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Raser Technologies adds geothermal acreage in Oregon

Alexander Richter Alexander Richter 3 Feb 2009

Raser Technology announcement: The company "has entered into a long-term lease agreement with private land owners covering 37,000 acres of geothermal resources in Southeastern Oregon."

Raser Technology (NYSE:RZ) announcement: The company “has entered into a long-term lease agreement with private land owners covering 37,000 acres of geothermal resources in Southeastern Oregon.”

The terms of the lease agreement were not specified, but include surface and other rights necessary to build geothermal power plants. The property includes a number of hot springs and wells that indicate the presence of significant geothermal resources. “Working with the University of Utah’s Energy and Geoscience Institute, Raser has determined this area is one of the more significantly promising geothermal systems,” stated Brent M. Cook, CEO of Raser. “We believe this is a vast resource area of mid temperature binary potential.”

“Well logs of drilling in the area over the last few decades in combination with our work done during the past 13 months in this area reveals heat and flows of geothermal fluids indicating that this is potentially a significant resource for geothermal development,” stated Richard Clayton, Raser’s Executive Vice President. “The land is ideally located in southern Oregon so that the power generated from the resource can be sold into either the Oregon or California renewable energy markets.”

Source: TradingMarkets.com