U.S. Geothermal Acquires Development Rights to Vale Butte Geothermal Resource Area
April 14, 2014 (Source: Marketwired) — U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM) (the “Company”), a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today that it has acquired geothermal property for evaluation of a new project at Vale, Oregon. The site is located 12 miles east of the Neal Hot Springs geothermal power plant.
The new leases encompass 368 acres of geothermal energy and surface rights acquired from private landowners, Malheur County, and the City of Vale. The property is within the Vale Butte geothermal resource area and provides the opportunity to evaluate development of a known geothermal resource. A prolific, shallow reservoir located along the north edge of the leasehold area has been used for many years in an agricultural drying facility and a mushroom growing operation.
An extensive database of geophysical and geological information from previous geothermal exploration in the Vale Butte area was used in the evaluation of the prospect. Geochemical analysis of samples taken from shallow, hot wells results in a calculated geothermometer that indicates a potential reservoir temperature of 311ºF to 320ºF. Past exploration drilling near the site by Trans Pacific Geothermal and Sandia National Laboratory encountered temperatures in excess of 300°F in the basement rocks.
The Company is developing a staged geophysical and exploration drilling program to evaluate the potential for commercial power production. Fault structures and hydrologic characteristics have been identified that are similar to the Neal Hot Springs site, and are wholly contained within the newly acquired lease package.
“We are excited to acquire this collection of properties in the Vale Butte resource area, which is close to our current operating facility at Neal Hot Springs. This project adds to our pipeline of choice development opportunities and continues to build on our growth strategy for the Company,” said Dennis Gilles, Chief Executive Officer of U.S. Geothermal Inc. “Vale Butte is close to transmission lines, and is in a great location to serve the Pacific Northwest energy market.”
About U.S. Geothermal Inc.:
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U.S. Geothermal Inc. is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy and is operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho. The company recently signed an agreement to acquire an advanced stage development project at the Geysers in California, and is currently developing a second phase project at San Emidio Nevada, as well as at El Ceibillo, an advanced stage, geothermal prospect located within a 24,710 acre (100sq km) energy rights concession area in Guatemala, located 8.5 miles (14 km) from Guatemala City, the largest city in Central America.
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements are based on U.S. Geothermal Inc.’s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described, including but not limited to, the results from the exploration, production and injection well drilling at El Ceibillo, San Emidio II and Vale Butte, and completing the acquisition of the Geysers property. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Forward-looking statements are based on management’s expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management’s expectations, beliefs, or opinions, or other factors, should change.
The NYSE MKT and the TSX do not accept responsibility for the adequacy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>