Nathaniel Energy has fresh face

by C.F. David

Nathaniel Energy's Chief Operations Officer, George Cretecos drove to Boise City on Thursday night to speak to the Cimarron County Industrial Park Authority. He came asking for an extension on Nathaniel's contract with CIPA, which expired on June 4.

Cretecos explained to the CIPA board and some concerned citizens that he, not CEO Stan Abrams, would be the spokesperson on what is now known as “The Cimarron Project” at the old Federal Helium Plant, four miles northeast of Keyes.

“I know what Nathaniel has committed to,” Cretecos said. “Stan [Abrams] is the founder and CEO of the company. He is very talented and a good promoter. But he's not going to promote anymore,” he added.

Cretecos added that Abrams had overcommitted what the company could do and that since there had been problems at Enron and other companies, Nathaniel would be following much more stringent rules of engagement and disclosure.

“I came on board when we acquired the new helium plant adjacent to the Cimarron Project,” Cretecos explained.

Cretecos added that the company, having acquired the operating helium plant from El Paso Natural Gas, found it in need of upgrade.

“We have sunk $750 thousand into that plant. As of yesterday, we are on track to see a return of $13 to $14 million next year.”

“As for the Cimarron Project, we can't get it done in the time limits given. I've got to support and protect my stockholders; because without money, nothing is gonna happen,” Cretecos said.

Asked why Nathaniel had apparently gone forward with a project to set gasifiers in Italy, Cretecos said, “We had stringent time lines and a letter of credit for $2.1 million. If we hadn't done it we could've been sued. We crunched a building schedule that usually takes nine to 12 months into a four month schedule,” he explained.

The Italian burners, according to Cretecos, will use pelletized Refuse Derived Fuel, (RDF), trash that has been turned into compacted pellets; which, according to their engineering specs will be burned at 3.2 thousand degrees. The heat will be used to derive about 5.5 megawatts of electricity, (5.5 million watts).

“Let's not call them [the gasifiers] burners, because we don't burn it, we are making a molecular change,” Cretecos explained.

“We [Nathaniel] are a diamond in the rough. But are we going to create 200 jobs here in the next 12 months? “No,” Cretecos admitted. “I can't tell you how many jobs we'll have. So why go out on a limb and say it?”

Cretecos continued his request for extending the contract.

“What we eventually want to do is set four units in the old separation building at the old helium plant. We want redundancy. We are in the business of improving our technology. We have every interest in succeeding in this; but we aren't going to force feed anybody. We have our existing permits for the new helium plant; and we've initiated the permitting for the Cimarron Project. We have to provide the engineering plan for the permits. Our crew won't be on site until we get permitting,” Cretecos said. He then went out on that proverbial limb, “We'll have one of those up and in operation [at Keyes] within a year,” he pointed at a picture of the units purportedly being installed in Italy. “You've been promised wonderful blue sky. I'm here to promise you wonderful earth,” Cretecos said.

 

Joyce Hunt, a citizen observing the meeting asked Cretecos who had received money for the removal of scrap from the site. He explained that the removal was done as “...you haul it, you can have it.”

Troy Williams made the motion to extend the contract through Jan. 24, 2006, Leland Arthuad seconded and the motion passed.

Boise City News
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Boise City, Oklahoma 73933-0278
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