posted on Sep 10, 2008 10:06AM
Edit this title from the Fast Facts Section
NEVTAH/BLACK SANDS PRESENT AT SENATOR ORRIN
HATCH’S ENERGY CONFERENCE IN SALT LAKE CITY
July 7th, 2008
Palm Beach Gardens, FL-(Market Wire) July 7th, 2008. Nevtah Capital Management (Symbol: NTAH-OTC) and its joint venture partner, Black Sands Energy today announced their participation in a recent energy conference organized by Utah’s Senator Orrin Hatch (R-Utah) and Senator Robert Bennett (R-Utah) on July 1st, 2008 in Salt Lake City, Utah.
The well-attended press conference was held at the State Capitol Dome in Salt Lake City and represented an additional focus on legislation recently proposed by Senator Hatch and Senator Kent Conrad (D-SD), titled the “Carbon Reduction Technology Bridge Act of 2008.” This bill featured the creation of tax incentives to encourage private research into clean coal technology, the reduction of carbon footprints, the utilization of domestic sources of energy and the importance of energy independence for the United States.
As only one of the four companies to present at the conference, the joint venture partners Nevtah Capital and Black Sands Energy were represented by retired Senator Daniel O’Keefe (D-California), who gave an address to the diverse audience. He stressed the new importance of Utah’s oil sands resources of over 30 billion barrels of oil; the prospect of added employment and the promise of a new source of revenue stream for the State. He also reminded the audience that Nevtah/Black Sands are now on the verge of commercial production with its proven, patented closed-loop extraction technology, which requires no water and uses non-toxic, environmentally-safe components. He also emphasized the fact that the joint venture partners are poised to be the first oil sands extraction company in Utah to enter into commercial production in 2008, ahead of other oil sands extraction participants who have provided initial production dates ranging from 2013 to 2020. (Senator O’Keefe’s complete address will be posted on the Company’s website: www.nevtahoilsands.com.)
Senator Hatch’s Energy Conference represents a new, more intensified focus on the massive Utah oil sands resource and its importance as the United States moves forward into increased domestic production of its oil resources. Utah’s Republican Governor John Huntsman Jr., has been appointed as incoming Chairman of the Western Governors Association, which is developing a diversified energy plan. This plan will be taken to America’s new President after he has been sworn in. In the same week, Senator Hatch introduced a GOP Energy Plan to lower domestic gas prices. His “Gas Price Reduction Act of 2008” would repeal the federal moratorium on oil shale drilling in western states and would allow deep sea exploration. It would also provide more funding for the research and development of electric car batteries and would provide increased regulation of speculators commodities market. He stated: “There is no diversity in our transportation fuels. Where does that leave us? It leaves us with drilling more domestic oil and developing our domestic oil shale/sands, which is better for the environment than ethanol, and it leaves us with the electric grid.”
In other developments, the joint venture partners have been requested to update their Corporate Profile for the U.S. Department of Energy’s “Secure Fuels From Domestic Resources,” a comprehensive task force study of “The Development of America’s Strategic Unconventional Fuels Resources.” This updated report featuring the leaders of oil sands/shale extraction companies, will be issued in the fall of 2008.