March 5, 2007
PRESS RELEASE:
Nevtah Capital Management (Symbol:
NTAH-OTC) and its joint venture partner, Black Sands Energy,
today announced that they have finalized arrangements to
ship their small commercial oil extraction unit in March
to Utah for the commencement of production. Utah 's oil sands
consist of 8 major deposits with a combined shallow oil resource
of 32 billion barrels.
The joint venture partners' small commercial
unit has successfully completed a series of engineering improvements,
rigorous field testing, operator training programs and demonstrations
to potential joint venture partners while on location in
Oklahoma during the past ten months. Two key improvements
in the extraction process include the dramatic reduction
of pressure required to atmospheric levels, and the reduction
in process temperature to moderate levels. The small scale
commercial extraction unit is capable of producing 12-15
bbls/hr., contingent upon the quality/consistencies of oil
sands material and the length of daily operating times. The
unit will be located on one of the partners' current leases
in the Utah Oil Sands. The installation of this small commercial
extraction unit represents an important benchmark for the
Company in that it marks the first viable oil extraction
process to go into production in the state of Utah .
This patented, closed-loop production process
uses benign, non-toxic solvents, which are recycled in a closed-loop
system so that both cost and environmental impact issues
are dealt with, has been developed and enhanced since the
late 1990's. The use of this unique system with its economic,
non-toxic solvents combined with pressure and temperature
is now ready for commercial application. Direct mining and
extraction processing costs are estimated at $ 12.00 to $
13.00 USD per barrel, which offers payouts similar to conventional
oil drilling.
A recent issue of OilSands Review, a resource
publication of OilWeek, summarized the Company's technology
with the following: Proponents say the closed-loop, solvent
extraction process is small-scale, portable, flexible, low-cost,
low-energy, low-manpower, low-emission, waterless, earth-friendly,
easy-to-regulate, and leaves a small footprint, and has a rapid
payout.
Fabrication of the Company's 2000 bbl/day extraction
unit continues in Tulsa .
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
