TORONTO, ONTARIO--(Marketwired - Oct. 25, 2016) - MCW Energy Group Limited ("MCW") (TSX VENTURE:MCW), (OTCQX:MCWEF), a Canadian holding company involved in the development of environmentally-friendly oil sands technologies, the production of oil from Utah's vast oil sands deposits, and remediation projects involving extraction of contaminating hydrocarbons, today announced key elements of a working program for Q4-2016 to Q1-2017 between its two lease properties at Asphalt Ridge, Utah.
Encouraged by the upward trend of world oil prices now hovering at the $ 50.00 bbl. price benchmark, MCW has developed a plan focusing on the reduction of production costs and at the same time completing its previously announced increase of production levels from 250 bbl/day to 500 bbl/day capacity. During 2015, MCW produced 10,000 bbl. and sold close to 6,000 bbl. to the Utah market. The average cost per barrel at the MCW plant site in Maeser, Utah is $ 31.00 - $ 33.00 USD (Validated by Nexant, Inc., 2016). MCW's production plan include:
- MCW will move its extraction plant to the Temple Mountain site. Since the Temple Mountain site is privately owned, having the plant there will cause a reduction in the environmental and regulatory costs. Currently at a 250 bbl/day production level, the relocation of this plant will also save $ 7.60 per barrel on freight/transportation costs. (Validated by Nexant, Inc., 2016). Built in a modular format, the plant can be easily disassembled, then re-assembled within 90 days.
- After re-assembling at the Temple Mountain site and the augmentation to 500 bbl/day unit, the MCW commercial plant is expected to commence production during the Spring of 2017. Between MCW's two leases there is a mineable total resource of approximately 87 million bbl of oil. (Validated by Chapman Petroleum Engineering, "Evaluation of Prospective Resources, 2015 N/W Asphalt Ridge Area, Utah, 2012)
About MCW Energy Group:
MCW Energy Group Limited is focused on value creation via the development and implementation of (i) proprietary, environmentally-friendly oil sands technologies and remedial tailing ponds projects solutions (ii) expanding production capacities of its extraction plant in Asphalt, Ridge, Utah, and (iii) the formulation of worldwide joint ventures and the licensing of oil sands opportunities with worldwide with private and government entities within countries possessing extensive oil sands/oil shale deposits. MCW's management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, both in upstream and downstream industry sectors.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, increasing production levels from 250 bbl./day to 500 bbl./day, MCW successfully relocating its plant to the Temple Mountain site, MCW having the necessary funds to complete the foregoing, commercial viability of the technology and the extraction plant,, plant performances and future plans and objectives. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although MCW believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations that the expectations of any forward-looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligationto update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in factors reflecting such forward-looking statements or otherwise.
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