Business
CORRECTION: Metawells Oil & Gas Inc. (KOSK) & Global Oil & Gas Recovery Corp. - Sign Letter of Intent to Commence Merger
CORRECTION: Metawells Oil & Gas Inc. (KOSK) & Global Oil & Gas Recovery Corp. - Sign Letter of Intent to Commence Merger.
About this update from Metawells Oil & Gas Inc.
[{"type":"text","content":"CORRECTION:Harrison, New York April 19th, 2024 METAWELLS OIL & GAS INC. (OTC: KOSK) (\"KOSK\") or the \"Company\"), Global Oil & Gas Recovery Corp. (GlobalOG) and KOSK signed an LOI to begin the Merger process. The Principals of GlobalOG and the Company are excited to implement its business plan and build long term shareholder value.ABOUT GLOBAL OIL & GAS RECOVERY CORP. The Company's primary focus is to implement Enhanced Oil Recovery (EOR) techniques to existing abandoned 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 MitigationThe 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.comAbout 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 ...