Zefiro subsidiary begins $4.5M orphan well project

Executive Summary

• Zefiro Methane Corp.'s subsidiary, Plants & Goodwin Inc. (P&G), has begun work on the Wood 12F orphan well plugging project in Ohio, valued at approximately $4.5 million USD.
• This project is the second-largest orphan well project completed by P&G to date and represents additional revenue from federal Infrastructure Investment and Jobs Act (IIJA) funding.
• P&G has already generated approximately $600,000 USD from plugging five of the 37 wells in this project and will deploy six rigs to complete the work.

Key Details

• Project Scope: Wood 12F involves plugging 37 orphan wells located in Wood County, Ohio, near Bowling Green.
• Financial Value: The project is expected to generate approximately $4.5 million USD in revenue.
• Current Progress: As of the release, P&G has plugged five of the 37 wells, generating approximately $600,000 USD in revenue.
• Operational Capacity: Six rigs will be deployed by the following week; five will clean out and plug wells back to surface, while one will place conductor casing to maintain wellbore integrity and protect groundwater.
• Cumulative Ohio Funding: Between Wood 12F and two other federally funded projects, P&G has been awarded a cumulative total of approximately $5.51 million USD in Phase 1 formula grant funds from the IIJA.
• Market Share: This award represents approximately 37% of all funds awarded to date in Ohio from IIJA Phase 1 formula grant funding (which totaled $57.7 million USD allocated, with ~$15 million USD awarded to date as of July 2023).
• Historical Context: The largest orphan well project previously completed by P&G was under New York's initial IIJA grant funding, generating approximately $8 million USD.
• Previous Contract: In June 2025, P&G was selected as the prime contractor for a separate $19.6 million USD, three-year CMAR contract for high-priority marginal wells in Ohio.

Notable Quotes

• Luke Plants, Senior Vice-President of Corporate Development and P&G CEO: "With a growing docket of projects awarded to P&G by government agencies in several U.S. states, we are thrilled that our execution tactics on the job site are helping us to gain a competitive advantage. For Wood 12F, we have established a central supply point on the project where fresh water, cement, fishing tools, safety supplies and other items are stocked for easy access. This allows us to gain greater economies of scale and profitability, in contrast to smaller contractors who would only be able to deploy one or two rigs simultaneously."
• Luke Plants: "We believe that this model of winning large projects and attacking them with maximum resources for quick turnaround will be the blueprint for unlocking shareholder value for ZEFI shareholders in the face of nearly $4-billion (U.S.) of remediation projects that are still to come under the IIJA."