VANCOUVER, BC -- (Marketwire) -- 01/09/13 -- MCW Energy Group (TSX VENTURE: MCW) (TSX VENTURE: MCW.V) ("MCW"), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, today provided details on its local supplier appointment program for the final fabrication stages of its oil sands extraction project in Asphalt Ridge, Utah. Several suppliers in the Vernal and Uinta Basin areas were identified early in 2012 and were invited to provide bids for the various stages of systems required for its initial plant fabrication.
One of the major contracts was awarded early in November 2012 to local supplier Uintah Machine & Manufacturing Co. Inc., of Duschene, Utah, which will fabricate MCW's extraction plant Input System. The Input System is anticipated to create a homogenized slurry with controlled particle sizes and the mixing of the oil sands feedstock with MCW's proprietary solvent composition.
"The Vernal and Uinta Basin areas have long been the epicenter of the oil and gas industries in Utah," stated Vladimir Podlipskiy, Chief Technology Officer of MCW Energy Group. "At the very beginning of this benchmark project to become Utah's first commercially-successful oil sands extraction site, we established a policy of 'locals-first,'" he added. MCW's local supplier appointment program seems to be working extremely well with the main criteria being that all suppliers/consultants must be both experienced and competitive in order to maintain MCW's cost control efficiencies.
MCW has appointed several other experienced, local suppliers and has gained the full support of local authorities in its hiring of local skilled labor in order to achieve another small step towards American energy independence. MCW's initial extraction plant is in the final stages of fabrication and it is expected that it will be completed by Q1 2013.
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 Enterprises Enters Final Phases of Site Preparation...") and on November 19th, 2012, details of the permit process were provided ("MCW Enterprises Obtains All Permits..."). These releases, and others, may be viewed on MCW's website: www.mcwenergygroup.com.
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.
For more information, please contact:
MCW Energy Group
Tel: +1 (800) 979-1897 (Ext. 3)
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