NEW YORK, Nov. 25, 2015 /PRNewswire/ -- S&P Capital IQ (MHFI) announced today that it has commenced Factual Stock Report coverage on MCW Energy Group Limited.
MCW Energy Group Limited (TSXV: MCW; OTCQX: MCWEF) engages in the development and implementation of proprietary, environmentally friendly oil sands extraction technologies and remedial tailings ponds project solutions. The company is focused on the development and implementation of worldwide joint venture and licensing of oil sands opportunities with governmental and private industry entities within countries possessing extensive oil sands/shale deposits. The company, through its wholly owned subsidiary MCW Oil Sands Recovery, LLC, engages in oil sands mining and processing. The company conducts this business through a plant that uses an extraction technology to recover oil from surface mined bitumen deposits. MCW is focused on expanding production capabilities of its now operational oil sands project in Asphalt Ridge, Utah.
MCW owns the intellectual property rights to its patent-pending process (the extraction technology) of extracting oil from oil sands utilizing a closed-loop solvent based extraction system.
MCW Energy Group Limited. produces and sells oil extracted by processing purchased native oil sands ore as well producing the native oil sands ore through the mining operations, on its lease in Asphalt Ridge, Utah, using its patent-pending closed loop, continuous flow, and environmentally safe extraction technology. The process allows the extraction of hydrocarbons from a wide range of both ''water-wet'' and/or ''oil-wet'' oil sands deposits and other hydrocarbon sediment types. MCW intends to mine the TMC lease for oil sands, produce oil from oil sands using their patented technology via the plant and license the technology internationally. According to the company, the extraction technology utilizes no water in the process, it produces no greenhouse gas, requires no high temperature and/or pressure for the extraction process, and it extracts almost all of the hydrocarbon content of the sand while recapturing the solvent for re-use.
The company has filed patent applications for elements of the extraction technology with both the USPTO in the United States and CIPO in Canada, as well as China and Russia, and intends to file patent applications worldwide with respect to the same elements in the future.
On May 13, 2015, the company sold its indirectly wholly owned subsidiary company, MCW Fuels, Inc. ("MCWF"). MCWF was engaged in the marketing and sale of unleaded and diesel land fuel products and related services in California. The company decided to sell MCWF to focus its efforts on the operations of MCW Oil Sands Recovery, LLC (MCWO), which is engaged in mining and oil extraction from tar sands, and other inactive subsidiary companies.
MCW's technology has been tested at full capacity as of May 31, 2015. An independent production evaluation was underway as of late July 2015.
On July 29, 2015, MCW announced an increase in loan financing from US$2 million to a further advance of US$1.5 million at a rate of 6% per annum, payable on maturity on February 9, 2016.
The company added that the second stage of its increased capacity is the proposed funding, designing and fabrication of a 5,000 barrel/day extraction plant.
S&P Capital IQ's Factual Stock Report coverage on MCW Energy Group LTD. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.mcwenergygroup.com for additional information.
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Currently profiling approximately 400 issuers, S&P Capital IQ (MHFI) Factual Stock Reports increase market awareness of issuers in the investment community with insightful commentary, key statistics, and relevant corporate information. The Reports provide factual research coverage about company fundamentals and business prospects, thereby enabling information on the covered companies to reach a wide spectrum of Buy and Sell-side investors. Updated weekly with the latest pricing, trading volume, and other data, the Reports also capture recent company developments, a financial review, key operating information, industry and peer comparisons, Street Consensus, performance charts, business summary, fundamental data, and timely news stories. Coverage of these reports is underwritten by the issuer, therefore S&P Capital IQ does not offer investment opinions concerning the advisability of investing in these stocks.
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