'MCW Energy Group's Projected Oil Sands Extraction Production Costs Compare Favourably to Alberta Oil Sands' Average,' According to Bloomberg's Business Week Article
TORONTO, ON -- (Marketwired) -- 11/20/14 -- 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 announced the publication of MCW's average production costs by the current issue of Bloomberg's Business Week Magazine.
The article, titled "Cleaner Oil Sands...A New Extraction Process..." appeared in a special "The Year Ahead" Energy section of Bloomberg's Business Week print/online editions, focused on MCW's average production cost of $ 38.00 USD per barrel as compared to the current average production cost of Alberta crude at $ 75.00 USD per barrel. Although MCW's estimated costs are as yet to be verified subsequent to the Company's inaugural production run in Q1-2015, MCW's CEO Dr. R.G. Jerry Bailey stated, "With our efficient, proprietary extraction technology and our long term feedstock supply agreement with nearby Temple Mountain Energy, we're confident that we will be able to maintain these extremely attractive production costs." (See MCW Press Release dated November 6th, 2014, "MCW To Acquire Temple Mountain Energy Lease.")
MCW's initial extraction plant (250 bbl/day-estimate) was unveiled in Vernal, Utah on October 1st, 2014, and has successfully undergone several series of tests, as well as being winterized for year round operation. All of the necessary operating and environmental requirement permits are now in place. In order to ramp up production levels in 2015, MCW recently announced the commencement of funding activities totalling $ 80 million USD which will include the design, fabrication and assembly of a 5,000 bbl/day (estimate) extraction unit. (See MCW Press Release dated October 9th, 2014, "....Chairman Announces Phase #2 Expansion Plan including 5,000 bbl/day Plant In Asphalt Ridge, Utah.")
MCW's unique environmentally-friendly, closed-loop extraction technology requires no water, no high pressures or temperatures and features minimal infrastructure costs. In order to augment its production revenue stream, MCW is now engaged in joint venture and/or licensing opportunities with companies based in countries with significant oil sands/shale deposits and has recently successfully tested oil sands feedstock samples from countries such as Canada, Asia and Jordan.
About MCW Energy Group Limited:
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
Tel: +1 (800) 979-1897 (Ext. 3)
Source: MCW Energy Group
Released November 20, 2014