Raser Technologies, Inc. (NYSE Arca: RZ) announced that it has completed an initial review of the previously announced 229,000 acres option on International Paper property for geothermal resources and has selected approximately 78,000 acres in Oregon and Washington for further study. Raser will have the exclusive right to these properties over the next 36 months to complete its analysis and enter into a long-term lease with the property owner.
“Over the past four months, we have completed a high-level geological analysis of the properties in the International Paper portfolio, ”said Brent Cook, Raser’s CEO. “We also reviewed other data related to the properties such as well logs, water chemistry, heat flow studies, surface manifestations and existing power structures to identify those properties that fit within our geothermal profile.”
"During the next 36 months we will complete our analysis of the properties and will likely further reduce the number of acres that we will ultimately lease to those select properties that can meet our development time frame,” continued Mr. Cook. “The final number of properties that we will lease will likely only be a fraction of the 78,000 acres in Oregon and Washington. This process of elimination will assure that we have selected the highest potential geothermal properties of the International Paper portfolio that we were able to evaluate.”
International Paper has identified 435,000 acres in its nationwide 3.5 million acre geothermal mineral estate as having prospective geothermal resources. Raser has the exclusive right to evaluate 229,000 acres in Oregon and Washington. The financial terms and conditions of the agreement were not disclosed. For more information
Friday, December 21, 2007
Congress Passes Energy Bill: Tax Credits Removed, Geothermal Research Provisions Passes
GEOTHERMAL ENERGY ASSOCIATION. 12/20/07
After numerous debates, Congress finally passed an energy bill which the President promptly signed. The final bill did not include any tax provisions, which were removed after the Senate failed to obtain the 60 votes necessary to close debate by a one-vote margin. However, the final bill does include the “Advanced Geothermal Energy Research and Development Act of 2007.” These research provisions are based upon compromise language between House and Senate bills that sought to revitalize geothermal research in light of recent reports by the Massachusetts Institute of Technology (MIT) and National Renewable Energy Laboratory (NREL) that show geothermal energy can be a major energy source in the future with continued federal support for market and technology advances.
The Senate passed an energy bill that “will advance geothermal research and development for decades to come,” according to the Geothermal Energy Association (GEA), the trade association for the industry.
The underlying research bills were HR 2304, sponsored by Rep. Jerry McNerney (D-CA) and S.1543 introduced by Senate Energy Committee Chairman Jeff Bingaman (D-NM). Both had bipartisan co- sponsorship and support. The final provisions direct the Department of Energy to undertake a broad and aggressive research program to promote geothermal energy and authorize a total of $95 million annually for this new initiative.
“The new program of geothermal research set forth in the energy bill will help push the geothermal industry into a new era of advanced technology and expanded development,” said Karl Gawell, GEA’s Executive Director. “The geothermal provisions come at a crucial time in the history of the industry. Renewed research, development, and public-private partnerships are needed to continue the momentum we’ve seen in the past few years.”
After numerous debates, Congress finally passed an energy bill which the President promptly signed. The final bill did not include any tax provisions, which were removed after the Senate failed to obtain the 60 votes necessary to close debate by a one-vote margin. However, the final bill does include the “Advanced Geothermal Energy Research and Development Act of 2007.” These research provisions are based upon compromise language between House and Senate bills that sought to revitalize geothermal research in light of recent reports by the Massachusetts Institute of Technology (MIT) and National Renewable Energy Laboratory (NREL) that show geothermal energy can be a major energy source in the future with continued federal support for market and technology advances.
The Senate passed an energy bill that “will advance geothermal research and development for decades to come,” according to the Geothermal Energy Association (GEA), the trade association for the industry.
The underlying research bills were HR 2304, sponsored by Rep. Jerry McNerney (D-CA) and S.1543 introduced by Senate Energy Committee Chairman Jeff Bingaman (D-NM). Both had bipartisan co- sponsorship and support. The final provisions direct the Department of Energy to undertake a broad and aggressive research program to promote geothermal energy and authorize a total of $95 million annually for this new initiative.
“The new program of geothermal research set forth in the energy bill will help push the geothermal industry into a new era of advanced technology and expanded development,” said Karl Gawell, GEA’s Executive Director. “The geothermal provisions come at a crucial time in the history of the industry. Renewed research, development, and public-private partnerships are needed to continue the momentum we’ve seen in the past few years.”
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