HARRISON, NY - (NewMediaWire) - June 05, 2024 - Metawells Oil & GasInc. (OTC Pink: KOSK) ("KOSK" or the "Company"), and GlobalOil & Gas Recovery Corp. (GlobalOG) release information on the patentedMobile Refining Unit (MRU) solution developed for producing green fuels fromwasted natural gas.
Methane emissions are among thetop causes of global warming responsible for around 30% of the rise in globaltemperatures since the Industrial Revolution; it is the second largestcontributor to global warming after CO2. Methane tends to leak into theatmosphere undetected from drill sites, gas pipelines and other oil and gasequipment, so reining in methane emissions can have a more immediate impact onlimiting climate change. The market segments include oil and gas, landfill gas,bio gas, shale gas, large scale to produce diluents to transport heavy oil tothe US market. In Canada, the Alberta Energy Regulator is shutting in wellsthat can’t meet the emission objectives. Furthermore, EPA's new policies will ban routine flaring of natural gasproduced by newly drilled oil wells, require oil companies to monitor for leaksfrom well sites and compressor stations and establishes a program to use thirdparty remote sensing to detect large methane releases from so-called"super emitters".
Tacklingmethane emissions is one of the most cost-effective ways to reduce greenhousegas emissions. The MRUtechnologydeveloped and patented by PENG for GlobalOG, addresses the flaring, venting andleaking abandoned wells issue by capturing the wasted methane gas andconverting it to a usable fuel. The MRU technology converts methane to liquidby applying a catalytic partial oxidation (CPOX) step in a milli-secondreactor. This compact reactor costs afraction of steam methane reforming (SMR) because it is exothermic rather thanendothermic and so heat management is much simpler. The patented MRU technologyis currently in final development stages and could be ready for production inlate 2024. This technology provides this economic alternative with an expectedpayback in 12 to 18 months. So, this wouldtrigger a huge demand for the units as companies would be obliged to buyit.
More information will be released as the Company moves on with the implementation of its business plan.
ABOUT GLOBAL OIL & GAS RECOVERY CORP.
The Company's primary focus is toimplement Enhanced Oil Recovery (EOR) techniques to existing abandon wells,maturing oil fields and previously tapped reserves located in the United Statesand Canada. By restoring these existing oil and gas wells we create value forour shareholders by generating revenue from oil and gas production.
Green Technology - Focused on Methane Emission Mitigation
The company is funding thefurther development of Mobile / Methane Refining Unit (MRU) developed andpatented by PENG. Oil and gas companies flare more than $10.6 billion innatural resources every year. They set fire to billions of cubic feet ofnatural gas through flaring and venting each year. Flaring, venting and leakingabandoned gas wells not only waste natural resources but pollute the atmospherewith hazardous methane gases. The MRUtechnology addresses the flaring, venting and leaking abandoned wells issue bycapturing the wasted methane gas and converting it to a usable fuel. Thistechnology is currently in final development stages and could be ready forproduction in late 2024. To learn more visit:https://globaloilandgasrecovery.com
About Metawells Oil & GasInc.
Metawells Oil & Gas Inc. is aholdings company founded in the State of Nevada and engaged in two sectors, theenergy sector and the sector of technology. The Company is set to forgestrategic collaborations and develop both business segments to accelerate thecompany growth.
Forward-Looking Statements:
Safe Harbor Statement - Inaddition to historical information, this press release may contain statementsthat constitute forward-looking statements within the meaning of the SecuritiesAct of 1933 and the Securities Exchange Act of 1934, as amended by the PrivateSecurities Litigation Reform Act of 1995. Forward-looking statements containedin this press release include the intent, belief, or expectations of theCompany and members of its management team with respect to the Company's futurebusiness operations and the assumptions upon which such statements are based.Prospective investors are cautioned that any such forward-looking statementsare not guarantees of future performance and involve risks and uncertaintiesand that actual results may differ materially from those contemplated by suchforward-looking statements. Factors that could cause these differences include,but are not limited to, failure to complete anticipated sales undernegotiations, lack of revenue growth, client discontinuances, failure torealize improvements in performance, efficiency, profitability, and adversedevelopments with respect to litigation or increased litigation costs, theoperation or performance of the Company's business units or the market price ofits common stock. Additional factors that could cause actual results to differmaterially from those contemplated within this press release can also be foundon the Company's website. The Company disclaims any responsibility to updateany forward-looking statements.
Contact Information
For more information contact:
Ronald Minsky, President
Phone: (212) 381-8029
contact@metawellsinc.com