Alternative Energy
Raser Secures Two Additional Geothermal Leases
Raser Technologies announced today that it has secured additional geothermal rights in Nevada under the terms of two lease agreements. Over the past several months, Raser has entered into a series of geothermal lease arrangements as part of its strategy to establish a geothermal power generation business.
The properties covered by the new lease agreements are in central Nevada within the vicinity of Raser's other geothermal leases and are in the US Geological Survey's "Known Geothermal Resource Area" (KGRA). The first lease is a 50-year lease, providing Raser with the right to develop and construct geothermal power plants on 155 acres. In the second lease, the lessor assigned to Raser all of its rights under an existing geothermal lease of 240 acres with the United States Department of Interior, Bureau of Land Management ("BLM"). Both leases carry similar financial terms, requiring initial cash consideration, restricted shares of Raser common stock, and royalty payments based on production. The terms are similar to those of other geothermal leases Raser has secured in the area.
Brent M. Cook, CEO of Raser, stated, "Given the national mandate to diversify national energy resources away from petroleum-based products and utilize green, renewable resources, demand for geothermal resources has increased. We are pleased we were able to acquire these properties. We believe that the properties covered by these new leases provide additional geothermal opportunities and help diversify our development efforts. One of these new sites is particularly attractive to us since a geothermal well was previously drilled on the property. This existing well can assist in our documenting thermal gradient information in the area."
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