MCW Energy Group Reports Progress on Its Capacity Augmentation Program at Utah's First Environmentally-Friendly Oil Sands Extraction Project
TORONTO, ONTARIO -- (Marketwired) -- 12/16/15 --
MCW Energy Group Limited ("MCW") (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian holding company involved in the development of environmentally-friendly oil sands technologies and the production of oil from Utah's vast oil sands deposits, today announced a progress report on its Capacity Augmentation Program with regards to its Asphalt Ridge, Utah oil sands extraction production plant.
In production mode since September 2015, MCW has been focused on the completion of its System Optimization Program (As initially reported in a press release dated 07/21/15: "MCW Sets Definitive Production Target...") which focused on a series of measures to increase extraction system production capacities. MCW has now embarked on this program which is anticipated to increase the ability of the 250 bbl/day plant to produce approximately 500 bbl/day. To date, the Capacity Augmentation Program has:
1. Completed modifications and equipment fabrications to increase feedstock capacity.
2. Performed modifications to improve throughput time efficiencies of the both extraction and oil separation processes.
3. Completed installation of several systems allowing for increased feedstock processing volumes.
4. Installed new instrumentation for added extraction system efficiencies.
These enhancements to the system have been ongoing and have been implemented simultaneously with limited interruption of production whenever possible. Over 70% of the Capacity Augmentation Program has now been completed and is on track to be completed during the early part of Q1-2016. MCW's ancillary facilities will also be a part of this expansion program with the addition of larger storage tanks for solvents and oil production.
"We had the foresight at the design/fabrication stages of our initial extraction plant to increase the eventual capacity of some of the plant's major components," stated MCW's CEO, Dr. R. Jerry Bailey. He added, "With this capacity- doubling of our unit, we are further demonstrating the efficacy of our technology and our ability to scale upwards. This increase in processing ability not only adds to our revenue streams, but it also improves our profit margins by utilizing economies of scale." MCW is currently in negotiations with several potential joint venture partners for the licensing of their ground-breaking extraction technology in China, Indonesia, Nigeria and the Middle East. MCW is confident that its oil sands industry-best production costs of approximately USD$30.00 per barrel (Chapman Petroleum Engineers Ltd. -- December 8, 2015) will sustain successful operations despite slumping world oil prices.
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, and (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 as part of the Capacity Augmentation Program; 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.
For more information, please contact:
MCW Energy Group Limited
Tel: (800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Source: MCW Energy Group
Released December 16, 2015