VANCOUVER, BC--(Marketwire - Dec 21, 2012) - MCW Energy Group (
Dr. Bailey discusses progress of MCW's current assembly program now underway of an initial oil sands extraction plant in Asphalt Ridge, Utah. MCW anticipates that it will complete the assembly and commence testing of its proprietary technology during Q1 2013. The interview may be heard by logging on to The Stock Radio's website: www.thestockradio.com. Look for the MCW Interview heading on its Home Page. The interview may also be heard via MCW's website: www.mcwenergygroup.com. Dr. Bailey provides some of the recent developments on its oil sands technology project on MCW's oil sands lease, which includes over 100,000 tons of shovel-ready ore accumulated for the extensive testing phases.
In a series of press releases announcing the progress of its initial extraction plant in Asphalt Ridge, Utah, MCW issued a news release on November 28th, 2012 which provided details on the final stages of site preparation ("MCW Enters Final Phases of Site Preparation...") and on November 19th, 2012, details of the permit process were provided ("MCW Obtains All Permits..."). These releases, and others, may be viewed on MCW's website: www.mcwenergygroup.com.
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About MCW's Technology:
MCW has developed an environmentally-friendly, continuous flow, closed-loop extraction technology on which a patent application is pending in both the United States and Canada. While this technology has not been previously proven in the United States or Canada, MCW anticipates that it will extract all types of hydrocarbons from oil sands materials (oil-wet or water-wet).
This extraction technology is anticipated not to use any water during the extraction process. It is also not anticipated to produce greenhouse gases, nor does it require high temperatures or pressures, and is anticipated to extract a significant amount of hydrocarbon content. It is also anticipated to recycle a significant amount of benign solvents within the closed-loop system.
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 over 60 years, having revenue in the fiscal year ending August 31, 2011, of US$241.5 million 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 the Company. 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.
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MCW Energy Group
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