Send PM
Followers 409
Posts 30182
Boards Moderated 3
Alias Born 01/13/2017

Re: None

Friday, 09/09/2022 9:52:42 AM

Friday, September 09, 2022 9:52:42 AM

Post# of 2716
NextMart, Inc. - Well Plugging Program

CARLSBAD, N.M., Sept. 9, 2022 /PRNewswire/ -- NextMart, Inc. (the "Company" or "NXMR" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce it will be adding a new oil field service in the plugging of abandoned wells for the State of Oklahoma, Texas, and New Mexico.

The Company will be initially contracted to service and plug five hundred (500) wells for the State of Oklahoma, five hundred (500) for the State of Texas, and one hundred (100) for the State of New Mexico. The average payment for the capping of wells will vary between $20,000 USD to $40,000 USD each dependent on the depth of the well to be serviced. The cost to plug abandoned wells will run around $3,000 USD to $5,000 USD per well. The Company will add on a conservative basis over $20,000,000 USD in top line revenue with a profit margin of a minimum of 50%-70%.

Mr. Maldonado (CEO of the Company), states…"We have been working on this well plugging program for several months now and we are extremely pleased to finally be moving forward with official contracts of service with each state. The well capping program will be operated out of the footprint of the new water stations we recently announced. The profit margin on the capping of what is commonly referred to as "Orphan Wells" is extremely profitable and the amount of these types of abandoned wells in the State of Oklahoma, Texas, and New Mexico will take years to complete. We expect this new type of oil field service to make a material change in both our top line revenue as well as net income. As long as we continue to properly fulfill our contracts with each state, we will continue to get new contracts to do the same on an ongoing basis. Federal funding under the bipartisan infrastructure bill that was recently passed set aside a significant amount of money to the states to finally deal with these Orphan Wells some of which have been around for over 100 years. We plan to make this oil field service a main revenue driver for the next couple years."

There is estimated to be tens of thousands of abandoned oil and gas wells in the State of Oklahoma, Texas, and New Mexico (especially the Permian Basin) that require full well capping and plugging alone. The federal government has identified 81,000 orphaned oil and gas wells nationwide. The wells are considered to be an environmental hazard due to the amount of methane that is emitted from these wells. The state funding for this program is now coming mainly from the bipartisan infrastructure bill recently passed by the federal government which has set aside over $4.7B USD in funding to plug orphan wells nationwide. It is estimated that millions of Americans live within a mile of an orphaned oil and gas well, thus polluting backyards, recreation areas and community spaces.?Methane leaking from these unplugged orphaned wells is a serious safety hazard. They may also be a a significant cause of climate change as methane is 25 times as potent as CO2 at trapping heat in the atmosphere.

NXMR $$$

Day Range:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
Recent NXMR News

FEATURED Electromedical Technologies Announces Financial and Operational Highlights for the Three and Nine Months Ended September 30, 2022 Dec 5, 2022 7:15 AM

$10.97 Billion Potential Global Condom Market Could be a Key Driver of Growth for Israeli Cannabis Technology Company BYND Cannasoft Enterprises BYND Dec 5, 2022 8:00 AM

Israeli Cannabis Technology Company BYND Cannasoft Enterprises Inc. Files EZ-G Patent Application to Include Double Faceted Condom BYND Dec 2, 2022 10:38 AM

Healixa Inc. Appoints Former Acting Secretary of Defense of The United States Christopher C. Miller to Its Advisory Board EMOR Dec 1, 2022 9:20 AM

Kona Gold Beverage, Inc's Gold Leaf Distribution Subsidiary Posts Record Revenue Month in November KGKG Dec 1, 2022 9:00 AM

Mullen Automotive Officially Closes on Acquisition of ELMS Assets, Takes Possession of Plant in Mishawaka, Ind., All Intellectual Property and Related Inventory MULN Dec 1, 2022 8:31 AM

HealthLynked Announces Points Reward Program for Online Medical Supplies Purchases HLYK Dec 1, 2022 8:00 AM

InnerScope Hearing Technologies (OTC: INND) Launches Its iHEAR Brand of OTC Hearing Aids on INND Dec 1, 2022 8:00 AM

Aduro Announces Completion of Mechanical Assembly of its R2 Plastic Reactor ACT Dec 1, 2022 7:59 AM

Fission 3.0 Intersects Off-Scale Mineralization in the First Follow Up Hole at PLN A1 Discovery FUU Nov 30, 2022 8:21 AM

Healixa Expands Advisory Board with Appointment of Accomplished C-Level Executive with History of Accelerating Profitable Growth EMOR Nov 29, 2022 9:26 AM

AgriFORCE Receives Patent Allowance from the United States Patent and Trademark Office Related to its Proprietary Process and Technologies for the UN(THINK) Foods Brand AGRI Nov 29, 2022 9:24 AM

Kona Gold Beverage, Inc Partners with Strategy & Execution Inc to Accelerate Beverage Growth in 2023 KGKG Nov 29, 2022 9:00 AM

Nextech AR CEO Evan Gappelberg Buys 250,000 Shares of Company Stock In Open Market Purchases NTAR Nov 29, 2022 7:15 AM

Goldshore Intersects Additional High-Grade Shears in the QES Zone at the Moss Lake Gold Project GSHR Nov 28, 2022 8:39 AM