Sierra Geothermal Energy Corp. (TSX VENTURE:SRA) (“Sierra Geothermal”) is jubilant to document that drilling has commensed at the firm’s Reese River Venture, Lander County, Nevada. Neatly 56-4 is an exploration slimhole and is accredited to a maximum depth of 1200 m (4000 toes). The target of the successfully is to check geothermal reservoir traits. The drilling program is operated by Sierra Geothermal’s US subsidiary, with partial funding of US$580,000 by the US Department of Energy’s GRED III program.
The Reese River mission is rated by Richards and Blackwell as one among the discontinue 15 undeveloped geothermal possibilities in Nevada (Source: Geothermal Resource Council, Bulletin March/April 2002, The Forgotten Ones). Phillips Petroleum and Amax Exploration drilled 52 temperature-gradient holes all thru the 1970’s and 1980’s. Contoured recordsdata of the temperature-gradient wells outline a150 degrees C/km heat-drift anomaly that is roughly 4.8 km (3 miles) lengthy in the northeast direction by roughly 1.6 km (1 mile) extensive. The guts of the paradox reaches a temperature gradient of over 500 degrees C/km with an overall average of 225 degrees C/km. The utmost calculated heat drift at Reese River is 1117 mW/m2 (Amax 1998). Using a Monte Carlo simulation, the aptitude geothermal useful resource at Reese River become once estimated to enjoy a 90% likelihood of generating 13 MW and a 50% likelihood of exceeding 30 MW (Source: Recent Geothermal Bid Identification and Qualification, PIER search ready by GeothermEx, 2004). A 30 MW energy plant is able to attach sufficient electricity to energy 24,000 homes.
To support fulfill California’s targets to chop greenhouse gas emissions, the California Public Utilities Commission launched on January 25, 2007 a ban on lengthy-term purchases of electricity produced by coal-fired energy crops. The same outdated applies to investment in original energy crops and to contracts of 5 years or extra. The transfer is expected to enjoy a gigantic impact on the future electrical energy market in California. This news is determined for the geothermal substitute. Sierra Geothermal has several initiatives situated shut to the California-Nevada border. The Bid of Nevada has adopted a Renewable Portfolio Long-established, which requires utilities to enjoy 20% of their electricity equipped from renewable sources by 2015.
Sierra Geothermal is a renewable energy firm focused on the exploration and development of orderly, sustainable geothermal energy. Geothermal crops attach lengthy-term revenues and present continuous contaminated-load energy, on the total at or above 95% capacity. Sierra Geothermal no longer too lengthy up to now received a plentiful portfolio of geothermal initiatives. The firm intends to intention the development of its portfolio of initiatives thru a mixture of fairness and/or joint ventures, whereas continuing to support in mind additional acquisitions.
On behalf of the Board of Administrators,
Gary R. Thompson
The solutions supplied on this news originate comprises forward-searching statements at some level of the definition of the Acquire Harbor provisions of the US Non-public Securities Litigation Reform Act of 1995, in conjunction with statements relating to doubtless energy resources and mission development possibilities. These statements are in accordance with Sierra Geothermal’s unusual expectations and beliefs and are subject to loads of dangers and uncertainties that can trigger valid outcomes to fluctuate materially from those described in forward searching statements, in conjunction with the hazards that the useful resource doubtless of someone of our initiatives might well well per chance per chance be uneconomic as a result of dearth of a extreme temperature water present, or financing is presumably no longer accessible for development of the energy crops, and the revenues generated will no longer level to sufficient to fund operations and/or service debt, among others. Readers are cautioned to be taught about the likelihood factors identified by the firm in its filings with Canadian securities agencies. Ahead-searching statements are in accordance with management’s expectations, beliefs and opinions on the date the statements are made. Sierra Geothermal Energy Corp assumes no obligation to update forward-searching statements if management’s expectations, beliefs, or opinions, or diversified factors, must clean alternate.
SOURCE: Sierra Geothermal Energy Corp.
Sierra Geothermal Energy Corp. Mr. Gary R. Thompson, P.Geo President & CEO (403) 870-1166 or Toll Free: 1-800-563-5631 Email: [email protected] Sierra Geothermal Energy Corp. Ed Muir Investor Communications Toll Free: 1-800-563-5631 Email: [email protected] Internet set: www.sierrageopower.com