue, to be recognized in Q1 of Zefiro's 2027 fiscal year, with an average rate of ~$200,000 per well.

Key Details

• Contract Award: P&G awarded scope of work for three ODNR well-remediation projects: Lorain 8F, Lorain 11F, and Gallia 6F.
• Project Scope & Locations:
• Lorain 8F: 5 orphan wells in Eaton and Carlisle townships (Lorain County).
• Lorain 11F: 6 orphan wells plus 1 water well in Eaton township (Lorain County).
• Gallia 6F: 1 orphan well in Springfield township (Gallia County).
• Funding Source: Administered by ODNR using federal funding under the Infrastructure Investment and Jobs Act (IIJA), which provides a $4.7 billion allocation for plugging orphaned wells nationwide.
• Financial Terms: Combined expected revenue of ~$2.4 million, to be realized during Q1 FY2027 (three months ending September 30, 2026).
• Pricing Metrics: Average rate of nearly $200,000 per well, approximately 50% higher than the $129,997.93 average awarded plugging cost per well published in the 2022 ODNR Orphan Well Program Annual Report.
• Market Position: P&G was one of only two bidders on two of the three projects, reinforcing its dominant position in the Ohio bidding pool.
• Project Timeline: Work is scheduled to begin in July 2026.
• Existing Portfolio Context: Contracts add to P&G's current ODNR portfolio, including the Wood 12F project ($4.5M for 37 wells) and a Construction Manager at Risk (CMAR) project under the Methane Emissions Reduction Program (MERP), which began in June 2026 and is expected to generate ~$19.6M in revenue between June 2026 and May 2029.

Notable Quotes

• Catherine Flax, CEO of Zefiro: "Our newly expanded capacity is already proving to pay off, as we continue to benefit from the latitude that comes with more rigs and a larger workforce. Zefiro's ability to promptly begin work after bidding on projects enables us to take full advantage of the IIJA funds that are continuing to be deployed by states that have orphaned wells. The calendar year of 2026 is proving to be quite prosperous for Zefiro as we take on new contracts, enter new markets, and continue to do more and more business with a management team that is aligned, focused, and motivated to drive growth."
• Luke Plants, CEO of P&G & SVP of Corporate Development for Zefiro: "Being awarded these three contracts with so few competing bids is truly a testament to the strength of our market presence in Ohio. Very few U.S. environmental services companies have the bandwidth to perform plug-and-abandonment work at a rate that can keep up with how rapidly government funding is being released. As this pace continues to pick up, we are diligently ensuring that our crews and equipment are fully utilized, while seeking to make strategic additions to our fleet and crew size as necessary."