MCW Energy Group Moves Into Full Production Mode as Utah Governor Gary Herbert Tours the State's First Environmentally-Friendly Oil Sands Extraction Project
TORONTO, ON--(Marketwired - Sep 18, 2015) - MCW Energy Group Limited ("MCW") (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian holding company involved in the production of oil from Utah's oil sands and development of environmentally-friendly oil sands technologies, today announced several events which are occurring during the month of September, 2015, with regards to the progress of Utah's first producing oil sands project situated in the Asphalt Ridge deposit near Vernal, Utah.
MCW's oil sands extraction plant is now under full production mode as MCW deploys a third shift at the plant site, plus two shifts at MCW's nearby Temple Mountain site where the oil sands feedstock is being prepared and shipped to the extraction plant. After delivering his keynote speech at the Uinta Basin Energy Summit (held in Vernal, Utah on September 10, 2015), Governor Herbert and his key staff were taken on a personal tour of MCW's oil sands extraction plant to see the plant in action... creating a high quality of oil and the resulting clean sands which are returned to nature. The personal tour was conducted by MCW's Chairman, Aleksandr Blyumkin, CEO Dr. Jerry Bailey and MCW's Chief Technology Officer, Dr. Vladimir Podlipskiy. The MCW team emphasized the fact that the extraction process required no water, there were no high pressures or temperatures and that there was no tailings ponds. MCW's guests were impressed with MCW's extremely efficient production costs, which will provide MCW with future sustainability during times of low oil prices.
"Our ground-breaking extraction technology has been gaining more and more attention ever since we went into our production stage," stated Dr. Jerry Bailey. "Not only have we become a clean energy focus here in America, we've been receiving calls of interest from Asia and the Middle East," where there are significant oil sands/shale deposits and at least one significant remediation mega-project," he added. The Governor's personal MCW tour was an integral part of MCW's participation at the Uinta Basin Energy Summit, which was held at the newly-opened Uinta Conference Center, and attended by a standing-room-only audience of 750. MCW took part in the conference proceedings which featured a panel on unconventional energy, focusing on updates on several unconventional oil sands/shale projects located around the Uinta Basin.
As MCW awaits the completion of a global financial institution's technology feasibility study for the potential funding of an anticipated 5,000 bbl/day extraction plant. MCW is focusing on its Capacity Augmentation Program, which entails increasing the capacity of its current plant to an anticipated 500 bbl/day plant. The superstructure of the plant already has the added capacity required for production increases. Several components are now being modified for faster feedstock flow. MCW will also focus on its participation in the upcoming 35th Oil Shale Symposium (October 5/6) at the Hilton Hotel in Salt Lake City. MCW's Dr. Jerry Bailey will be part of a panel discussing "Perspectives in Energy Development," presented by Mark Compton of the Utah Mining Association. The second portion of the Symposium will consist of a two day field trip (October 7/8) throughout Utah's oil sands/shale resources and its respective energy projects. A tour of MCW's extraction plant will be included on this key statewide excursion.
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, the successful completion of the above noted technology feasibility study and the potential funding of an anticipated 5,000 bbl/day extraction plant, MCW's ability to successfully build a second (and even larger) oil sands extraction plant at the Temple Mountain site, 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.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2890541
Source: Marketwired (Canada)
(September 18, 2015 - 3:30 PM EDT)
News by QuoteMedia