Wednesday, December 21 st , 2006
PRESS RELEASE: For Immediate
Release.
Palm Beach Gardens ,
FL. , December 21 st , 2006 (Market Wire-Via COMTEX News
Networks): Nevtah Capital Management (NTAH-OTC) today announced
that the Company, together with its joint venture partner,
Black Sands Energy, have completed a lease agreement to acquire
a significant leasehold property within the Whiterocks Deposit
of the Utah Oil Sands.
The joint venture partners' key lease agreement with
private landholders, consists of 840 acres, situated on the
northern flank of Uinta Basin, 27 miles north of Roosevelt
in Duchesne County and is 30 miles northwest of Vernal, Utah.
This significant resource has been the subject of several
reports, including the 1961 Shirley Report which estimates
the total oil resource at 105 million barrels, with 57 million
barrels classified as proven reserves and 27 million barrels
probable resources. The Ritzma Report of 1979 estimates this
resource at between 65 to 125 million barrels of oil in place.
Subsequently, in 1985, the Peterson Report estimated the
resource at over 100 million barrels of oil in place. An
important feature of this lease is its accessibility, with
easy access via graded roads fromVernal and the town of Whiterocks
, Utah .
In other developments, the Company's project engineers
at SMC Corporation in Bartlesville , Oklahoma have now endorsed
the many modifications made to improve the efficiencies and
capacities of the joint venture partners' commercial oil
extraction unit after several months of rigorous field testing
in Oklahoma . These enhancements and modifications will be
posted on the corporate website's Home Page under “Corporate
Developments” shortly. The Company has now authorized the
fabrication of a new 1,000 bbl/day commercial unit, which
will be completed and installed at one of the Company's lease
locations in Utah during the first quarter of 2007.
Nevtah Capital Management adheres to the provisions,
regulations and specifications of the Safe Harbor Act.
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
