MCW Energy Group’s Oil Sands Extraction Plant in Asphalt Ridge, Utah Makes Significant Assembly Progress in Q4-2013, Now 60% Assembled
December 27, 2013 (Source: Marketwired) — MCW Energy Group (TSX VENTURE: MCW) (MCW.V) (“MCW”), a Canadian holding company involved in fuel distribution and the creation of oil sands extraction technology, today announced significant progress on the fabrication and assembly programs of its first oil sands extraction plant on its lease in the Asphalt Ridge Region of Utah, approximately 1.6 miles from Vernal.
All access, entry and other supportive roads were developed and constructed onto and throughout the lease site in October. Since then, concrete pads for the extraction unit have been designed and approved by the engineering team and have now been completed and poured to specifications. The unit foundation has been fortified with gravel material to withstand temperatures as low as -40F. Uintah Machine & Manufacturing Co. of Utah is in the process of completing the fabrication of the unit’s feeding bins, pug mixer and pre-mixing tank. A conveyor system that delivers the oil sands ore has been supplied by another local company and is now awaiting assembly. All structural steel components have been designed, approved and ordered from Steel Breeze Inc., another Utah-based company. The four storey super-structure for the extraction unit has now been assembled on site. A steel staircase system for easy access has been delivered and installed beside the super structure. All of the main extraction process components including the extraction column, rectification column, evaporator, heat exchangers, condenser, chiller and other relevant equipment have been installed on their corresponding concrete pads in accordance to engineering drawings and process system diagrams.
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Dr. Vladimir Podlipskiy, MCW’s Chief Technology Officer, is in charge of the extraction unit’s fabrication and assembly stages. “We’ve been working closely with our engineering teams as we progress through these formative stages to enhance the systems’ efficiencies. Our objective is to create an environmentally-safe oil sands extraction system which is scalable for commercial viability,” he stated. This is the third of a series of progress reports on MCW Energy Group’s initial oil sands extraction plant in the oil-rich Asphalt Ridge, one of Utah’s major oil sands deposits. Additional information and photographs on the extraction unit assembly progress will be posted on the Company’s website: www.mcwenergygroup.com .
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 75 years through MCW Fuels Inc., 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 is in the process of assembling its initial extraction plant in Asphalt Ridge, where it intends to implement its environmentally-friendly and cost efficient technology. 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>