HARRISON, NY - 
(NewMediaWire) - June 05, 2024 - Metawells Oil & Gas
Inc. (OTC Pink: KOSK) ("KOSK" or the "Company"), and Global
Oil & Gas Recovery Corp. (GlobalOG) release information on the patented
Mobile Refining Unit (MRU) solution developed for producing green fuels from
wasted natural gas.
Methane emissions are among the top causes of global warming responsible for around 30% of the rise in global temperatures since the Industrial Revolution; it is the second largest contributor to global warming after CO2. Methane tends to leak into the atmosphere undetected from drill sites, gas pipelines and other oil and gas equipment, so reining in methane emissions can have a more immediate impact on limiting climate change. The market segments include oil and gas, landfill gas, bio gas, shale gas, large scale to produce diluents to transport heavy oil to the US market. In Canada, the Alberta Energy Regulator is shutting in wells that can’t meet the emission objectives. Furthermore, EPA's new policies will ban routine flaring of natural gas produced by newly drilled oil wells, require oil companies to monitor for leaks from well sites and compressor stations and establishes a program to use third party remote sensing to detect large methane releases from so-called "super emitters".
Tackling methane emissions is one of the most cost-effective ways to reduce greenhouse gas emissions. The MRU technology developed and patented by PENG for GlobalOG, addresses the flaring, venting and leaking abandoned wells issue by capturing the wasted methane gas and converting it to a usable fuel. The MRU technology converts methane to liquid by applying a catalytic partial oxidation (CPOX) step in a milli-second reactor. This compact reactor costs a fraction of steam methane reforming (SMR) because it is exothermic rather than endothermic and so heat management is much simpler. The patented MRU technology is currently in final development stages and could be ready for production in late 2024. This technology provides this economic alternative with an expected payback in 12 to 18 months. So, this would trigger a huge demand for the units as companies would be obliged to buy it.
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 to implement Enhanced Oil Recovery (EOR) techniques to existing abandon wells, maturing oil fields and previously tapped reserves located in the United States and Canada. By restoring these existing oil and gas wells we create value for our shareholders by generating revenue from oil and gas production.
Green Technology - Focused on Methane Emission Mitigation
The company is funding the further development of Mobile / Methane Refining Unit (MRU) developed and patented by PENG. Oil and gas companies flare more than $10.6 billion in natural resources every year. They set fire to billions of cubic feet of natural gas through flaring and venting each year. Flaring, venting and leaking abandoned gas wells not only waste natural resources but pollute the atmosphere with hazardous methane gases. The MRU technology addresses the flaring, venting and leaking abandoned wells issue by capturing the wasted methane gas and converting it to a usable fuel. This technology is currently in final development stages and could be ready for production in late 2024. To learn more visit: https://globaloilandgasrecovery.com
About Metawells Oil & Gas Inc.
Metawells Oil & Gas Inc. is a holdings company founded in the State of Nevada and engaged in two sectors, the energy sector and the sector of technology. The Company is set to forge strategic collaborations and develop both business segments to accelerate the company growth.
Forward-Looking Statements:
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Contact Information
For more information contact:
Ronald Minsky, President
Phone: (212) 381-8029
contact@metawellsinc.com