March 17th, 2008
PRESS RELEASE: For Immediate Release. (Revised, May 23rd, 2008.)
NEVTAH/BLACK SANDS ENERGY SIGN AGREEMENT FOR LEASE RIGHTS
TO MULTIPLE LEASES AT UTAH OIL SANDS’ ASPHALT RIDGE AND P R
SPRING AREAS, WITH PROVEN RESOURCES TOTALLING 1.4 BILLION BARRELS.
March 17th, 2008, Palm Beach Gardens, FL (Via Comtex Business Wire).
Nevtah Capital Management (Symbol: NTAH-OTC) and its joint venture partner, Black Sands Energy, today announced the signing of an agreement with Enercor, Inc., a Los Angeles-based company to acquire and develop a number of key oil sands leases situated in the Asphalt Ridge and P R Spring oil sands areas of Utah.
The multiple leases, originally held by Exxon Mobile in the mid-1980’s, have a total of 1.4 billion barrels of proven resources and an additional 1.2 billion barrels of probable resources, and cover a total area of 26,066 acres. Under the Agreement, the mining rights include from the surface down to a depth of 200 feet. The development of 20% of the leases will be under the direction of a newly-formed Nevada corporation. Black Sands Energy will own 33.33% of the common stock of the new company and will be responsible for the mining activities of the venture. Under the current joint venture agreement for the development of oil sand leases in Utah between Nevtah and Black Sands Energy, the two companies will share equally in the new venture’s net profits. A management team for the new corporation has been assembled and will prioritize lease targets, and will prepare a business plan and budget forecast for the development of this key oil sands lease portfolio.
Utah’s Asphalt Ridge and P R Spring areas represent two of the state’s four largest major oil sands deposits. The U.S. Department of Energy estimates that overall reserves in P R Spring area total more than 4.5 billion barrels of oil. Estimates of the Asphalt Ridge resource are more than 1.5 billion barrels. Both of these deposits lend themselves well to the joint venture partners’ patented oil extraction technology: the resources tend to be close to surface; are fragmented by multiple beds and are highlighted by several rich zones. For details of Utah’s oil sands deposits, please refer to Nevtah’s website: www.nevtahoilsands.com where a U.S. Department of Energy report on Utah’s oil sands deposit may be downloaded.
Nevtah/Black Sand Energy’s patented, closed-loop extraction process was featured in a 2007 report issued by the U.S. Department of Energy and the offices of Petroleum Reserves, Naval Petroleum and Oil Shale Reserves, titled “Secure Fuels From Domestic Resources, The Continuing Evolution of America’s Oil Shale & Tar Sands Industries, which is also available on the Company’s website. Costs of extraction range from $ 10.00 to $ 15.00 USD per barrel, with a 99% recovery rate of oil and solvents.
For more information, please contact Paul Davey, Investor Services at (778) 389-0915, email at: paul@nevtahoilsands.com or Mr. Daniel Kesonen, Chairman & CEO, Nevtah Capital Management Corp. at (561) 626-9901.
Nevtah Capital Management adheres to the provisions, regulations and specifications of the Safe Harbor Act.
For more information, please contact:
Paul Davey
Investor Services
(778) 389-0915
Mr. Daniel P. Kesonen
President & CEO
Nevtah Capital Management Inc.
(561) 626-9901
