November 15, 2007
PRESS RELEASE: For Immediate Release.
On October 30th, 2007, Nevtah Capital Management (PINKSHEETS: NTAH) and its joint venture partner, Black Sands Energy, presented their earth-friendly, oil sands extraction technology to a large group of state and federal government officials and legislative leaders (including representatives of the offices of the Honorable United States Senators Orrin Hatch and Robert Bennett, the Honorable Jon Huntsman, Governor, the state of Utah.), executive office delegates, private sector executives, geology scholars and the media in Salt Lake City, Utah.
The purpose of the presentation was to update local and federal government authorities and the energy industry as to the joint venture partners' progress in bringing their oil sands extraction process to a viable and economic commercial production stage. A video presentation was featured, showing Nevtah/Black Sands Energy's 250 barrel/day mobile plant in operation, producing oil during a series of tests conducted over the past several months. The closed-loop system uses non-toxic solvents that remain within the system which recovers up to 99% of the oil in the oil sands material. During the months of October and November, oil sands materials from Oklahoma were processed through the unit with a yield of one barrel of oil per one ton of oil sands materials. An independent laboratory has tested the oil produced to a grade of 14.9 degree API which will enhance sale price at the refinery. (Alberta crude averages 9 API.) It is expected that some areas in Utah will yield even better quality levels of up to 21 API.
The joint venture partners' mobile unit has undergone a series of technology enhancements and stabilization programs over the past five years and they are now satisfied that the technology is ready for commercial production applications and a subsequent scale-up to units that will yield 2000 barrels a day each. Emphasis was made at the presentation on the potential for state revenue development, with a royalty of 8 1/2% of gross sales, resulting in an average of $4,500,000 to the state of Utah per commercial unit per annum. The joint venture partners expect to have the first commercial unit operating in Utah by the end of the first quarter of 2008. Utah alone has over 32 billion barrels of oil reserves according to the U.S. Department of Energy. Coupled with the mining, extraction and processing costs of under $15.00 USD per barrel, and with the current rising oil prices, this proven technology represents a tremendous opportunity for the state of Utah and for America in the development of the country's domestic oil resources.
The presentation was concluded by a lively question and answer period conducted by Mr. Frank Glinton, Chairman & CEO of Black Sands Energy and Mr. Daniel Kesonen, Chairman & CEO of Nevtah Capital Management. The joint venture partners felt that the presentation was an extremely important step in providing documentation on the progress of their technology as it advances into the commercial production stage after just five years. (The U.S. Department of Energy, in a recent report available on Nevtah's website, states that the average timeframe for any energy technology to advance from pilot and testing stages into commercial viability is 25 years.) Nevtah and Black Sands will continue to seek out additional exceptional leases in Utah, seek joint venture partners with oil sands properties and will liaise with state and federal authorities regarding extraction locations.
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.
