PALM BEACH GARDENS, FL, Jan 17 (MARKET WIRE) --
Nevtah Capital Management (PINKSHEETS: NTAH) and its joint venture partner,
Black
Sand Energy, today announced the completion of an independent engineering study
which focused on their patented, closed-loop oil sands extraction process.
The
reportwas recently completed by a qualified engineer with over 20 years of
experience in the petroleum industry. This evaluation was generated by
Nevtah/Black Sand in response to the requests of several potential joint
venture groups currently evaluating this unique extraction process for
possible partnerships in developing their respective oil sands leases.
The joint venture partners' independent engineer met with members of the
company's research, development and operational teams and observed the mobile
extraction unit in operation, as well as recent improvements in system
design. He analyzed the principles of system operations for efficiencies, as
well as its scalability and increased processing throughput potentials. "The
system
appears to be quite effective in removing hydrocarbons from a variety of
soils. This conclusion is confirmed from tests wherein over 98.5% of
hydrocarbons are removed by applying the selected solvent-hexane. Further,
the system is able to retain and recycle more than 99% of the solvent," he
stated.
"The system as designed may be scalable to much higher throughput, but to
what extent can only be estimated after further analysis. In addition, computer
simulation and modeling is recommended as a means of suggesting improvements to
facilitate scalability," he concluded. In terms of system economics and
processing costs, the consultant concluded that based upon mining extraction
costs per yard and from actual current costs of fuel, solvent, and electricity,
the total costs of processing range from $ 10.00 USD to $ 15.00 USD per barrel
of oil recovered. "At this stage of systems development, the economics are
quite
good," he added in his report.
The joint venture partners' patented, closed-loop extraction process was
featured in a 2007 report issued by the U.S. Department of Energy and the
offices of Petroleum Reserves, Naval Petroleum and Oil Shale Reserves, titled
"Secure Fuels From Domestic Resources, The Continuing Evolution of America's
Oil Shale & Tar Sands Industries" and available in full on Nevtah's website:
www.nevtahoilsands.com.
The joint venture partners are continuing further field tests of its
mobileunit in Oklahoma in anticipation of an operations move to Asphalt Ridge,
Utah in
early spring. An engineering and design team has been assembled to scale up
the
extraction process to the commercial production stage.
For more information, please contact Paul Davey, Investor Services at
(778)389-0915, E-mail: paul@nevtahoilsands.com, or Mr. Daniel Kesonen,
Chairman& CEO, Nevtah Capital Management Inc. at (561) 626-9901.
Nevtah Capital Management adheres to the provisions, regulations and
specifications of the Safe Harbor Act.
For more information, please contact
Paul Davey
Investor Services
(778) 389-0915
E-mail: paul@nevtahoilsands.com
Mr. Daniel Kesonen
Chairman & CEO
Nevtah Capital Management Inc.
(561) 626-9901
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