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XA Interactive CEO Michael Prozer Launches New Division to Tackle Abandoned Oil Wells Crisis in the US

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XA Interactive CEO Michael Prozer Launches New Division to Tackle Abandoned Oil Wells Crisis in the US

April 11
14:36 2023
XA Interactive CEO Michael Prozer Launches New Division to Tackle Abandoned Oil Wells Crisis in the US
XA Interactive, Inc.

XA Interactive, Inc., a secondary recovery oil and gas and tech company has announced the launch of a new division dedicated to capping and plugging abandoned oil wells in the United States. This new initiative aims to address the environmental and safety hazards posed by improperly decommissioned wells, which have been a longstanding issue in the country.

According to the Environmental Protection Agency (EPA), there are an estimated 3 million abandoned oil and gas wells across the United States, with around two-thirds of these wells remaining unplugged and decommissioned. These wells can pose significant environmental risks, such as soil groundwater contamination, as well as potential safety hazards, including gas leaks and explosions.

“We recognize the significant environmental and safety risks posed by abandoned wells in the United States, and we are committed to addressing the issue head-on. Said Michael Prozer, CEO of XA Interactive, Inc. “Our new division will focus on identifying and exploring opportunities to cap improperly abandoned wells to protect the environment and communities.”

XA Interactive has recently launched an ambitious drilling project and is actively pumping oil in Texas, aiming with the company’s operators to drill and operate 335 sites and achieve significant oil production within 36 months. Despite its primary focus on the oil and gas drilling business, the company remains dedicated to upholding environmental stewardship and sustainability. XA Interactive actively plans to invest in developing advanced technologies to enhance its drilling and production operations while maintaining a strong emphasis on reducing its carbon footprint and minimizing environmental impact. Through this commitment, the company seeks to ensure that its drilling activities align with sustainable practices and contribute to the protection of the environment. 

“Our new division will leverage our team and operators’ expertise in oil and gas exploration and production to tackle this pressing issue in the United States.” Said Prozer. “We believe that by properly plugging and decommissioning abandoned wells, we can reduce environmental risks and ensure the safety of the communities in which we operate.”

XA Interactive is committed to investing significant resources in its new division and has already begun pursuing state and federal funding and grants to support its efforts. The company is gearing up to work with the Biden Administration and other stakeholders to secure funding for this critical initiative. 

Properly plugging and decommissioning abandoned wells represents a significant opportunity for XA Interactive to not only address a pressing environmental and safety issue, but also to generate significant revenue. Industry experts estimate that the value of properly capping the decommissioned abandoned wells in the United States is worth billions of dollars, making this new division a lucrative area of growth for XA Interactive.

The bipartisan infrastructure law passed by Congress dedicated nearly $5 billion to create a new federal orphan oil and gas well remediation and plugging program. 

The launch of the new division is a significant milestone for XA Interactive, and underscores the company’s commitment to addressing environmental challenges and driving innovation in the energy industry. The initiative is expected to create hundreds of new job opportunities and drive economic growth in communities across the country. 

ABOUT XA INTERACTIVE INC:

XA Interactive Inc.™ (“XA”) specializes in technology and digitalization to help solve the challenges of today’s world. The company has substantial oil and gas drilling operations, along with cutting-edge app development, expert development of top-quality digital advertising platforms and electric vehicle charging stations. XA is incorporated in Las Vegas, Nevada, with offices in Orlando, Florida.

XA is involved in three diverse fields of business: Natural Resources; Technology; and Electric Vehicle Charging Stations.

For more information, please visit www.xainteractive.com

Media Contact
Company Name: XA Interactive, Inc.
Contact Person: Josephine Vargas
Email: Send Email
City: Las Vegas
State: Nevada
Country: United States
Website: www.xainteractive.com

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