MCW Energy Group Enters Into Agreement to Acquire Enhanced Oil Recovery (EOR) Technology for Its Utah Oils Sands Project

TORONTO, ON--(Marketwired - Jun 30, 2016) - 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.