Terrific news today - hopefully it will get things moving. Back in Oct. '06, Mr Davey (their IR man) mentioned to me that the Korean joint venture would be more than $10 M. - so it is at $19 M. Nice to see that a co. rep. keeps his word.
Nevtah/Black Sands Energy Sign $19 Million US Joint Venture Agreement With Korea Technology Industry to Develop Whiterocks Deposit in Utah Oil Sands
Friday January 12, 11:45 am ET
PALM BEACH GARDENS, FL--(MARKET WIRE)--Jan 12, 2007 -- Nevtah Capital Management (Other OTC:NTAH.PK - News) today announced that together with its joint venture partner, Black Sands Energy, it has finalized a joint venture agreement with Korea Technology Industry Co. Ltd. (KTI) to develop the recently acquired Whiterocks Deposit in the Utah Oil Sands.
Under the terms of the joint venture agreement, KTI will provide $19 million US for the development of the Whiterocks Deposit, an 840-acre, privately held lease with an estimated oil resource of 105 million barrels. (Shirley Report, 1961) The funds will be utilized for infrastructure and development costs such as surveying, core drilling, mining, road building and equipment acquisitions. The joint venture agreement is limited to 100 million barrels of oil. Nevtah/Black Sands Energy will receive 50% of the net profits after operating costs. The oil produced will be delivered to refineries in Salt Lake City, where it will be refined and sold at market prices.
Nevtah Capital and Black Sands Energy welcome their new joint venture partner, Korea Technology Industry, which is a publicly traded company on the Korea Main Board and is headquartered in Seoul, Korea. KTI has been successful in a wide range of technology-based industries in electronics, biotechnology, nanotechnology and Internet commerce. The Company is now focusing on opportunities in innovative forms of renewable and alternative energy.
Nevtah/Black Sands Energy are continuing their search for additional, high quality privately held leases in the Utah Oil Sands, America's largest oil sands deposits with an estimated resource of over 32 billion barrels of oil. For more information, visit the Company's website: www.nevtahoilsands.com or contact Paul Davey, Investor Services at: 778-389-0915 (Email: paul@nevtahoilsands.com ). Or contact Daniel P. Kesonen, President & CEO, 561-626-9901.
Nevtah Capital Management adheres to the provisions, regulations and specification of the Safe Harbor Act.
Contact:
Paul Davey
Investor Services
778-389-0915
Email: paul@nevtahoilsands.com |
