SOURCE: MCW Energy Group

MCW Energy Group

September 02, 2015 09:30 ET

MCW Energy Group Reports on Production Progress of Its Environmentally-Friendly Oil Sands Extraction Plant in Asphalt Ridge, Utah

TORONTO, ON--(Marketwired - Sep 2, 2015) - MCW Energy Group ("MCW") (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian-registered holding company involved in the development of environmentally-friendly oil sands technologies, through Oil Sands Recovery, LLC, today announced further progress of Utah's first producing oil sands project based in Vernal, Utah.

MCW's ground-breaking, proprietary extraction technology was proven last October, 2014. Since that time, the Company implemented a Systems Optimization Program, enhancing extraction efficiencies with slight modifications and reductions in extraction times, component performance and feedstock flow. The 250 bbl/day plant has now been producing oil on an increased basis as a result of a second shift. A third shift will be added very shortly that will result in a 24 hour operation, 360 days a year. In order to streamline feedstock supply, two shifts of workers have also been implemented at the Temple Mountain Energy mine site in order to prepare and stockpile oil sands feedstock for immediate delivery to MCW's nearby lease site. As of last week, August production totalled over 1500 barrels of oil.

The next stage of MCW's increased capacity program will be to augment its current 250 bbl/day plant capacity to a 500 bbl/day level. "When we were designing the original configuration of our first extraction plant, we had the foresight to design the superstructure to facilitate a 500 bbl/day production level," stated Dr. Vladimir Podlipskiy, Chief Technology Officer. He added, "We have two large mixing vessels at the top of this superstructure. A simple modification to our existing conveyor belt will accommodate the increase in feedstock volume, which will also assist in faster delivery time to the separation stages of our process. Our drying vessel is also large enough to handle the increased capacity." Additional storage tanks have been installed on the lease site for larger volumes of solvents and oil storage capacities.

The second stage of MCW's increased capacity includes the funding, designing and fabrication of a 5,000 bbl/day extraction plant. MCW's technical and geological teams have been working closely with a global financial institution towards the financing of this larger plant. The bank's due diligence programs include a feasibility study of MCW's extraction technology. "We're currently working closely with this financial group to assist in the completion of their financial feasibility program," stated MCW's Chairman, Aleksandr Blyumkin. The institution currently has a technical crew onsite verifying the technology which will complete the last phase of their study for the $ 70 million project.

In other developments, MCW is participating in the upcoming Uinta Basin Energy Summit, a conference held by the Utah Government's Energy Development Department on September 10th, 2015 in Vernal, Utah. MCW will be part of an industry discussion group, titled the "Unconventional Energy Panel" (10:00 AM - 11:05 AM) in the Uintah Conference Center. Over 650 people are expected to attend. MCW will also be participating in the 35th Oil Shale Symposium, to be held on October 5/6, 2015 in Salt Lake City. MCW's CEO, Dr. Jerry Bailey will be part of a panel discussion titled, "Perspectives In Energy Development: Utah Oil Sands," (Tuesday, October 6th, 2015, 10:00 AM) which is jointly presented by the Utah Mining Association and the Energy Development Department of the Utah Government. This event will be held at the Hilton Salt Lake City. The second part of the Symposium will be a two day state-wide field trip tour of Utah's oil sands/shale resource operations on October 8/9) of select Symposium attendees. MCW's plant site in Vernal will be included on this keynote feature.

About MCW Energy Group Limited:
MCW Energy Group Limited is focused on value creation via the development and implementation of (i) Proprietary, environmentally-friendly oil sands extraction technologies and remedial tailings ponds project solutions, (ii) Expanding production capacities of its now operational oil sands project in Asphalt Ridge, Utah, (iii) The formulation of worldwide joint ventures and the licensing of oil sand opportunities with private and governmental resource entities within countries possessing extensive oil sands/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 the commercial viability of the technology and the extraction plant, economic performance and future plans and objectives of MCW. The new extraction plant in discussion here, if commercially viable is anticipated to produce 2,500 bbl/day. 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 of any forward looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For more information, please contact:
    MCW Energy Group Limited
    Paul Davey
    Tel: +1 (800) 979-1897 (Ext. 3)
    Cell: 1-778-389-0915