MCW Energy Group's Initial Oil Sands Extraction Plant Now Poised for Production; Chairman Announces Phase #2 Expansion Plan Including 5,000 Barrel/Day (Est.) Plant in Ashpalt Ridge, Utah
TORONTO, ON -- (Marketwired) -- 10/09/14 -- MCW Energy Group Limited ("MCW") (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology today disclosed further details on its Phase #2 Expansion Plan for further development and increased oil sands extraction capacities in Asphalt Ridge, Utah.
MCW's Chairman Aleksandr Blyumkin stated today, "Last week, we successfully demonstrated our earth-friendly technology with our initial extraction plant in Asphalt Ridge, Utah for our shareholders, Utah state officials and the media. We're now prepared to move into the second phase of our expansion plans, which includes a larger capacity extraction plant, the finalization of the Temple Mountain Energy property acquisition and additional oil sands leases." Last week's in-operation plant demonstration included an informative plant tour of MCW's proprietary extraction technology, samples of oil and clean sands produced and an information package featuring MCW's focus on "Responsible Resource Development."
MCW's ramp-up program includes the design, fabrication and assembly of a 5,000 bbl/day extraction plant (estimated capacity) on Temple Mountain Energy's nearby property (Costs approximately USD $ 80mm.), the completion of the Temple Mountain lease acquisition with 139,541 STB, estimated total bitumen initially in place as of August 31st, 2014. (Cost USD $ 9mm, plus 10mm MCW shares.), and the proposed acquisition of further oil sands leases in the immediate area. (Cost approximately USD $ 15mm.) MCW is currently soliciting funding for Phase #2 of its expansion project, with a combination of structured finance transactions for the extraction plant costs and a preferred convertible debt for lease purchases.
In order to augment its revenue stream possibilities, MCW is now prepared to provide licensing and joint venture opportunities to other global entities, with a focus on countries with considerable oil sands resources, as yet undeveloped. These revenue streams will take the shape of licensing fees and production-based royalties. MCW has already gleaned attention from several major companies based in Alberta, Canada and Asia. In several cases, oil sands feedstock samples provided were successfully tested.
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, economics per tonnage, availability of oil sands reserves, additional financings to fund MCW's activities, 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.
For more information, please contact: MCW Energy Group Limited Paul Davey Communications Tel: +1 (800) 979-1897 (Ext. 3) Cell: 1-778-389-0915 Email: pdavey@mcwenergygroup.com
Source: MCW Energy Group
Released October 9, 2014