HARRISON, NY - 
(NewMediaWire) - May 16, 2024 - Metawells Oil & Gas Inc. (the "Company" or "KOSK") is pleased to announce that it has entered into a definitive agreement dated May 14, 2024 (the "Definitive") to merge with Global Oil & Gas Recovery Corp. an arm's length privately held company ("GlobalOG") incorporated in the state of Delaware.
The transaction is structured as a shares exchange and KOSK will acquire all the issued and outstanding capital interest or shareholdings of Global, in exchange with KOSK authorized but unissued common stock. The agreement includes a series of representations and warranties by both parties and conditions that precedent the corporate action. Global is currently a private company and exists in good standing under the laws of the State of Delaware.
KOSK President Ronald Minsky states that, "This merger with Global will be extremely beneficial for KOSK shareholders as Global brings in cutting edge technology for the recuperation of oil and gas from abandoned and zombie oil fields in the U.S. and Canada." Global Oil and Gas Recovery Corporation CEO Richard Cindric states, "Global has been looking for the proper partner to take our business to new heights with our cutting-edge technology. We look forward to the days ahead to putting our company on the map as a big player in the oil and gas recovery business."
About Metawells Oil & Gas Inc.
Metawells Oil & Gas Inc. is a holding 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. The company is currently working on its strategic business plan to become an oil producer, focused on the multi-zone development and Enhanced Oil Recovery (“EOR”) of “extreme shallow” medium gravity oil.
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.
Our Green Technology - Is Focused on Methane Emission Mitigation
The company is funding the further development of a patented Mobile Methane Refining Unit (MRU). Oil and gas companies flare more than $10.6 billion in natural gas (methane) every year. The MRU technology eliminates the flaring, venting and leaking of abandoned wells by capturing the waste 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
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
X twiter: @metawells
