MCW Energy Group Rolls Into Production Mode at Its Utah Oil Sands Extraction Plant; Shows Technology’s Efficiencies to Group of Merchant Bankers & Investors
MCW Energy Group Limited, (“MCW”), (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian holding company involved in the creation of oil sands extraction technologies, through MCW Oil Sands Recovery, LLC, (“MCW Oil Sands”) today announced further progress at its initial extraction plant lease site located in the Asphalt Ridge region near Vernal, Utah.
On Friday, April 17th, MCW hosted a successful plant production run for a group of merchant bankers and prospective investors, highlighting the features of the proprietary, closed-loop system, which extracts over 99% of all hydrocarbons, while using no water, generates no greenhouse gases and requires no high temperatures or pressures. The only two elements leaving the system are the cleaned sands and the oil itself. Over 99% of the benign solvents are recovered and recycled back into the system. The Company is currently selling its production into the regional Utah distribution system.
MCW has now commenced single shift daily operations at the 250 bbl/day facility and expects to ramp up to 24.7 production mode as soon as possible. “Energy experts and investors are now recognizing the attributes of MCW’s game-changing extraction technology,” stated CEO Dr. Jerry Bailey. “We’ve now proven our cost-effective technology and at the same time, we’ve delivered on our promise to work within Utah’s ‘Responsible Resource Development Program,'” he added. MCW’s technology has met or exceeded all of the state’s environmental regulations, and is working closely with Utah’s Energy Development Department. Originally demonstrated and proven to a large group of industry people, state authorities and investors in October, 2014, MCW has since upgraded the system’s efficiencies and has installed several state-of-the-art utility systems, as well as the completion of a winterization program which will allow for year round operation.
MCW is now moving into Phase Two of an expanded production capacity and is planning the design and fabrication of a 5,000 bbl/day extraction plant on its lease site. Funding negotiations are currently being held with several key merchant banks and major investor groups. The Company is also involved in several joint venture opportunities with several offshore companies seeking environmentally-friendly oil sands extraction technologies. Last month, MCW surprised the industry with its under $ 30.00 bbl production cost estimates, probably the best production costs in the unconventional oil industry.
About MCW Energy Group Limited:
MCW Energy Group Limited is focused on value creation as a developer of proprietary technologies for the extraction of oil from oil sands deposits 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, 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.
