March 9th, 2006
PRESS RELEASE: For Immediate Release.
NEVTAH RELOCATES PILOT SCALE PLANT AT ASPHALT
RIDGE, UTAH TAR
SANDS & COMMISSIONS CONSTRUCTION OF TWO LARGER SCALE
SYSTEMS.
Palm Beach Gardens, FL – Market Wire – March
9th, 2006 – Nevtah Capital Management Inc. (NTAH-OTC) today
announced further progress on the development of its successful
pilot plant operation in the Utah Tar Sands with its joint
venture partner, Black Sand Energy Corp.
Since undergoing rigorous field testing and stabilizing
from November, 2005 to the end of February, 2006, the joint
venture partners’ pilot plant project has been winterized
as well as its support equipment, in order to maintain processing
levels at colder temperatures. (See Press Release dated December
27th, 2005.). The pilot plant has since been moved
a short distance away from the present operation, to one
of the joint venture’s leases on Asphalt Ridge, where
it is currently being assembled for production. A heating
coil has been installed to minimize the accumulation of condensed
water. A hydraulic motor has been installed on the plant’s
lower steam bowl to improve the removal of sand from the
bottom of the wash chamber. Two basket-type devices have
also been constructed to improve the heat transfer in the
flash evaporator, and a conveyor system, complete with a
remote-operation software program, has been set up.
An engineering firm has been commissioned to engineer the
scale-up for two extraction units: the first
one, a mobile unit to produce between 250-300 bbls per day,
and a second, larger commercial unit that will produce 100
bbls per hour for an average daily output of 2000 bbls.(Annual
production would be 800,000 bbls at 91% capacity.) The scaled-up
plant is scheduled to be completed mid-2006. The joint venture
partners’ 4,190 acres in Asphalt Ridge are estimated
to contain total recoverable oil reserves of 30,000 to 40,000
bbls per acre. (DOE 1983 Estimates) In total, the
joint venture partnership holds 11,535 acres in leases within
the Utah Tar Sands areas of Asphalt Ridge, PR Springs and
Sunnyside..
Nevtah/Black Sand Energy employ a proven, patented closed-loop
solvent extraction technology to deliver oil at under $ 12.50
per barrel, including transportation costs. The technology
was successfully demonstrated during a full scale operation
in Wyoming for one year, producing an average of 2000 bbls
oil per day, as well as the current pilot plant project in
Utah. This continuous flow system is totally closed loop
and is very eco-friendly. It has near-zero solvent
loss, produces minimal greenhouse gases and returns the cleaned-up
sand to the environment, leaving the ecosystem in better-than-original
condition. The highly-scalable, patented technology
works in locations that lack significant water resources
and works efficiently on a wide range of host oil and sediment
types. The result is a 99% oil recovery rate. Until
now, the petroleum industry has not succeeded in finding
a commercially viable process to recover oil from oil sands
using conventional, solvent-based technology. With
over a year of proven test results from a full scale production
plant, and from the current, successful pilot plant testing,
the joint venture partners feel they now have a viable, efficient
extraction system for the successful commercialization of
the technology.
For more information contact
Paul Davey, Investor Relations
at: (778) 389-0915 or
Mr. Daniel P. Kesonen, President & CEO of Nevtah Capital
Management at (561) 626-9901.
For more information,
please contact:
Daniel P. Kesonen President & CEO
Nevtah Capital Management Corp.
(561)
626-9901
