PALM BEACH GARDENS,
FL, Oct 11, 2005
Nevtah Capital Management,
Inc. (OTC: NTAH) recently entered into a 50/50 joint
venture with Cassandra Energy to recover oil from oilsands
on leases located in the state of Utah. These leases
contain an estimated 900 million bbls of near surface
bitumen. (DOE 1983 Estimates from Interstate Oil. Compact
Commission "Major Tar Sand and Heavy Oil Deposits of
the United States" Lewin & Associates 1983 report)
(Lewin and Associates, Inc., Major Tar Sand and Heavy
Oil Deposits of the United States, Interstate Oil Compact
Commission in cooperation with the USGS and U.S. Department
of Energy, July 1983) This major oilsands project will
utilize Cassandra's patented process. Nevtah and Cassandra
will utilize a proven recovery technique to extract oil
from surface oil-bearing sand with an initial focus on
an area in Utah called Asphalt Ridge with 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).
Cassandra has exclusive
rights to a patent protected proven hydrocarbon extraction
technology and has assembled a core group of scientists,
engineers, operators and managers necessary to further
develop the technology, mine leased tar sand, operate,
upgrade and market recovered hydrocarbons.
An earlier project in
Wyoming to extract oil from surface oil sand deposits
operated successfully for a year producing slightly less
than 100 bbls of oil per hour or 2000 bbls of oil per
day at an operating cost of $10/yd., each cubic yard
yielding about 1bbl of oil.
This demonstration will
take place at the Uinta Basin in Utah during October
and November. The Cassandra 3' Solvent Extraction process
demonstration unit #1 uses an extractor vessel to receive
crushed, 1" minus tar sand which is exposed to a flow
of solvents in the sealed extractor vessel. The oil is
extracted out under a slight vacuum while the cleaned
solids are heated to completely remove any solvent remaining,
leaving dry solids suitable for mine backfill by Utah
EPA Standards. The recovered solvent is compressed back
to a liquid, cooled and re-circulated to the extractor
vessel in an endless loop similar to coolants in an air
conditioning system.
The daily bitumen production
will be used to train operators and develop procedures
for progressing to 24-hour operations. This demonstration
unit is estimated to process as much as 5yd/hr of mined
oil sands. The produced bitumen will be trucked to an
established contract buyer. The pilot plant will continue
producing to establish a continuous 24-hour/day operation.
For more
information, please contact:
Daniel P. Kesonen President & CEO
Nevtah Capital Management Corp.
(561)
626-9901
