MCW Energy Group Successfully Demonstrates Its Proprietary Oil Sands Extraction Technology in Vernal, Utah, Moves Forward With Required Procedures Prior to Production
TORONTO, ON -- (Marketwired) -- 10/07/14 -- MCW Energy Group (TSX VENTURE: MCW) (OTCQX: MCWEF) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology announced today that it successfully demonstrated its initial extraction plant on Wednesday, October 1st, 2014 near Vernal, Utah to a group of investors, MCW shareholders, local and state officials, family and friends.
The occasion was marked with a ribbon-cutting ceremony and a demonstration of MCW's extraction plant on MCW's lease site at Asphalt Ridge, near Vernal, Utah. Among the many Utah state dignitaries were several members of Utah's Energy Development Department including its Director, Val Hale, as well as Senator Kevin van Tassell. Vernal Mayor Sonya Norton was present as well as the Vernal Chamber of Commerce and its welcoming committee, the Dinah-Mites, which provided the ribbon-cutting ceremonies.
During his keynote speech, Mr. Hale connected the analogy between the pioneering extraction technology of MCW and the fact that Utah has been long known as the "Pioneer State." He welcomed MCW to the state as a new source of oil production and complimented MCW's concept of "Responsible Resource Development."
Dr. R.G. (Jerry) Bailey, CEO of MCW Energy Group stated, "The extraction of oil from Utah's oil sands unlocks millions of barrels of oil that will further supplement the energy needs of America. This can be achieved without water and without harmful emissions... and with this technology development, MCW opens a new era in eco-friendly oil production. This will certainly have a huge impact on the local and state economies."
MCW's guests were given a plant tour of the new facilities while it was operating. Each person was provided with a vial of the day's first oil production, along with a sample of the processed, clean sand.
Dr. Vladimir Podlipskiy, Chief Technology Officer of MCW, has since provided a multi-tiered plan to move forward to an actual production date for its initial extraction plant situated on the Company's lease site near Vernal, Utah.
(a) His engineering team will assess all elements affecting process optimization, including process temperatures, pressures and residence time spans within the separate processes and their corresponding system vessels.
(b) Samples of clean, processed sand and air samples will be analyzed in order to confirm MCW's original estimates for environmental compliance and the subsequent granting of environmental permits.
(c) Completion of safety data documents in preparation for full-scale production after obtaining all relevant permits.
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, economic performance 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: email@example.com
Source: MCW Energy Group
Released October 7, 2014