November
7, 2005 Palm Beach Gardens , Florida
Nevtah Capital Management
Inc. (OTC:NTAH) announces the successful implementation
of its pilot plant operation in Nevada to recover oil from
the oilsands of the Asphalt Ridge lease property located
in Utah . The joint venture partnership of Nevtah Capital
Management and Cassandra Energy Inc. originally announced
the plant operation in a press release dated October 11
th , 2005 . >>
The joint venture pilot plant
has now been in operation for more than a week and has commenced
oil production at the Asphalt Ridge location, which has an
estimated 1.5 billion bbls (DOE 1983 Estimates from Interstate
Oil Compact Commission "Major Tar Sand and Heavy Oil Deposits
of the United States" Lewin & Associates 1983 Report).
The Asphalt Ridge deposit is unusually rich with an average
oil saturation of 48% and is low in sulphur content at 0.4%
by weight.). The extracted oil will be transported to a nearby
refinery in Salt Lake City for refining. The joint venture
has also secured a contract buyer for all of the oil produced
from the Asphalt Ridge resource and will now focus on increasing
the pilot plant's capacity with a new conveyor system and
the installation of crushers at the site. The pilot plant
will continue its operations for approximately 60 days.
Nevtah and its 50/50 joint venture partner, Cassandra Energy
are utilizing a patent-protected, proven hydrocarbon extraction
technology featuring a closed loop system where the recovered
solvents are compressed back to a liquid, cooled and recirculated
to an extractor vessel in an endless loop, while the remaining
solids/sand are heated to completely remove any remaining solvents.
The result is dry sand suitable for mine backfill as per Utah
EPA standards .
For more information,
please contact:
Daniel P. Kesonen President & CEO
Nevtah Capital Management Corp.
(561)
626-9901
