Raser Completes Drilling Phase of Geothermal Production Well

Raser Technologies, Inc. announced today that the Company has completed drilling on a geothermal production well in southern Utah for use in a binary-cycle geothermal power plant for generating clean, renewable electric power. Preliminary readings of well 21-34 indicate the existence of geothermal resources with promising water temperatures well in excess of 260°F (127°C), subject to further testing and evaluation, which exceeds the minimum required temperature for use in our binary-cycle power plants produced by UTC.

Detailed testing for the reservoir’s properties has now commenced with final results pending.

“We are pleased with the preliminary results of this drilling program,” stated Brent M. Cook, Raser’s CEO, “and look forward to executing on our business plan. Our initial review of the information from this well is encouraging, however, precise data will not be available until further flow testing and verification can be conducted. Based upon preliminary results as well as data from other wells in the area, we expect the well to achieve temperatures around 300°F (150°C). We anticipate that the power this project generates will be sold to a southern California utility under a power purchase agreement that will be announced after final approval has been granted.”

Raser plans to retain the drilling rig that has been operating at this well and continue its well field development program at the southern Utah site.

The Company continues to evaluate the characteristics of its previously announced well drilled in Nevada and will make the results available when they are finalized.