SOURCE: MCW Enterprises Ltd.
VANCOUVER, BC--(Marketwire - Nov 26, 2012) - MCW Enterprises Ltd. (TSX VENTURE: MCW) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, today announced that it has entered the final stages of its site preparation in readiness for the scheduled assembly of its initial oil sands extraction plant project in Asphalt Ridge, Utah.
The lease site preparation program is essentially completed with the entry way and entrance roads to the extraction plant pad are now complete in the form of a three level access from the main road. This will provide proper drainage and all-year access to the site operations. For electrical system installation, a legal survey of the lease and an easement survey were successfully completed and submitted to the State of Utah authorities. An electrical contractor has been appointed and work is now proceeding. MCW's engineering firm, Epic Engineering, has completed a plan for the erection of steel and electrical system integration. The pouring of the concrete pad for the extraction unit is scheduled for the beginning of December. A storage yard has been completed and already contains the first shipment of the major extraction unit components. The erection of steel and the placement of the unit components are scheduled for mid-December. A local firm, Uinta Machinery, is providing the fabrication of the oil sands input equipment and systems. They are now fabricating the pre-mixer, sealed pug mill and feeding tank. The last containers with the rectification column, pumps, pipes, and compressors are due to arrive onsite very shortly.
On November 14th, MCW's Chairman Alexander Blyumkin, CEO Dr. Jerry Bailey and COO David Sutton toured the lease site and were impressed with the progress of site preparation. "All of our site contractors are doing a terrific job to keep everything on schedule and on-budget," remarked CEO Dr. Jerry Bailey. "It looks like we will be ready to commence testing here in early January and our goal of initial production during Q1 2013 looks like a reality," he added. The MCW management team inspected the shovel-ready feedstock already on site for testing and production, and they also visited the nearby Temple Mountain Energy mine site (12 miles away) to see the source of their oil sands materials for the next five years.
About MCW's Technology:
MCW has developed an environmentally-friendly, continuous flow, closed-loop extraction technology on which a patent application is pending in both the United States and Canada. While this technology has not been previously proven in the United States or Canada, MCW anticipates that it will extract all types of hydrocarbons from oil sands materials (oil-wet or water-wet).
This extraction technology is anticipated not to use any water during the extraction process. It is also not anticipated to produce greenhouse gases, nor does it require high temperatures or pressures, and is anticipated to extract a significant amount of hydrocarbon content. It is also anticipated to recycle a significant amount of benign solvents within the closed-loop system.
About MCW Enterprises Ltd:
MCW, through its wholly-owned subsidiary, 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 over 60 years, having revenue in the fiscal year ending August 31, 2011, of US$241.5 million and, (ii) as a developer of proprietary technology for the extraction of oil from sand 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. For additional information on MCW, please visit: www.mcwenergygroup.com.
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 the Company. 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.