Post by Zoinkers on May 25, 2006 23:26:17 GMT -5
Press Release Source: Nevtah Capital Management Inc.
Nevtah/Black Sands J.V Commissions Engineering Scale-Up, Readies for Production on Its Leases in the Utah Oil/Tar Sands...America's Forgotten Resource
Monday April 24, 1:31 pm ET
PALM BEACH GARDENS, FL--(MARKET WIRE)--Apr 24, 2006 -- Nevtah Capital Management Inc. (Other OTC:NTAH.PK - News) today announced several developments from its oil sands leases in Utah.
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The Company's pilot plant which has been undergoing stabilization and debugging since October 2005 on Asphalt Ridge is now being shipped to an engineering firm in Oklahoma, which will scale-up the unit's capacity to up to 250 barrels of oil per day. The pilot plant will be back in production within two weeks. Mining permits have been applied for on 13 leases and are expected to be issued upon state approval within thirty days. After these permits are issued, the joint venture partners will stockpile oil sands from their leases for immediate processing. As part of the minesite mining plan, a core drilling program is taking place on the partners' Asphalt Ridge lease to determine the richest resource areas.
A recently commissioned engineering company is also currently completing its costing and engineering program for a larger commercial unit that will produce 100 bbls per hour for an average daily output of 2000 bbls. (Annual production of this unit would be 800,000 bbls at 91% capacity.) The scaled-up commercial unit is still scheduled for completion by July 2006.
The Utah Oil/Tar Sands are estimated to contain over 32 billion bbls of oil, almost half of United States' total of 80 billion bbls. (DOE Estimates). They are forgotten no more. The joint venture partnership of Nevtah Capital Management and Black Sands Energy holds a total of 11,535 acres of leases in three different areas of the Utah Oil/Tar Sands, and is now actively bringing these leases into production. Originally estimated by a 1966 Utah Geological Survey and recently confirmed by a registered petroleum geologist, these leases are estimated to contain over 650,000,000 bbls of recoverable oil.
The proven technology consists of a patented, closed-loop solvent extraction system that will deliver oil for less than $12.50 USD per barrel. The technology was successfully demonstrated during a full scale operation in Wyoming for two years, producing an average of 2000 bbls pr day. This continuous flow system is totally closed loop and is very earth-friendly. It has near-zero solvent loss, produces minimal greenhouse gases and returns the cleaned-up sand to the environment, leaving the ecosystem in better-than-original condition. The highly-scalable technology works in locations that lack significant water resources and works efficiently on a wide range of host oil and sediment types. The result is a 99% oil recovery rate and a product that has a low sulfur content ranging from 0.15% to 0.22%, low metal content and an API gravity rating from 18°-22°. The partners have an agreement in place with a nearby refinery in Salt Lake City to pick up and refine all of the Utah Oil/Tar Sands production. The joint venture partners feel that these recent exciting developments have made the companies' Utah Oil/Tar Sands Project the most advanced American oil sands project in the country.
Nevtah Capital was recently featured in articles by two leading resource magazines, OilBarrel and MineSite. These articles and a complete background on the joint venture partners' technology may be viewed on the Company's website: www.nevtahoilsands.com. For more information, please contact Paul Davey, Investor Services, at (778) 389-0915. Email: info@nevtahoilsands.com or Mr. Daniel P. Kesonen, President & CEO of Nevtah Capital Management Inc. at (561) 626-9901.
Contact:
Contact:
Paul Davey
Investor Services
(778) 389-0915
info@nevtahoilsands.com
Mr. Daniel P. Kesonen
President & CEO
Nevtah Capital Management Inc.
(561) 626-9901
--------------------------------------------------------------------------------
Source: Nevtah Capital Management Inc.
Nevtah/Black Sands J.V Commissions Engineering Scale-Up, Readies for Production on Its Leases in the Utah Oil/Tar Sands...America's Forgotten Resource
Monday April 24, 1:31 pm ET
PALM BEACH GARDENS, FL--(MARKET WIRE)--Apr 24, 2006 -- Nevtah Capital Management Inc. (Other OTC:NTAH.PK - News) today announced several developments from its oil sands leases in Utah.
ADVERTISEMENT
The Company's pilot plant which has been undergoing stabilization and debugging since October 2005 on Asphalt Ridge is now being shipped to an engineering firm in Oklahoma, which will scale-up the unit's capacity to up to 250 barrels of oil per day. The pilot plant will be back in production within two weeks. Mining permits have been applied for on 13 leases and are expected to be issued upon state approval within thirty days. After these permits are issued, the joint venture partners will stockpile oil sands from their leases for immediate processing. As part of the minesite mining plan, a core drilling program is taking place on the partners' Asphalt Ridge lease to determine the richest resource areas.
A recently commissioned engineering company is also currently completing its costing and engineering program for a larger commercial unit that will produce 100 bbls per hour for an average daily output of 2000 bbls. (Annual production of this unit would be 800,000 bbls at 91% capacity.) The scaled-up commercial unit is still scheduled for completion by July 2006.
The Utah Oil/Tar Sands are estimated to contain over 32 billion bbls of oil, almost half of United States' total of 80 billion bbls. (DOE Estimates). They are forgotten no more. The joint venture partnership of Nevtah Capital Management and Black Sands Energy holds a total of 11,535 acres of leases in three different areas of the Utah Oil/Tar Sands, and is now actively bringing these leases into production. Originally estimated by a 1966 Utah Geological Survey and recently confirmed by a registered petroleum geologist, these leases are estimated to contain over 650,000,000 bbls of recoverable oil.
The proven technology consists of a patented, closed-loop solvent extraction system that will deliver oil for less than $12.50 USD per barrel. The technology was successfully demonstrated during a full scale operation in Wyoming for two years, producing an average of 2000 bbls pr day. This continuous flow system is totally closed loop and is very earth-friendly. It has near-zero solvent loss, produces minimal greenhouse gases and returns the cleaned-up sand to the environment, leaving the ecosystem in better-than-original condition. The highly-scalable technology works in locations that lack significant water resources and works efficiently on a wide range of host oil and sediment types. The result is a 99% oil recovery rate and a product that has a low sulfur content ranging from 0.15% to 0.22%, low metal content and an API gravity rating from 18°-22°. The partners have an agreement in place with a nearby refinery in Salt Lake City to pick up and refine all of the Utah Oil/Tar Sands production. The joint venture partners feel that these recent exciting developments have made the companies' Utah Oil/Tar Sands Project the most advanced American oil sands project in the country.
Nevtah Capital was recently featured in articles by two leading resource magazines, OilBarrel and MineSite. These articles and a complete background on the joint venture partners' technology may be viewed on the Company's website: www.nevtahoilsands.com. For more information, please contact Paul Davey, Investor Services, at (778) 389-0915. Email: info@nevtahoilsands.com or Mr. Daniel P. Kesonen, President & CEO of Nevtah Capital Management Inc. at (561) 626-9901.
Contact:
Contact:
Paul Davey
Investor Services
(778) 389-0915
info@nevtahoilsands.com
Mr. Daniel P. Kesonen
President & CEO
Nevtah Capital Management Inc.
(561) 626-9901
--------------------------------------------------------------------------------
Source: Nevtah Capital Management Inc.