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, announces amendments (the "Amendments") of two debentures (the "Debentures") in the aggregate amount of US$1.1 million with two private arm's length lenders (the "Holders"), originally announced on October 14, 2014. Pursuant to the Amendments, the Debentures will be convertible, at the option of the Holders, into common shares of MCW at $0.15 per common share at any time prior to the date of maturity of the Debentures (the "Maturity Date") which, pursuant to the Amendments, has been extended to January 31, 2017. The following amendments were also made to the Debentures: (i) warrants to purchase up to an aggregate of 500,000 common shares of MCW issued to the Holders in connection with the Debentures shall be cancelled; (ii) from June 1, 2016, interest is payable at a rate of 1.25% per month; (iii) if the outstanding amounts are not paid in full on or before the Maturity Date, a penalty of 10% will become payable on any amounts outstanding; and (iv) a fee of 5% is payable on the amounts outstanding as at June 1, 2016. The amended Debentures, and any common shares issuable upon conversion of the Debentures, will be subject to a four month hold period from the date of issuance.
On May 13, 2016, MCW announced it had entered into a shares for debt agreement, pursuant to which MCW would issue 30,254,117 common shares in satisfaction of US$3,000,000 of indebtedness currently owed to Alex Blyumkin, an officer and director of MCW. The shares for debt agreement announced on May 13, 2016 has not been successfully completed and has been amended pursuant to which MCW will issue 27,021,050 common shares in satisfaction of US$3,075,000 (US$3,000,000 plus accrued and unpaid interest to September 18, 2016). The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
The shares for debt transaction with Mr. Blyumkin is a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction with Mr. Blyumkin is exempt from the formal valuation approval requirements of MI 61-101 as none of the securities of MCW are listed on a prescribed stock exchange. The transaction is exempt from the minority shareholder approval requirements of MI 61-101 as at the time the transaction was agreed to, neither the fair market value of the transaction, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of MCW's market capitalization.
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, the closing of the transactions contemplated by the amending agreements, approval of the shares for debt transaction by the TSX Venture Exchange, 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, including, without limitation, receipt of all necessary approvals, including from the TSX Venture Exchange, for the amending agreement. 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.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>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 oil sands, announces the closing of a previously announced definitive agreement to acquire a controlling interest in a Houston-based, exploration and production (E&P) company, Accord GR Energy, Inc. ("Accord"). Pursuant to the agreement, MCW acquired 57.3% of all issued and outstanding shares of Accord, in consideration for 59,698,300 shares of MCW and warrants to purchase 2,000,000 shares of MCW at US$0.25 per share for three years. The securities issued are subject to a four month hold period from the date of issuance.
In addition, MCW has entered into two shares for debt agreements, pursuant to which MCW will issue 953,293 common shares in satisfaction of an aggregate of US$110,000 of indebtedness currently owed to two arm's length service providers. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology in Asphalt Ridge, Utah. The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
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, (iii) and 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, the approval of the shares for debt transactions by the TSX Venture Exchange, 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.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology in Asphalt Ridge, Utah. The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
Two of the lenders are controlled by Alex Blyumkin, an officer and director of MCW, thereby making two of the shares for debt transactions representing US$168,671.54 of indebtedness "related party transactions" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Each of the proposed shares for debt transactions are exempt from the formal valuation approval requirements of MI 61-101 as none of the securities of MCW are listed on a prescribed stock exchange. The proposed shares for debt transactions are exempt from the minority shareholder approval requirements of MI 61-101 as at the time the transactions were agreed to, neither the fair market value of the transactions, nor the fair market value of the consideration for, the transactions, insofar as it involves interested parties, exceeded 25% of MCW's market capitalization.
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, (iii) and 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, the approval of the shares for debt transaction by the TSX Venture Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>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, the closing of the transactions contemplated by the amending agreement, 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, including, without limitation, receipt of all necessary approvals, including from the TSX Venture Exchange, for the amending agreement. 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.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>The Milestone Group's Research Report on MCW may be downloaded from MCW's website: http://mcwenergygroup.com/reports. The report is also available from RB Milestone Group on its financial social network, HiAlpha®, through the following link: http://www.hialpha-rbmg.com/companies/view/159. This comprehensive report will be distributed throughout MCW's investor networks as well as Milestone Group's network of financial news organizations and clean energy investors. The MCW Research Report provides a perspective on future world markets/prices of oil and the revenue stream potentials available to the Company. The report also focuses on MCW's industry-low production costs ($ 24.00 to $31.00 bbl) and its immediate growth possibilities with a second revenue stream of very profitable remediation projects, making MCW less dependent on fluctuating oil prices.
MCW is currently ramping up production this month with an augmented capacity program from 250 bbl/day to 500 bbl/day, plus the addition of Vivakor Inc's mobile extraction plant (250 bbl/day). Vivakor Inc. is acting as operators of MCW's Maeser, Utah facilities as originally announced by a press release dated May 18th, 2016. ("MCW In Discussion With Vivakor Inc. To Manage...") The Company has also made significant progress on several potential remediation projects: Two in Alberta, Canada and one major clean-up project in the Middle East. Further news will be announced as progress continues.
About RB Milestone Group, LLC:
RB Milestone Group (RBMG) is a New York-based consulting firm that specializes in assisting small and venture-stage companies with enhancing corporate strategy, business development, market intelligence and research. RBMG partners with clients internationally and across a wide range of industry segments, including energy, cleantech, mining, oil & gas, healthcare, professional services, consumer goods on capital markets. Please visit: www.rbmilestone.com or contact Trevor Brucato, Director, at RB Milestone Group ([email protected])
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, (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. Please visit: www.mcwenergygroup.com.
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 actual estimated performance and results of Vivakor's mobile unit of 250 bbl/day, 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.
SOURCE MCW Energy Group
For further information: please contact: MCW Energy Group Limited: Paul Davey, Director of Communications, Tel.: (800) 979-1897 (Ext. 3), Cell: (778) 389-0915, Email: [email protected]
]]>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 the execution of a definitive agreement (the "Agreement") to acquire a controlling interest in Houston-based, exploration and production (E&P) company, Accord GR Energy, Inc. ("Accord").
Accord's assets include a limited license for two enhanced oil recovery (EOR) technologies for use on Accord's southwest Texas properties and intended for use on MCW's 2,200 acre oil sands property in Temple Mountain, Utah.
It also includes equitable title pursuant to a purchase agreement to 7,000 acres in southwest Texas, with 88 drilled and completed (DUC) wells. The oil is categorized as "medium crude" and the deposits are in the light gravity range of heavy oil at 18-22 API gravity.
Accord's SWEPT technology is designed to recover fossil hydrocarbons by improving rock and fluid properties through the use of impulse-wave based technology.
Accord's S-BRPT technology, designed to recover solid and liquid hydrocarbons through aggregate conversion into gaseous forms followed with well based recovery of same from greater depths, is expected to expand economic recoverability of MCW's bitumen initially in place at depths up to 300 feet and deeper, levels currently not economical with existing processing capabilities.
"The plan for this acquisition is to significantly expand our bitumen initially in place, improve economics for oil recoverability of the sub-surface hydrocarbon assets, and provide us with more flexibility in recovering our bitumen," commented Alex Byumkin, MCW chairman. "We plan on testing the technologies on our Temple Mountain site and are confident in its capabilities to improve economics in oil recovery."
Pursuant to the Agreement, MCW will acquire 57.3% of all issued and outstanding shares of Accord, in consideration for 59,698,300 shares of MCW and warrants to purchase 2,000,000 shares of MCW at US$0.25 per share for three years. The common shares issued will be subject to a four month hold period from the date of issuance. The Agreement is conditional only on the approval of the TSX Venture Exchange and is expected to close within 30 days.
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, TSX Venture Exchange approval of the acquisition, commercial viability of MCW's and Accord's 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>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, TSX Venture Exchange final approval of the private placement, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>In addition, MCW has entered into two shares for debt agreements, pursuant to which MCW will issue 1,932,345 common shares in satisfaction of CAD$217,388.92 of indebtedness currently owed to two service providers. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology in Asphalt Ridge, Utah, and for working capital. The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
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, final approval of the private placement by the TSX Venture Exchange, the approval of the shares for debt transactions by the TSX Venture Exchange, 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.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>The JT Boyd Report confirmed very attractive mining costs for the Asphalt Ridge oil sands ore, based on a detailed economic analysis of all major mining functions (drilling, blasting, overburden removal, oil sands mining and mine reclamation, maintenance). Based upon three separate scenarios, mining costs are estimated to range between $ 5.35 and $ 5.76 per ton of oil sands ore. Low mining costs are due, in part, to the fact that MCW's oil sands resource is directly at, or just beneath the surface so that minimal overburden (non-ore material) removal is required. These low mining costs, combined with low processing costs by MCW's proprietary, closed-loop, solvent-based process will result in significantly lower per barrel production costs than the costs for traditional hot water-based oil sands extraction technologies.
The Nexant Report confirmed that production costs at MCW's 250 bbl/day operation in Maeser, Utah were USD$31.00 per barrel during their multi-day site visit in late 2015. Nexant is currently working on final production cost estimates for the 10-fold scale-up of MCW's operations to the 2,500 bbl/day production level. With very positive economies of scale, the production costs for the 2,500 bbl/day plant are anticipated to drop into the low USD$20.00 per barrel range. MCW's projected production costs in the low USD$20.00 per barrel range compare extremely favourably with the current CDN$70.00 per barrel break-even costs estimated by the Canadian Energy Research Institute (CERI) in August, 2015 for the hot water-based extraction technologies used in Canada.
The Nexant Report confirmed that MCW's operations are among the most cost-efficient and potentially profitable oil sands operation in the world, even with the currently depressed global oil prices. Additionally, MCW's unique, waterless technology significantly reduces the negative environmental impact of oil sands processing, which is a growing concern generated by the environmental damage caused by other extraction technologies. MCW's technology extracts over 99% of all hydrocarbons and also recovers over 99% of its benign solvents for recycling/reuse. Nothing leaves the system except oil and clean sand.
Due to strengthening global oil prices,, MCW recently announced the restart of operations at its 250 bbl/day plant in Maeser, Utah. (See MCW Press Release dated June 2nd, 2016.) The confirmed production costs of approximately USD$30.00 per barrel provided further justification for the management team's decision to re-launch MCW's extraction plant operations, since current WTI prices are approaching the USD$50.00 per barrel level.
"These two independent feasibility reports further confirm the economic viability and the enormous profit potential of our 87 million barrel oil reserve available to us in Utah (Chapman Petroleum Engineering Report, 2012), as we apply our environmentally-friendly extraction technology," commented MCW's Chairman, Aleksandr Blyumkin.
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, (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. Please visit: www.mcwenergygroup.com .
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
Paul Davey
Director of Communications
Tel.: (800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Email: [email protected]
Source: MCW Energy Group
]]>MCW's Chairman, Aleksandr Blyumkin, commented on recent developments with regards to progress being made at its oil sands extraction plant in the Asphalt Ridge area of Maeser, Utah. Several factors, including improving world oil prices gradually closing in on the $50.00 bbl benchmark and confirmation of MCW's efficient production costs have combined to substantiate the decision by MCW's team to move forward on ramping up production at its lease site in Utah in order to resume generating positive production income.
Prior to the decline of oil prices during the latter part of 2015 and the first quarter of 2016, the Company produced approximately 10,000 barrels of oil from its 250 bbl/day plant. The decision to immediately move forward into production mode was made recently, subsequent to the gradual rebound of oil prices to a level where MCW's production is again economically viable. Production costs for MCW's plant were confirmed at $31.00 bbl. (Chapman Petroleum Engineering Study, 2015) The resumption of production will result in almost immediate revenue and will increase incrementally as the Company moves to a 500 bbl/day level and up to the 750 bbl/day with the assistance of Vivakor Inc. and the installation of its mobile 250 bbl/day extraction unit. (See Press Release, May 4th, 2016, "MCW In Discussion With Vivakor Inc. To Operate...") (Vivakor) (OTC PINK: VIVK) MCW expects to resume production by the second week of June, 2016. The Company intends to obtain positive cash flow within the remaining three quarters of 2016. Feedstock will be drawn from MCW's oil sands resource at the Temple Mountain Energy lease site, which contains over 89 million barrels of oil. MCW is implementing the funding process for a 2,500 bbl/day plant on this site.
"Market conditions have now become more favorable to justify the commencement of our production facilities at Asphalt Ridge, Utah," stated Alexsandr Blyumkin, Chairman of MCW. He added: "We worked really hard during the downtime forced upon us by the global oil market decline on improving the efficiency of our technology, identifying new strategic partners, securing the needed operating capital funding and new channels of distribution of our product. We fully expect those efforts to pay off and give us a competitive edge with the resumption of the production at our plant in Utah."
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, (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. Please visit: www.mcwenergygroup.com .
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
Paul Davey
Director of Communications
Tel.: (800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Email: [email protected]
Source: MCW Energy Group
]]>The objective of these discussions is to structure a management services agreement between the two companies with the premise of Vivakor managing MCW's extraction plant in Maeser, Utah, as well as deploying Vivakor's 250 bbl/day mobile oil sands extraction plant. Discussions between the two companies is ongoing as to a timeframe for the installation of Vivakor's portable unit on MCW's Asphalt Ridge lease site and the ramp-up schedule of production.
Vivakor has developed a proprietary, environmentally-friendly, oil extraction technology which utilizes no water, no fracking or tailings ponds and returns the cleaned soil back to its origin. Vivakor unveiled its first production-ready mobile extraction unit in 2015. Both parties understand that Vivakor's mobile plant would operate compatibly and independently from MCW's plant.
By delegating an independent to manage the production output of its Maeser, Utah plant, MCW feels that it will subsequently allow its team to focus more on expanding the potentials of several revenue streams:
1. Development of a portfolio of environmentally-friendly extraction and remedial technologies to generate joint venture opportunities with revenue streams from technology licensing. (See MCW's press release dated April 25th, 2016, "MCW & Apatec Commence Discussions... ").
2. Acquire remedial extraction projects (tailings ponds and water contamination) in the oil and gas sector, chemical/heavy industry applications. MCW has appointed TS Energy Ltd. as a licensee for projects in Canada, Trinidad & Tobago.
3. Expansion of oil sands production projects in Utah.
In order to solidify a viable operating plan, Vivakor's engineering team will visit MCW's Maeser extraction plant this month for technology orientation, establish a timetable for the installation/operation of their mobile plant onsite, and implement an extensive outline of the mining plan for the nearby Temple Mountain Energy feedstock resource. (87 million bbl -- Chapman Petroleum Engineering Report).
About Vivakor Inc:
Vivakor is a Las Vegas, Nevada-based, publicly-trading company with offices in Salt Lake City, Utah and Irvine, California. The Company has recently opened an office in Doha, Qatar (Vivakor Middle East, VIVK-ME), in order to acquire remediation/reclamation projects in the Gulf Coast Countries Region. Vivakor is aggressively seeking global oil spill opportunities. Its Viva Venture Energy Group (VVEG) has developed and enhanced its enviro-friendly extraction technology in Utah over a three year period in order to prove its commercial viability. Vivakor also has 18 mineral interests in the Western U.S.A, region and has been commercially involved in the extraction of precious metals and rare earth minerals since 2013. For more information, please visit: www.vivakor.com.
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, (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. Please visit: www.mcwenergygroup.com.
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. This also includes forward-looking statements in this news release pertaining to Vivatek's claims of its technologies being environmentally-friendly or being commercially viable and forward-looking statements pertaining to its mobile plant's capacity of 250 bbl/day 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
Paul Davey
Director of Communications
Tel.: (800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Email: [email protected]
Source: MCW Energy Group
]]>In addition, Alex Blyumkin, an officer and director of MCW, has satisfied US$3,000,000 of indebtedness of MCW to BINBANK pursuant to a loan agreement dated September 18, 2013 (the "Loan Agreement"). BINBANK has released MCW from any and all past, present, or future indebtedness in connection with the Loan Agreement. Mr. Blyumkin agreed to assume the obligations under the Loan Agreement in exchange for an unsecured MCW note in the principal amount of US$3,000,000 bearing interest at a rate of 5% per annum for a term of one year (the "Note"). Mr. Blyumkin and MCW have entered into a shares for debt agreement, pursuant to which MCW will issue an aggregate of 30,254,117 common shares in satisfaction of the Note including any accrued and unpaid interest.
MCW determined to satisfy the foregoing indebtedness with common shares in order to preserve its cash for use on its extraction technology in Asphalt Ridge, Utah, and for working capital. The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
The transactions with Mr. Blyumkin are "related party transactions" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Such transactions are exempt from the formal valuation approval requirements of MI 61-101 as none of the securities of MCW are listed on a prescribed stock exchange. The transactions are exempt from the minority shareholder approval requirements of MI 61-101 as at the time the transactions were agreed to, neither the fair market value of the transactions, nor the fair market value of the consideration for, the transactions, insofar as it involves interested parties, exceeded 25% of MCW's market capitalization.
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, the approval of the foregoing transactions by the TSX Venture Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
For more information, please contact:
MCW Energy Group Limited
Paul Davey
Communications
Tel: (800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>Chairman Blyumkin stated: "MCW is now emerging from a time of restricted production from its Maeser extraction plant which was necessitated by our capacity scale-up program to an anticipated 500 bbl/day level and the winterization program of the entire plant for efficient, year-round operations. Depressed world oil prices also played a major role in limiting the plant's production levels during the first quarter of 2016. We believe that restricting production was the best solution to protect shareholder value during this trough of oil pricing which now seems to be subsiding."
"With the recent gradual rise in oil prices, several progressive investors, capital funding groups and enviro-friendly technology companies have been monitoring MCW's progress with our commercially viable technology, and have approached us with joint venture, licensing and investment proposals. MCW is currently in discussions with several parties regarding cooperation in the development of a variety of projects in Utah, as well as several markets around the world. MCW's extraction technologies have many applications not only in oil sands extraction, but in profitable remediation projects as well. The development of several new revenue streams will subsequently result in the Company being less dependent on the fluctuations of global oil prices. We have recently announced the commencement of preliminary discussions with Apatec, Inc., a world leader in oil extraction and water contamination technologies. A potential partnership would mean the development of a portfolio of technology products, which would be deployed worldwide. We have also appointed our first technology licensee, TS Energy, Ltd., a Canadian-based company, which will retain MCW's technology rights for Canada and Trinidad & Tobago. TS Energy's first target will be the massive tailings ponds in Alberta, Canada. Further announcements of additional strategic partnerships will be made in the coming weeks as they formalize."
"We are also announcing that we have successfully financed our operating capital needs by completing several private placements with current shareholders in order to provide the necessary cash to sustain the Corporation. MCW believes that this series of strategic moves will begin to bear fruit in the third and fourth quarters of 2016 and into 2017. The Company is still fully committed to funding and completing a 2500 bbl/day extraction plant project over the next 24 months. These efforts, along with the development of a portfolio of environmentally-friendly technologies and other joint venture opportunities, are expected to bring MCW to profitability, even during this current oil pricing climate," concluded Chairman Blyumkin.
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, (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. Please visit: www.mcwenergygroup.com.
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
Paul Davey
Director of Communications
Tel.: (800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Email: [email protected]
Source: MCW Energy Group
]]>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, the approval of the shares for debt transaction by the TSX Venture Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>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, the approval of the shares for debt transactions by the TSX Venture Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>TORONTO, ON -- (Marketwired) -- 04/25/16 -- MCW Energy Group Limited, ("MCW"), (TSX VENTURE: MCW) (OTCQX: MCWEF), a Canadian holding company involved in the development and implementation of oil sands technologies, through MCW Oil Sands Recovery, LLC, ("MCW Oil Sands") today announced that current discussions are being held to explore the possibilities of an association with APATEQ and its North American-based subsidiary, APATEQ, Inc. ("APATEQ"), an industry leader in wastewater remediation technologies.
The focus of this potential co-operation between the two companies would be to combine MCW's proven oil sands extraction technology with APATEQ's membrane-based solutions for the treatment of process water and industrial wastewaters. The target would be to develop a portfolio of technologies to serve the oil and gas industry as well as heavy industry applications in wastewater extraction/treatment.
MCW has spent six years developing an environmentally friendly extraction technology, which is now into successful production in Utah. This technology can also be applied to oil sands deposits and remedial applications for the massive tailings ponds in Alberta, Canada on a cost-efficient basis. MCW's unique closed-loop technology requires no water, produces no greenhouse gases or high temperatures or pressures. APATEQ's full-solution systems feature portable, compact designs resulting from the Company's extensive knowledge of packaged, containerized modules. MCW and APATEQ are considering the co-development of versatile, mobile units using environmentally friendly technologies for the remediation of contaminated soil and water. Both companies recognize the global potential of contamination remediation, not only in the oil and gas industry but in heavy industry as well.
"The synergy of both companies' technologies is impressive. They both improve the environment with the separation of hydrocarbons and other hazardous materials from water, sand and soil. MCW's extraction technology was originally developed as a remediation technology, therefore a potential to work alongside APATEQ means that MCW is gradually creating a portfolio of extraction technologies which are all environmentally-friendly. It's a logical next step for our Company," stated MCW's Chief Technology Officer, Dr. Vladimir Podlipskiy.
"With this proposed joint venture approach, our two companies are further strengthening our respective RDI efforts, and we will have the ability to develop new markets and revenue streams with an expanding portfolio of extraction and filtration technologies," stated APATEQ CEO, Bogdan Serban. "This proposed affiliation will enable MCW and APATEQ to exploit our many years of combined technological experience and market know-how. A successful alliance would produce a comprehensive portfolio of mobile soil/water remediation solutions."
Discussions are continuing in order to establish a foundation for an association between the two companies. Further press releases will be jointly issued when a relationship structure has been formalized as well as a prioritized list of new product technologies. Both parties agree that their proposed association will potentially open the doors to significant, new revenue streams and will create a new benchmark for environmentally-conscious clean-up standards.
About APATEQ:
APATEQ, Inc., based in Spring, Texas is the North American headquarters of APATEQ in Luxembourg that develops and manufactures turnkey, custom-designed frac flowback and produced water treatment systems for oil and gas field operators, compact wastewater treatment plants for demanding applications and full-solution systems for industrial wastewater. With decades of experience in the water and wastewater industry and global industrial product manufacturing and commercialization, APATEQ's corporate and technical team is comprised of dedicated experts whose focused goal is client satisfaction, environmental protection and water conservation. APATEQ has won several awards, including the Frost & Sullivan Best Practices Award and the Red Herring Global 100 Award. Please visit: www.apateq.com .
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, (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. Please visit: www.mcwenergygroup.com .
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:
APATEQ
Marketing & Communications
Tel. Europe: +352 2021 1680 70
Tel. USA: +1 (281) 378 4772
Email: [email protected]
MCW Energy Group Limited
Paul Davey
Director of Communications
Tel.: (800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Email: [email protected]
Source: MCW Energy Group
]]>Equity Financings
MCW announces it has raised gross proceeds of US$256,000 through the issuance of an aggregate of 2,617,314 common shares (1,000,000 common shares at $0.143561 per share and 1,617,314 at $0.12 per share). All shares issued pursuant to the non-brokered financings are subject to a four month hold period. The proceeds of the financings will used for working capital. The financings are subject to final approval of the TSX Venture Exchange (the "Exchange").
Convertible Note Financing
MCW has issued a convertible secured note (the "Note") to an arm's length lender (the "Lender") for an aggregate principal amount of US$600,000 (including a 10% original issue discount) in accordance with the terms of a securities purchase agreement (the "Agreement") for up to US$1,200,000 at the option of the Lender. The Note bears interest at a rate of 5% per annum, is payable quarterly and matures on October 8, 2017. At the option of the Lender, principal under the Note is convertible into units (the "Units") of MCW at a conversion price of CAD$0.15 per Unit. Each Unit would consist of one common share in the capital of MCW and one common share purchase warrant of MCW. Each warrant would entitle the Lender to acquire one common share of MCW at an exercise price of CAD$0.1575 per common share until April 8, 2021. MCW has granted a security interest to the holder under a general security agreement covering all of the assets of MCW. All securities issued pursuant to the financing will be subject to a four month hold period. The net proceeds will be used by MCW for working capital requirements. The financing is subject to final approval of the Exchange.
Shares for Debt Transactions
MCW has entered into two shares for debt agreements, pursuant to which MCW has agreed to issue an aggregate of 2,005,140 common shares in satisfaction of US$205,556.00 of indebtedness currently owed to arm's length creditors. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology in Asphalt Ridge, Utah, and for working capital. The common shares will be issued upon acceptance by the Exchange and will be subject to a four month hold period from the date of issuance.
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, the approval of the transactions by the Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>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, announces it has raised gross proceeds of US$25,000 through the issuance of 278,064 common shares at a price of $0.124 per share. All shares issued pursuant to the non-brokered private placement are subject to a four month hold period. The proceeds of the financing will used for working capital. Including the issuance announced herein there are 106,890,803 common shares issued and outstanding.
In addition, MCW has entered into a shares for debt agreement, pursuant to which MCW will issue 226,821 common shares in satisfaction of US$20,000 of indebtedness currently owed to an arm's length service provider. MCW determined to satisfy the indebtedness with common shares in order to preserve its cash for use on its extraction technology in Asphalt Ridge, Utah, and for working capital. The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
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, final approval of the private placement by the TSX Venture Exchange, the approval of the shares for debt transaction by the TSX Venture Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>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, the approval of the shares for debt transaction by the TSX Venture Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
]]>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, the approval of the debt conversion agreement by the TSX Venture Exchange, 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
Paul Davey
Communications
(800) 979-1897 (Ext. 3) or Cell: (778) 389-0915
[email protected]
Source: MCW Energy Group Limited
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