Friday January 12, 2007
PRESS RELEASE: For Immediate
Release.
Nevtah Capital
Management (PINKSHEETS: NTAH) today announced that together
with its joint venture partner, Black Sands Energy, it has
finalized a joint venture agreement with Korea Technology Industry
Co. Ltd. (KTI) to develop the recently acquired Whiterocks
Deposit in the Utah Oil Sands.
Under the terms of the joint venture agreement, KTI will provide
$19 million US for the development of the Whiterocks Deposit,
an 840-acre, privately held lease with an estimated oil resource
of 105 million barrels. (Shirley Report, 1961) The funds will
be utilized for infrastructure and development costs such as
surveying, core drilling, mining, road building and equipment
acquisitions. The joint venture agreement is limited to 100
million barrels of oil. Nevtah/Black Sands Energy will receive
50% of the net profits after operating costs. The oil produced
will be delivered to refineries in Salt Lake City, where it
will be refined and sold at market prices.
Nevtah Capital and Black Sands Energy welcome their new joint
venture partner, Korea Technology Industry, which is a publicly
traded company on the Korea Main Board and is headquartered
in Seoul, Korea. KTI has been successful in a wide range of
technology-based industries in electronics, biotechnology,
nanotechnology and Internet commerce. The Company is now focusing
on opportunities in innovative forms of renewable and alternative
energy.
Nevtah/Black Sands Energy are continuing their search for
additional, high quality privately held leases in the Utah
Oil Sands, America's largest oil sands deposits with an estimated
resource of over 32 billion barrels of oil.
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