TORONTO, ON–(Marketwired – May 18, 2016) – 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 discussions are currently being held to explore the possibilities of an association with Vivakor Inc., (OTC PINK: VIVK), (“Vivakor”), a Las Vegas-based company involved in environmentally-friendly, high-value natural resources extraction technologies.
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 Vivakor’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.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Vivakor’s products and their related market potential. Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor’s filings with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Vivakor undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.