MCW Enterprises Ltd., a Canada-based corporation, announced on Nov. 19 that it has received all necessary permits to streamline tar sands extraction at its Asphalt Ridge plant located in Vernal, Utah starting in December.
The announcement comes just weeks after U.S. Oil Sands Company received the first ever green light to extract tar sands south in the United States.
Recently changing its name from MCW Energy, MCW Enterprises Ltd. owns MCW Oil Sands Recovery LLC as a wholly owned subsidiary. The company's CEO, R. Gerald Bailey - often also referred to as Raymond Bailey or Jerry Bailey - is the former President of Exxon Arabian Gulf and also served as an Executive for Texaco (since purchased by Chevron) for 15 years.
MCW's website explains that its stake in the Asphalt Ridge is a “proven/probable resource of over 50+ million barrels of oil” and that it “is seeking other oil sands leases in Utah, which contains over 32 billion barrels of oil within 8 major deposits.”
Bailey told Flahrety Financial News that he sees this first project as a crucible, or testing grounds, with the potential for more extraction to come down the road.
“This is really going to be a technology play,” he stated. “I don't plan to build another Exxon out there in the desert.”