TORONTO, ON--(Marketwired - Jan 19, 2016) - MCW Energy Group Limited ("MCW") (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian-registered holding company involved in the development of environmentally-friendly oil sands technologies and the production of oil from Utah's vast oil sands deposits, today detailed a progress report on its newly-implemented Sustainability Program, which focuses on joint venture opportunities and improving production cost efficiencies in order to offset current lower world oil prices.
MCW has quickly established itself as one of the world's leaders in the development of effective, cost-efficient oil sands technologies. And in doing so, the Company has proven that resource development doesn't have to compromise or damage the environment. MCW is now implementing this multi-faceted plan which will not only ensure a viable resource development entity during these times of high production costs and low world oil prices, but will also provide additional revenue streams as the Company increases production capacities and signs joint venture agreements for royalties and technology fees.
"We feel that by implementing our comprehensive Sustainability Program, MCW will demonstrate to our investors that not only can we adapt and survive despite volatile market conditions, we can deliver 'green' energy with industry-leading production costs utilizing clean energy solutions," stated R. Jerry Bailey, Chief Executive Officer of MCW.
MCW's Sustainability Program components include:
1. The creation of an MCW Licensing Sales Team, which will manage global licensing initiatives and will handle the growing number of inquiries with regards to potential joint ventures. More than 12 countries have been identified which have either substantial undeveloped oil sands resources or have remediation projects requiring technologies which focus on the protection of the environment. These countries include Canada, China, Saudi Arabia, Nigeria, Kuwait and Indonesia. In several cases, MCW has successfully tested oil sands or tailings ponds samples taken from oil sands deposits from these countries. Negotiations with these proposed joint ventures are currently at various stages of discussion.
2. Development/Design of a 2,500 bbl/day extraction plant which will provide a template for most of the Company's oil sands joint venture opportunities. MCW's development team has determined that the optimum efficiency level of their extraction plants is at the 2,500 bbl/day level in terms of feedstock flow and process efficiency times. The anticipated production cost has been determined in the $ 20.00 per bbl range. MCW also plans to use this plant template for their next plant in Asphalt Ridge.
3. Scale-up of MCW's 250 bbl/day plant in Utah. MCW's first extraction plant, in production mode since October, 2015, is undergoing a scale-up program in order to increase capacity of this plant to an anticipated 500 bbl/day. The Company had the foresight to install some key components that would facilitate higher capacities when the unit was first completed. The final stages of this scale-up project are now being completed in order to increase processing capacities, improve extraction time efficiencies, and more efficient separation systems. (Please see our Press Release dated December 16th, 2015, "MCW Reports On Capacity Augmentation Program...." for more details). It is anticipated that this program will be completed by the end of Q1-2016. Production costs have been constant in the $ 24.00 - $ 28.00 bbl range and they are expected to improve once the plant's capacity is increased.
MCW is continuing its negotiations with a major, global financial institution with regards to the funding of a 2,500 bbl/day extraction plant which will be located either on MCW's Asphalt Ridge least site, or on the Temple Mountain Energy site nearby. The funding group is in its final stage of due diligence. Revenue projections, case analysis and a final report are due shortly from the financial group's engineering team.
MCW's breakthrough oil sands extraction technology uses no water, no high temperatures/pressures, no tailings ponds. Its proprietary, closed-loop system extracts over 99% of all hydrocarbons and may be applied to any type of oil sands deposits or remediation projects. The benign solvents used are recovered and re-used (99%) and remain within the closed-loop system. More details on MCW's technology may be discovered at: www.mcwenergygroup.com.
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, MCW maintaining extremely efficient production costs, the ability of MCW to successfully increase the capacity of its current plant to an anticipated 500 bbl/day as part of the Capacity Augmentation Program; the commercial viability of the technology and the extraction plant, economic performance and future plans and objectives of MCW; and the commercial production of oil from MCW's oil sands extraction plant in Asphalt Ridge, Utah. 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.