Source: Nevtah Capital Management, Inc.
Nevtah Announces Oil Sands Joint Venture with Cassandra Energy in Utah
Friday May 13, 1:02 pm ET
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--May 13, 2005--Nevtah Capital Management, Inc. (OTC:NTAH - News) has entered into a joint venture with Cassandra Energy to recover oil from oilsands on leases located in the state of Utah. This oil sands project will utilize Cassandra's patented process. During the life of the project, Cassandra and Nevtah will promote a proven recovery technique to extract oil from oil sands in shallow oil reservoirs. The oil extraction technology is focused on removal of oil from shallow oil bearing sand (less than 1000 feet in depth). In North America these sands are found in Canada and the Western United States. In the US these lands are predominantly Federal and State owned. The cost to extract oil from tar sands has historically been very cost prohibitive, particularly, when compared to the heretofore vast known oil reserves and the relative low cost to extract oil via drilling wells. Oil companies, however, are beginning to re-look at tar sand oil extraction because of better technologies, the need to replace diminishing reserves, rising oil prices and the reduced profit threshold for tar sand oil extraction.
Cassandra Energy, Inc. is an oil sands and natural gas development company with the goal of becoming a leader in the application of advanced environmentally sound techniques utilizing solvent extraction technology. The process is capable of removing bitumen from tar sands to produce heavy oil from tar sands and shallow oil deposits worldwide.
The new process developed by Cassandra Energy, Inc. requires the mining of the tar sand and the use of a miscible solvent that will extract in excess of 99% of the hydrocarbon. The Cassandra process does not require the use of water, the process is non-toxic to animal life and the resultant soil is clean of hydrocarbon residuals. Furthermore, there are no traces of the extraction solvents in the soil after treatment. Cassandra Energy is designing extraction equipment, which at peak performance is capable of handling 150 cubic yards of tar sand per hour at 0.85 bbls of oil per cubic yard, with an extraction rate of up to 3000 barrels of oil per day. This extraction equipment can be nested in groups of three, thus producing 9000 bbls of oil per day. Cassandra is utilizing the technology on its leases with a total proven reserve of 800 million bbls as documented by the United States Geological Service (USGS) core samples. Cassandra's unique and proprietary process has increased extraction efficiencies when compared with conventional extraction technologies and techniques. Cassandra's process can profitably produce oil at less than $11 per barrel. |
