FOR IMMEDIATE RELEASE
Calgary, Alberta – Sept. 23, 2020 –Today, Radicle Group Inc. (Radicle) and Well Done Foundation Inc. (WDF) announce a new partnership focused on generating carbon offsets for plugging orphaned and abandoned oil and gas wells.
Both organizations recognize the significant environmental
benefits of completing this work and are developing the financial incentive to go along with it.
The “Well Done Process” is a multi-step initiative built upon public and private partnerships: the Well Done Foundation identifies a high-emitting orphaned and abandoned oil or gas well and qualifies it through a rigorous measurement and monitoring regiment, bonds it with the regulatory body, and then launches a campaign to raise funds to plug the well and restore the impacted surface areas. Working closely with the surface landowners, WDF develops a “plugging plan” and obtains a permit from the state for the project.
Next, it identifies and designates an “adoptive family” for the orphaned and abandoned well (either a corporate or individual benefactor), selects a team for the downhole and surface work, and executes the project to successful completion.
“We’re very pleased to work with Radicle to pursue a formal carbon offset program, ultimately recognized by the American Carbon Registry,” Well Done Foundation Chairman and Founder Curtis Shuck says. “Adopting and plugging these wells is only one way to contribute to the fight against climate change. We want to make our campaign accessible to anyone who wishes to get involved, and the purchase of carbon credits generated from our projects is an easy and affordable way to offset any party’s carbon footprint and helps us achieve that, one well at a time.”
Radicle specializes in supporting organizations like WDF, and over 3,000 others, to monetize their environmental efforts. In this project, Radicle will support WDF in pursuing the development of a carbon offset methodology through the American Carbon Registry (ACR)’s program to create a pathway to monetization for the reduction in emissions.
“People should be rewarded for sustainable initiatives at this scale,” says Rori Cowan, Director of US Business Development for Radicle. “We’re excited to collaborate with Well Done Foundation and develop an avenue to generate carbon offsets, which allows them to expand their efforts and will make the great work they do to mitigate climate change more affordable.”
Together, Radicle and WDF’s work will support ongoing sustainability initiatives to reduce emissions and make the world better for generations to come.
Radicle helps guide today’s progressive companies towards tomorrow’s sustainable future. From our early beginnings in Calgary, Canada, when we developed one of the world’s first software platforms to measure, qualify, and aggregate greenhouse gas emissions, we’ve now taken root internationally to leverage data, insights, and technology to safeguard our shared tomorrow. Radicle works with agriculture, energy, manufacturing, commercial, and financial services to enable planet-positive solutions by increasing efficiency while lowering costs and emissions. We believe that financial and environmental sustainability are two sides of the same coin: balance between the two is possible. Visit radiclebalance.com to learn more.
About the Well Done Foundation
Formed in 2019, the Well Done Foundation enables the oil and gas industry to partner with the conservation community to create an alternative pathway to success that benefits all. The Well Done Process creates a strategic partnership among regulators, surface owners and adoptive parties, leading to a safe and seamless system that provides cost-effective and lasting results that improve the environment while working with the industry in a transparent structure that delivers value to its Triple Bottom Line: community partnerships (people), environmental responsibility (planet), and economic benefits (profit). Montana’s Golden Triangle Region is home to some of the richest soil and most productive growing acres in the United States. The Well Done Foundation works with its partners to transition the orphaned well sites into their next levels of service. For more information, visit https://welldonefoundation.com/.