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Raser Technologies Adds 20,000 Acres To Its Thermo Resource Portfolio
Provo UT (SPX) Aug 18, 2008 Raser Technologies has announced that it has signed three new lease agreements covering more than 20,000 acres of geothermal, surface and other rights near its existing Thermo resource in Beaver County, Utah. The signing of these three leases increases Raser's total holdings in the Thermo area to over 50,000 acres. Raser recently released the results of a report prepared by the prominent geothermal consulting firm, GeothermEx, which concluded that the Thermo resource could potentially sustain over 200 megawatts (MW) of clean renewable baseload energy. These additional holdings in that area provide added resources for Raser's potential future development. The specific terms of leases were not disclosed but under the lease agreements, Raser has rights to the geothermal resources and certain surface rights for the construction of geothermal wells, piping, power plants and transmission lines. "These leases are very important to our future development plans," stated Richard Clayton, Raser's Executive Vice President and General Counsel. "Adding to our holdings in what we believe is one of the richest geothermal finds in the U.S. in the last 25 years enhances our ability to maximize the potential of that resource. The independent third-party verification of the potential that exists in that valley confirms the value of our vast geothermal portfolio." Community Email This Article Comment On This Article Share This Article With Planet Earth
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