SOURCE: Nevtah Capital Management Inc.

December 21, 2006 10:11 ET

Nevtah/Black Sands Complete New Lease Agreement in Utah Oil Sands, Commences Fabrication of 1,000 Barrel/Day Commercial Extraction Unit

PALM BEACH GARDENS, FL -- (MARKET WIRE) -- December 21, 2006 -- Nevtah Capital Management (PINKSHEETS: NTAH) today announced that the Company, together with its joint venture partner, Black Sands Energy, has completed a lease agreement to acquire a significant leasehold property within the Whiterocks Deposit of the Utah Oil Sands.

The joint venture partners' key lease agreement with private landholders consists of 840 acres situated on the northern flank of Uinta Basin, 27 miles north of Roosevelt in Duchesne County and is 30 miles northwest of Vernal, Utah. This significant resource has been the subject of several reports, including the 1961 Shirley Report, which estimates the total oil resource at 105 million barrels, with 57 million barrels classified as proven reserves and 27 million barrels probable resources. The Ritzma Report of 1979 estimates this resource at between 65 to 125 million barrels of oil in place. Subsequently, in 1985, the Peterson Report estimated the resource at over 100 million barrels of oil in place. An important feature of this lease is its accessibility, with easy access via graded roads from Vernal and the town of Whiterocks, Utah.

In other developments, the Company's project engineers at SMC Corporation in Bartlesville, Oklahoma have now endorsed the many modifications made to improve the efficiencies and capacities of the joint venture partners' commercial oil extraction unit after several months of rigorous field testing in Oklahoma. These enhancements and modifications will be posted on the corporate website's Home Page under "Corporate Developments" shortly. The Company has now authorized the fabrication of a new 1,000 bbl/day commercial unit, which will be completed and installed at one of the Company's lease locations in Utah during the first quarter of 2007.

For more information, please contact Paul Davey, Investor Services at: 778-389-0915. Email: paul@nevtahoilsands.com or Daniel P. Kesonen, President & CEO at 561-626-9901. More information is also available on the Company's website: www.nevtahoilsands.com.

Nevtah Capital Management adheres to the provisions, regulations and specifications of the Safe Harbor Act.

Contact Information

  • Contact:
    Paul Davey
    Investor Services
    778-389-0915
    Email: paul@nevtahoilsands.com

    Daniel P. Kesonen
    President & CEO
    561-626-9901