April 24th, 2006
PRESS RELEASE: For Immediate Release.
Nevtah/Black Sands J.V Commissions Engineering Scale-Up,
Readies for Production on Its Leases in the Utah Oil/Tar Sands...America's
Forgotten Resource
PALM BEACH GARDENS, FL, Apr 24, 2006
(MARKET WIRE via COMTEX News Network) --
Nevtah Capital Management Inc. (OTC: NTAH) today announced
several developments from its oil sands leases in Utah.
The Company's pilot plant which has been undergoing stabilization
and debugging since October 2005 on Asphalt Ridge is now
being shipped to an engineering firm in Oklahoma, which will
scale-up the unit's capacity to up to 250 barrels of oil
per day. The pilot plant will be back in production within
two weeks. Mining permits have been applied for on 13 leases
and are expected to be issued upon state approval within
thirty days. After these permits are issued, the joint venture
partners will stockpile oil sands from their leases for immediate
processing. As part of the minesite mining plan, a core drilling
program is taking place on the partners' Asphalt Ridge lease
to determine the richest resource areas.
A recently commissioned engineering company is also currently
completing its costing and engineering program for a larger
commercial unit that will produce 100 bbls per hour for an
average daily output of 2000 bbls. (Annual production of
this unit would be 800,000 bbls at 91% capacity.) The scaled-up
commercial unit is still scheduled for completion by July
2006.
The Utah Oil/Tar Sands are estimated to contain over 32
billion bbls of oil, almost half of United States' total
of 80 billion bbls. (DOE Estimates). They are forgotten no
more. The joint venture partnership of Nevtah Capital Management
and Black Sands Energy holds a total of 11,535 acres of leases
in three different areas of the Utah Oil/Tar Sands, and is
now actively bringing these leases into production. Originally
estimated by a 1966 Utah Geological Survey and recently confirmed
by a registered petroleum geologist, these leases are estimated
to contain over 650,000,000 bbls of recoverable oil.
The proven technology consists of a patented, closed-loop
solvent extraction system that will deliver oil for less
than $12.50 USD per barrel. The technology was successfully
demonstrated during a full scale operation in Wyoming for
two years, producing an average of 2000 bbls pr day. This
continuous flow system is totally closed loop and is very
earth-friendly. It has near-zero solvent loss, produces minimal
greenhouse gases and returns the cleaned-up sand to the environment,
leaving the ecosystem in better-than-original condition.
The highly-scalable technology works in locations that lack
significant water resources and works efficiently on a wide
range of host oil and sediment types. The result is a 99%
oil recovery rate and a product that has a low sulfur content
ranging from 0.15% to 0.22%, low metal content and an API
gravity rating from 18°-22°. The partners have an
agreement in place with a nearby refinery in Salt Lake City
to pick up and refine all of the Utah Oil/Tar Sands production.
The joint venture partners feel that these recent exciting
developments have made the companies' Utah Oil/Tar Sands
Project the most advanced American oil sands project in the
country.
Nevtah Capital was recently featured in
articles by two leading resource magazines, OilBarrel and
MineSite. These articles and a complete background on the
joint venture partners' technology may be viewed on the Company's
website:
Contact:
Paul Davey
Investor Services
(778) 389-0915
info@nevtahoilsands.com
Mr. Daniel P. Kesonen
President & CEO
Nevtah Capital Management Inc.
(561) 626-9901
For more information,
please contact:
Daniel P. Kesonen President & CEO
Nevtah Capital Management Corp.
(561)
626-9901
