Nevtah/Cassandra Oil Sands Joint Venture Pilot Plant Mobilized in Utah
Tuesday October 11, 1:35 pm ET
PALM BEACH GARDENS, FL--(MARKET WIRE)--Oct 11, 2005 -- Nevtah Capital Management, Inc. (Other OTC:NTAH.PK - News) recently entered into a 50/50 joint venture with Cassandra Energy to recover oil from oilsands on leases located in the state of Utah. These leases contain an estimated 900 million bbls of near surface bitumen. (DOE 1983 Estimates from Interstate Oil. Compact Commission "Major Tar Sand and Heavy Oil Deposits of the United States" Lewin & Associates 1983 report) (Lewin and Associates, Inc., Major Tar Sand and Heavy Oil Deposits of the United States, Interstate Oil Compact Commission in cooperation with the USGS and U.S. Department of Energy, July 1983) This major oilsands project will utilize Cassandra's patented process. Nevtah and Cassandra will utilize a proven recovery technique to extract oil from surface oil-bearing sand with an initial focus on an area in Utah called Asphalt Ridge with 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).
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Cassandra has exclusive rights to a patent protected proven hydrocarbon extraction technology and has assembled a core group of scientists, engineers, operators and managers necessary to further develop the technology, mine leased tar sand, operate, upgrade and market recovered hydrocarbons.
An earlier project in Wyoming to extract oil from surface oil sand deposits operated successfully for a year producing slightly less than 100 bbls of oil per hour or 2000 bbls of oil per day at an operating cost of $10/yd., each cubic yard yielding about 1bbl of oil.
This demonstration will take place at the Uinta Basin in Utah during October and November. The Cassandra 3' Solvent Extraction process demonstration unit #1 uses an extractor vessel to receive crushed, 1" minus tar sand which is exposed to a flow of solvents in the sealed extractor vessel. The oil is extracted out under a slight vacuum while the cleaned solids are heated to completely remove any solvent remaining, leaving dry solids suitable for mine backfill by Utah EPA Standards. The recovered solvent is compressed back to a liquid, cooled and re-circulated to the extractor vessel in an endless loop similar to coolants in an air conditioning system. A DOE funded report on this process that was successfully used continuously over several months can be found at: www.netl.doe.gov/scngo/Petroleum/publications/projfactsheets/Indep/FactSheets/IOR.pdf, then go to Project 11 on Adobe page 7 and 8. Actual Asphalt Ridge tar sand was used as a basis of this report. The summary of this report states that the process is economically viable and environmentally safe.
The daily bitumen production will be used to train operators and develop procedures for progressing to 24-hour operations. This demonstration unit is estimated to process as much as 5yd/hr of mined oil sands. The produced bitumen will be trucked to an established contract buyer. The pilot plant will continue producing to establish a continuous 24-hour/day operation.
Contact:
For more information, please contact
Daniel P. Kesonen
President & CEO
Nevtah Capital Management, Inc.
(561) 626-9901
Source: Nevtah Capital Management, Inc |
