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.
Forward Looking Statement
Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The statements contained herein may contain certain forward-looking statements relating to NXMR that are based on the beliefs of NXMR's management as well as assumptions made by and information currently available to NXMR's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the NXMR's business prospects, future developments, trends and conditions in the industry and geographical markets in which NXMR operates, its strategies, plans, objectives and goals, its ability to control costs, statements relating to prices, volumes, operations, margins, overall market trends, risk management and exchange rates.
ABOUT US
NextMart, Inc., a Delaware Corporation, is a public quoted Pink Sheet issuer under the ticker symbol "NXMR". Currently, NXMR currently is a shell company with a new management team with plans to become a current alternative reporting issuer with OTC Markets. The Company is currently looking for an appropriate business acquisition.
CONTACT:
4602 West Pierce Street
Carlsbad, New Mexico 88220
Company Web Site: https://nextmartcorporation.com/
Emco Oilfield Services, LLC Web Site: https://emcooilfield.com/
Twitter: @CorporationNxmr
SOURCE NextMart, Inc.
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