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Nevtah Capital Corp. (NTAH-NASD:OTCBB) entered into a milestone oil & gas exploration and production agreement with Tower Oil, LLC of Nashville, Tennessee in October 1997. Nevtah's corporate strategy is to concentrate on advanced exploration projects in North America and abroadwhich have the potential of being a "company maker". In order for a junior oil & gas company like Nevtah to find a large discovery on the North American continent, it was necessary for the company to concentrate in areas that have significant reserve potential but are relatively inactive. This strategy led Nevtah to concentrate on oil and gas properties with development potential in the States of Texas, Tennessee and Kentucky. Nevtah is well positioned to become a leading junior oil and gas company in the United States. At the present time Nevtah's undervalued proven oil and gas reserves in the United States are currently being re-worked with initial production flow rates expected to increase from current start up-levels to 2000 barrels of oil per day (BOPD) by the third quarter of fiscal 1998. Implementation of the company's new advances in the Stripper Well Recovery Technology could result in daily production rates from the Stripper Well Operating Division of 10,000 plus barrels of oil per day (BOPD) in the United States during fiscal 1999. The Company's Natural Gas Division is currently focused on the completion of its initial work program for gas production in reserves from very large Miocene and Frio formations on Matagorda Island, which is located in the Gulf of Mexico, northeast of Corpus Christi, Texas. The Matagorda area has received considerable attention in recent months as a result of major discoveries being announced by Shell, Amoco, Seagull and Enron of reserves in excess of several trillion cubic feet of gas (TCFG). Nevtah's International Division, has recently announced progress on its Caspian Sea oil prospect. In a previous press release dated Aug. 6, 1997, Nevtah announced that it had entered into a Joint Venture agreement to acquire an 80% interest in an Oil & Gas play which includes a production sharing arrangement on the development of the Siezen Monocline oil field on the shores of the Caspian Sea. A memorandum of agreement is in place with groups participating in the Joint Venture and the State Oil Company (SOCAR) of the Azerbaijan Republic. The Matagorda Island and Stripper Well Projects along with plans to participate in other selected international high reserve petroleum projects will compliment the agressive ongoing development of Nevtah's current oil & gas production. NTAH currently trades on the NASD Bulletin Board and has 14,765,000 shares issued and outstanding. The estimated Float is approx. 2.5 million shares. For further information contact the company at: 561.626.9901 or visit our websites; Nevtah Website - ntah.com IFPDLS Patent - oit.doe.gov | ||||||||||||||
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