TORONTO, ON -- (Marketwired) -- 06/30/16 -- 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 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 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
filtration and fluid properties through the use of impulse-wave based technology.
Accord's S-BRPT technology, designed to recover solid and liquid hydrocarbons through
gasification/vaporization at greater depths, is expected to expand economic recoverability
of MCW's mineral resource at depths up to 300 feet, levels currently not economical with
existing processing capabilities.
"The plan for this acquisition is to expand economic recoverability of our sub-surface
hydrocarbon assets and provide us with more flexibility in recovering our already
economical surface reserves," commented Alex Byumkin, MCW chairman. "We have
tested the technologies on our Temple Mountain site and are confident in its capabilities to
improve economical oil recoverability".
Pursuant to the Agreement, MCW will acquire 57.29% of all issued and outstanding
shares of Accord, in consideration for 59,698,308 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 m
anagement'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.
For more information, please contact:
MCW Energy Group Limited
Paul Davey
Communications
Tel: (800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Email: pdavey@mcwenergygroup.com
Source: MCW Energy Group
