MCW Energy Group (TSX-V:MCW, StockForum), a Canadian-based holding company and a leading diesel and gasoline distributor in the western United States, announced today that MCW had made significant assembly progress at its oils sands extraction plant located in Asphalt Ridge, Utah.
According to the news release, the assembly of MCW's extraction plant, commenced in September, reached 60% completion by the end of Q4 2013.
MCW looks to utilize proprietary green oil sand extraction technology through its subsidiary, MCW Oil Sands Recovery, in order to maximize production with the currently held Utah leases with a proven/probable resource of 50+ million barrels of oil.
MCW was in the news recently when the company re-filed their financial statements and MD&A at the top of the month.
Shared gained 9.40% on the news to $1.28 per share.
Currently there are 42.1m outstanding shares with a market cap of $56.4 million.