project restore represents an initiative to reduce the number of orphaned/abandonded oil and gas wells in america

Due to the boom and bust cycle of the oil and gas industry, the United States is home to an estimated 3,000,000 orphaned oil and gas wells. Many of these wells have been neglected for years. Orphaned oil and gas wells are wells that do not have a viable operator or owner associated with the well. Of the 27 American states who have historically produced oil and gas, at least 20 have an unconfirmed and underfunded number of orphaned wells. And none of these states has a plan or budget for addressing this issue.

Most of these wells have the potential to be hazardous to the environment. These wells have the potential to release methane into the environment and can introduce toxic brine (formation) water into the drinking water table. The current damage is unknown and needs to be addressed.

Decommissioning these legacy oil and gas well sites and production systems has the potential to qualify for marketable carbon offset credits.

Crestmont launched the Project Restore to acquire orphaned or stranded oil and gas wells and represents a partnership with leading land, civil engineering, geologic and engineering firms in an effort to identify the locations of these wells.

For more information or inquiries, please contact info@crestmontinvestments.com with “Restore” in the subject line.