MCW Energy CA closed its acquisition of all the membership interest of TMC Capital LLC from two arms’ length vendors, parent company MCW Energy Group Ltd. said Sept. 9. MCW Energy Group is a holding company focused on oil sands extraction technology.

TMC's sole asset is a mineral lease related to tar sands, oil and other minerals on certain lands in Uintah County, Utah. TMC, now a wholly owned subsidiary of MCW CA, is subject to a 1.6% gross royalty held by the property owner.

The bituminous sands/oil sands deposits at the lease site, known as the Temple Mountain project, will be acquired. They will be processed at MCW's oil sands extraction plant at its first field in Asphalt Ridge, Utah. There will be a location on the acquired property for MCW's planned second and larger extraction plant.

The Temple Mountain project has about 2,230 acres located in Uintah County. The total bitumen initially in place is estimated to be about 139.5 million stock tank barrels, the company said.

The acquisition of the lease was originally structured as an asset purchase by MCW in consideration for US$10 million and 10 million shares of MCW. The original plan was announced on Nov. 5, 2014.

The acquisition was made in consideration for MCW CA’s issuance of two unsecured US$5 million promissory notes.

MCW Energy Group Ltd. is based in Toronto.