NEWS!
Raser Secures Eight More Geothermal Leases
Raser Deepens Its Utah Geothermal Resource Portfolio 28,901 Acres in Utah Now Under Lease
Apr 26, 2007 10:14:00 AM
Copyright Business Wire 2007
PROVO, Utah--(BUSINESS WIRE)--
Raser Technologies, Inc. (NYSE Arca: RZ) announced today that it has secured additional geothermal rights in Utah under the terms of eight lease agreements. These leases mark Raser's third batch of geothermal leases outside of Nevada and are part of its strategy to establish a diversified geothermal resource portfolio.
Raser has secured the rights to the geothermal resources on 9,889 acres located in Central Utah. The leases carry ten-year terms and are renewable for additional periods based on development activity or upon the payment of minimum rental payments. The financial terms of the leases are undisclosed. Oil and gas wells in the general vicinity encountered hot water at temperatures usable by Raser for generating power, and thus, Raser believes these areas are promising sites for further examination. These leases bring the total land Raser has under lease in Utah to 28,091 acres.
"We continue to acquire access to the geothermal resources that we believe lie underground in the Intermountain West as part of our strategy to develop this vital, green energy source," stated Brent M. Cook, Raser's CEO. "Not only is geothermal power environmentally friendly, but we also believe that it represents part of the United States' solution for energy independence. The entire nation should be adopting renewable energy portfolio standards, particularly those states in the geothermally active West."
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