May 1 st , 2007.
PRESS RELEASE: For Immediate Release.
May 1 st , 2007, 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 disclosure by Korea Technology Industry Co. Ltd. (KTI)
to its Korean investors of developments in their joint venture
agreement in the Utah oil sands. (See Press Release dated
January 12, 2007.)
(Translated directly from KTI''s release, Seoul, Korea:)
‘After a favorable independent engineering study,
KTI has announced an expanded involvement in the development
of Nevtah/Black Sands Energy's leases in the Utah oil sands
area. The Company plans to initially invest $ 29 million
USD in the development, which represents the second largest
Korean investment in North American oil sands projects. KTI's
business model forecasts the production of 2000 bbl/day by
the end of July, 2007, which coincides with the completion
date of the joint venture partner's first commercial production
unit. The Company projects production of 12,000 bbl/day by
the end of 2007 through the use of several multi-pod production
units on several lease locations throughout the Asphalt Ridge/Whiterocks
Deposits. KTI expects to ramp up production to over 50,000
bbl/day by the end of 2009.”
Prior to Nevtah/Black Sands' development of their
patented, closed-loop production process, the petroleum industry
has not been able to develop an economic, cost-effective
method of extracting oil from oil sands without the extensive
use of water. The joint venture's process utilizes benign,
non-toxic solvents which are recycled in a closed-loop system
so that both cost and environmental impact issues are met.
This unique system, 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. Proponents of the closed-loop system have stated
that the process is scaleable, portable, flexible, low-cost,
low-energy, low-manpower, low-emission, earth-friendly, easy-to-operate,
leaves a small footprint and has a rapid payout.
For more information, please see the Company website
at:
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
Nevtah Capital Management adheres to the provisions,
regulations and specification of the Safe Harbor Act.
