PRESS RELEASE: For Immediate Release.
Friday, October 6 th , 2006
Palm Beach Gardens, FL, October 6 th , 2006 (Market
Wire-via COMTEX News Networks): Nevtah Capital Management
( NTAH-OTC) today announced that together with its partner,
Black Sand Energy Corp., they have signed a Letter of Intent
with Korea Technology Industry Co., Ltd. (KTI) to develop
their leases in the Utah Oil Sands.
KTI is a publicly-traded company on
the Korea Main Board and is headquartered in Seoul , Korea
. Successful in developing several technology-based industries
in electronics, biotechnology, nanotechnology and Internet
commerce, the Company is now focusing on investments in innovative
forms of renewable and alternative energy. KTI was one of
the first groups to view the demonstrations of the joint
venture partners' patented, closed-loop extraction technology
in Oklahoma in September and returned this week to see the
unit operating and producing oil.
As Nevtah/Black Sand Energy's investment
partner, KTI will provide $ 10 million USD to develop the
joint venture partners' leases in the state of Utah, encompassing
multiple leases which may include the areas of Asphalt Ridge,
Sunnyside, P.R. Spring and Whiterocks. In return, the joint
venture partners will contribute the mining rights to leases
in these areas and will provide KTI with a total yield of
100,000,000 barrels of oil utilizing their patented, closed-loop
extraction system. The oil will be refined in Salt Lake City
and KTI will sell it to the domestic U.S market. Black Sand
Energy will be the operator for this joint venture project.
The joint venture of Nevtah Capital and Black
Sand Energy Corp. holds the exclusive rights in Utah for this
patented, proprietary system. Since the Nevtah/Black Sand
joint venture project began in early 2005, Nevtah has invested
over $ 5,000,000 USD directly into this Closed-Loop Technology
Project, commencing with the construction of the original
pilot plant. (See Press Release dated October 11 th , 2005, “Nevtah/Cassandra
Oil Sands Joint Venture Pilot Plant Mobilized…”).
Nevtah Capital will continue to fund the ongoing enhancement
and development of the joint venture partners' commercial
production plant currently at the fabrication plant in Oklahoma
. It is currently undergoing a series of improvements, testing
programs and demonstrations to potential joint venture groups
such as KTI and private leaseholders in the Utah Oil Sands
area. At such time as the project engineers sign off on the
technology in Oklahoma , the unit will be moved for oil sands
extraction in Utah . Nevtah and Black Sand Energy continue
to seek out other privately-held lease opportunities in the
Utah Oil Sands area, which is estimated to contain over 32
billion barrels of oil. (DOE Estimates)
Nevtah Capital Management adheres to the provisions,
regulations and specifications of the Safe Harbor Act.
Contact:
Paul Davey
Investor Services
(778) 389-0915
info@nevtahoilsands.com
Mr. Daniel P. Kesonen
President & CEO
Nevtah Capital Management Inc.
(561) 626-9901
For more information,
please contact:
Daniel P. Kesonen President & CEO
Nevtah Capital Management Corp.
(561)
626-9901
