LONDON, September 22, 2015 /PRNewswire/ --
Defying the market with clean oil sands extraction at its plant
at Utah's Asphalt Ridge, MCW
Energy Group (traded in the U.S. under MCWEF and in Canada under MCW.V) has closed another key
resource acquisition, further consolidating its unique
position.
MCW's breakthrough is simple; commercially viable technology
that will clean up Utah's
estimated 32 billion barrels of oil sands without creating toxic
wastelands while turning a profit even in today's market.
The technology uses a solvent to pull oil out of oil sands the
way that soap washes grease from plates, according to MCW CEO Dr.
R. Gerald Bailey, former Exxon
(NYSE:XOM) president of Arabian Gulf operations. The process is
clean and green: it doesn't rely on water, high temperatures or
pressures, nor does it emit greenhouse gases.
Asphalt Ridge alone is believed to hold some 1 billion barrels
of recoverable oil, and MCW's plant here has been producing 250
barrels a day since early 2015 at a reasonable $30 per barrel.
Now it's taking operations further, with the $10-million
acquisition of TMC Capital, LLC, giving MCW the Temple Mountain
Project deposit lease, which will supply more oil sands for Asphalt
Ridge and also house the next extraction plant-a much larger
version that could further drive down production costs to around
$20/barrel. We're looking at
2,230 acres here in Uintah,
Utah-an area with extensive oil and gas operations by some
major drillers. Initial bitumen in place is 139,541,000 STB.
Experts estimate that MCW's extraction process is more
profitable than shale oil or any other oil sands project in
North America. Compare
Alberta's $55/barrel costs to MCW's cleaner $30/barrel.
We could be looking at a shift in focus to clean oil sands and
away from Utah's shale, which had
earlier attracted major players such as Marathon Oil (NYSE:MRO), EP
Energy Corporation (NYSE:EPE) and Newfield Exploration Co.
(NYSE:NFX).
MCW also plans to offer the technology for licensing, so this
could easily go global.
This innovative new tech is still flying under the radar, which
means it could still be a good deal for investors-but once they
start licensing, it'll be tough to get in on this game.
If the former Exxon president of Arabian Gulf operations-Dr.
Bailey--thinks this is the hottest thing since fracking technology,
we are inclined to listen.
By James Burgess of Oilprice.com
SOURCE Oilprice.com