SOURCE: Nevtah Capital Management Inc.

May 24, 2006 09:30 ET

Nevtah Capital & Black Sands Energy Joint Venture Receive 3 Mining Permits on Their Asphalt Ridge Leases in Utah Oil/Tar Sands

PALM BEACH GARDENS, FL -- (MARKET WIRE) -- May 24, 2006 -- Nevtah Capital Management Corp. (PINKSHEETS: NTAH) today announced developments on their Asphalt Ridge oil sands properties where the joint venture partnership owns a total of 6 leases covering 4,190 acres with estimated reserves of 251,000,000 bbls.

Nevtah Capital and Black Sands Energy have received three mining permits for three of their Asphalt Ridge lease properties from the Utah State Government. The joint venture partnership is now implementing a core drilling program on these leases to determine the richest areas of sands closest to the surface for its mining operations. Further details will be provided as the mining development of these leases progresses.

The joint venture partner's pilot plant, currently being upscaled in Oklahoma, is nearing completion as the required parts have arrived to complete its upgrading process and will be shipped back to its Asphalt Ridge location very shortly in order to resume production.

Nevtah Capital and Black Sands Energy own a total of 13 leases in three areas of the Utah Oil/Tar Sands area including Asphalt Ridge, Sunnyside and PR Spring. These leases cover a total of 11,535 acres with a total proven reserve of 651.6 million bbls in-place within the massive 32.0 billion barrel Utah Tar Sand Deposit. (Estimates by a 1966 Utah Geological Survey and recently confirmed by a registered petroleum geologist.)

Nevtah Capital and Black Sands Energy hold the patents and proprietary rights to this proven, closed-loop extraction system that produces oil for less than $ 12.50 USD per barrel. The technology was successfully demonstrated during a two-year period of operation in Wyoming, producing an average of 2000 bbls per day. The system is totally closed-loop and is very earth-friendly. It has near-zero solvent loss, produces no greenhouse gases and returns the cleaned-up sand back to the environment, leaving the ecosystem in better-than-original condition. This highly scalable technology does not require water and works efficiently on a wide range of host oil and sediment types. Oil recovery rate is 99%. The joint venture partners have the only pilot plant operating in the Utah Oil/Tar Sands area.

For more information, visit the Company's website: www.nevtahoilsands.com or call Paul Davey, Investor Services: (778) 389-0915 (Canada) or Daniel P. Kesonen, President & CEO, Nevtah Capital Management Corp. (561) 626-9901.

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 (Canada)

    Daniel P. Kesonen
    President & CEO
    Nevtah Capital Management Corp.
    (561) 626-9901

    Company's website:
    www.nevtahoilsands.com