SOURCE: MCW Energy Group

MCW Energy Group

September 24, 2014 09:30 ET

MCW Energy Group to Unveil Its Proprietary Oil Sands Extraction Technology in Vernal, Utah on Wednesday, October 1st, 2014

TORONTO, ON--(Marketwired - Sep 24, 2014) - MCW Energy Group (TSX VENTURE: MCW) (OTCQX: MCWEF) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology announced today that it will be unveiling its proprietary, oil sands extraction technology near Vernal, Utah on Wednesday, October 1st, 2014 at 1:00 PM Mountain Time.

The occasion will be marked with a ribbon-cutting ceremony and a demonstration of MCW's extraction plant on MCW's lease site at Asphalt Ridge, near Vernal, Utah. Many local dignitaries, Utah State officials and the corporate MCW team are scheduled to be in attendance at this benchmark resource development event.

Dr. R.G. (Jerry) Bailey, CEO of MCW Energy Group stated, "After many years of engineering and research, we're extremely proud to finally bring this ground-breaking extraction technology to the market." MCW's patented extraction technology utilizes benign solvents in its proprietary closed-loop system, uses no water in the extraction process and does not require high temperatures or pressures. MCW anticipates that independent third party testing will show that over 99% of these benign solvents is recovered and recycled for re-use within the system, and that the extraction process is environmentally friendly. 

MCW is scheduling a testing period during September/October of 2014, and upon successful testing, anticipates initiating production from this plant in Q4-2014. There are plans to add several additional extraction units with larger capacities on the Company's lease site in Asphalt Ridge in 2015.

About MCW Energy Group:
MCW Energy Group Limited is focused on value creation as (i) a distributor of gasoline and diesel fuels to service stations in Southern California for 75 years, having revenue in the fiscal year ending August 31, 2011, of USD $241.5 million, revenue of USD $363.3 million for the fiscal year ending August 31, 2012,and revenue of USD $431.9 million for the fiscal year ending August 31, 2013, and (ii) as a developer of proprietary technology for the extraction of oil from oil sands at its first field in the Uinta Basin of Utah, USA. MCW's management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, as well as refinery and fuel distribution experience.

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. 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
    Paul Davey
    Communications
    Tel: +1 (800) 979-1897 (Ext. 3)
    Cell: 1-778-389-0915
    Email: pdavey@mcwenergygroup.com