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Nevtah Capital & Black Sands Energy Joint Venture Receive 3 Additional Mining Permits on Their Asphalt Ridge Leases in Utah Tar/Oil Sands and Ready Pilot Plant for Production
June 14, 2006
News Release
PALM BEACH GARDENS, FL -- (MARKET WIRE) -- 06/14/06
Nevtah Capital Management Corp. today announced that they have received an additional three mining permits on the balance of their Asphalt Ridge leases, where the joint venture partnership owns a total of 6 leases covering 4,190 acres with estimated reserves of 251,000,000 bbls. (Estimates by U.S. DOE 1983 Report and recently confirmed by a registered petroleum geologist.)
Nevtah and Black Sands now have mining permits for all six of their Asphalt Ridge leases. For the balance of 2006, the joint venture partnership will focus on becoming a production company with the development of all of its 13 leases within three areas of the Utah Tar/Oil Sands.
The Nevtah/Black Sands Energy 2006 Production Program includes the following components:
- Steps are now being taken for mining permit applications on 7 other
leases in the Sunnyside and PR Springs areas, with reserve estimates of
over 400,000,000 bbls on 7,345 acres. (U.S. DOE 1983 Estimates and
recently confirmed by a registered petroleum geologist.)
- The scale-up of the 200 bbl/day pilot plant is nearing completion and
will undergo five days of test production in Oklahoma prior to the shipping
of the plant, before month's end, back to an Asphalt Ridge lease location.
- Construction of an additional 600 bbl/day mobile plant is now
underway. A completion date will be set in the near future. This plant
will also be located on one of the partnership's Asphalt Ridge leases.
- The partnership has completed a soil boring phase at the Asphalt Ridge
location in order to determine the richest areas to mine under the 3-5 foot
existing overburden.
- The costing and engineering study commissioned to an engineering
company (See Press Release dated April 24th, 2006) for the construction of
a 2000 bbl/day commercial plant is nearing completion. Costs for the unit
and a construction start date will be announced by the partnership in a
future news release. This plant will operate year round on an Asphalt
Ridge lease location for an annual output of 800,000 bbls.
Nevtah Capital and Black Sands Energy joint venture own the proprietary rights in Utah to this proven, closed-loop extraction system that produces oil for less than $ 12.50 USD per barrel. The system is totally closed-loop and is very earth-friendly. It has near-zero solvent loss, produces no greenhouse gases and returns the cleaned-up sand back to the environment, leaving the ecosystem in better-than-original condition. This highly scalable technology does not require water and works efficiently on a wide range of host oil and sediment types. Oil recovery rate is 99%. The joint venture partners have the only pilot plant operating in the Utah Oil/Tar Sands area.
For more information on the partnership's technology, its leases or the U.S. DOE Report on the success of the technology, please visit the corporate website: www.nevtahoilsands.com or call Paul Davey, Investor Services (778) 389-0915 (Canada) or Daniel P. Kesonen, President & CEO, Nevtah Capital Management Corp. (561) 626-9901.
Nevtah Capital Management adheres to the provisions, regulations and specifications of the Safe Harbor Act.
Paul
Davey, Investor Relations:
778-389-0915
Mr. Daniel P. Kesonen
President & CEO
Nevtah Capital Management Inc.
(561) 626-9901
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