July 20th, 2011: Shediac, New Brunswick, Canada/Frankfurt, Germany: MCW Energy Group, a Canadian holding company involved in oil production/distribution and oil sands recovery technology, has made notable progress in developing its proprietary, environmentally-friendly oil extraction technology. Its initial extraction unit is scheduled for infield testing this fall in the Asphalt Ridge Region, Utah.
„MCW“s oil sands recovery technology will project the company into an industry leadership role with respect to environmental concerns, extraction efficiencies and operational safety. With our commercially-viable technology, we will soon demonstrate our unique knowledge in oil sands extraction – a process that will safely mark a new era in providing an important additional domestic energy source for America,“ stated Aleksandr Blyumkin, COO of MCW Energy Group.
On the basis of America“s rising energy needs and prices as well as the current controversial methods of oil extraction with SAGD technology (Steam-Assisted Gravity Drainage), the Chief Operating Officer and graduate in economics with wide-ranging experience in the oil industry sees a big commercial future for this new technology of MCW Energy Group.
The disadvantage of the old, still applied large-footprint SAGD technology is the need for vast amounts of water which are used under high pressures and temperatures (up to 5 barrels of water per one barrel of oil). It creates high levels of greenhouse gases, produces toxic tailings ponds and affects existing water resource infrastructures (rivers, streams and lakes) across an area 50 times greater than unconventional strip mining activities. Dissent among the general public and environmentalists alike is rising as oil sands production levels and greenhouse gas emissions increase. Industry eyes are now gradually turning to America“s virtually untapped oil sands resources containing billions of barrels of oil throughout six western states including Utah. A more ecologically-friendly technology is urgently needed and MCW believes to possess the solution.
MCW Energy Group“s environmentally-friendly oil extraction process uses benign solvents which are recycled within a closed-loop system in a continuous flow process. The technology requires no water during the process, no high temperatures or high pressures. Furthermore, the production process emits no greenhouse gases. It has been proven to be economically-viable and is capable of extracting up to 98% of all hydrocarbons. MCW“s small-footprint technology is scalable and extremely mobile, minimizing the need for extensive strip mining, because the Company simply moves the extraction units to the oil sands materials site. This simple process eliminates the need for the massive movement and disruption produced by extensive strip mining techniques.
MCW has recently announced that it has appointed a Utah-based geological team and an environmental consulting firm to assist in the developmental plans for their oil sands lease in Asphalt Ridge, Utah. It has also appointed its unit fabricators and suppliers, and purchase orders have been signed. The unit“s major components will be manufactured and shipped to Utah commencing in September 2011 in preparation for production unit assembly.
MCW Energy Group is listed on the Open Market of the Frankfurt Stock Exchange, and has recently successfully completed an offering of convertible debt with a group of well-established investors from North America and Hong Kong. The Company raised gross proceeds of 3.0 million USD in the private placement, which will be utilized in MCW“s oil sand development program in Asphalt Ridge, Utah.
About the MCW Energy Group:
The MCW Energy Group is a Canadian holding company with two principal portfolio companies; the California-based McWhirter Distribution Company, established in 1938, a leading distributor of branded and unbranded gasoline and diesel products throughout western United States, and MCW Oil Sands Recovery, LLC, an oil sands extraction technology company with an oil sands lease and proprietary oil sands extraction technology based in Utah. The Company is focused on providing a new source of domestic fuel from America“s virtually untapped oil sands resources. With an ongoing production source of oil from its oil sands leases, MCW intends on becoming a profitable supplier of oil to several regional refineries. This new domestic source will provide strategic leverage for MCW through direct control of pricing and supply of oil within its core distribution network. For more information, please visit the corporate website: www.mcwenergygroup.com
MCW Energy Group
David Sutton
334 Main St., Suite 101
E4P2E5 Shediac, NB, Kanada
001 (800) 979-1897
www.mcwenergygroup.com
info@mcwenergygroup.com
Pressekontakt:
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Jörn Gleisner
Gutleutstraße 75
60329 Frankfurt/Main
j.gleisner@financial-relations.de
0049 (0)69 95 90 83 0
http://www.financial-relations.de