SOURCE: Nevtah Capital Management, Inc.

November 07, 2005 13:10 ET

Nevtah/Cassandra Oil Sands Joint Venture Pilot Plant Commences Oil Production in Utah

PALM BEACH GARDENS, FL -- (MARKET WIRE) -- November 7, 2005 -- Nevtah Capital Management Inc. (OTC: NTAH) announces the successful implementation of its pilot plant operation to recover oil from the oilsands of the Asphalt Ridge lease property located in Utah. The joint venture partnership of Nevtah Capital Management and Cassandra Energy Inc. originally announced the plant operation in a press release dated October 11th, 2005.

The joint venture pilot plant has now been in operation for more than a week and has commenced oil production at the Asphalt Ridge location, which has 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). The Asphalt Ridge deposit is unusually rich with an average oil saturation of 48% and is low in sulphur content at 0.4% by weight. The extracted oil will be transported to a nearby refinery in Salt Lake City for refining. The joint venture has also secured a contract buyer for all of the oil produced from the Asphalt Ridge resource and will now focus on increasing the pilot plant's capacity with a new conveyor system and the installation of crushers at the site. The pilot plant will continue its operations for approximately 60 days.

Nevtah and its 50/50 joint venture partner, Cassandra Energy are utilizing a patent-protected, proven hydrocarbon extraction technology featuring a closed loop system where the recovered solvents are compressed back to a liquid, cooled and recirculated to an extractor vessel in an endless loop, while the remaining solids/sand are heated to completely remove any remaining solvents. The result is dry sand suitable for mine backfill as per Utah EPA standards..

More information will be made available on the Company's website: www.nevtahoilsands.com which is currently under construction. For more information, please contact Daniel P. Kesonen, President & CEO of Nevtah Capital Management, Inc., at (561) 626-9901.

Contact Information

  • For more information, please contact
    Daniel P. Kesonen
    President & CEO
    Nevtah Capital Management, Inc.
    (561) 626-9901