NEWS RELEASE
DATE: July 5,
2007
FOR IMMEDIATE RELEASE
TRADING SYMBOLS:
TSX-V (Canada): WGP.V
FRANKFURT: WE6.F
WESTERN
GEOPOWER’S GEYSERS LEASEHOLD EXPANDED
TO OVER 1,000 ACRES
VANCOUVER,
Canada, July 5, 2007, TSX Venture Exchange Trading Symbol: WGP – Western
GeoPower Corp., (the “Company”), today announced the acquisition of
the 413 acre Abril geothermal lease contiguous to the Mayacamas Energy and
Filley leaseholds already dedicated to the 25.5 megawatt (net) WGP Unit 1
project at The Geysers Geothermal Field in Northern California. This
acquisition increases the total leasehold dedicated to the proposed WGP Unit 1
plant to 1,017 acres.
In a review of
the production history of the Abril leasehold, independent consultants
GeothermEx, Inc. of Richmond,
California, reported that three
wells had previously been drilled on the Abril leasehold. Of these, well
Abril 1-1 proved to have an initial capacity of 7 megawatts, which was higher
than encountered in most of the wells drilled for the original Unit 15
project. This well supplied the original PG&E Unit 15 plant for about
16 months (from January 1988 to the plant’s decommissioning in
1989). Well Abril 1-2 proved non-commercial. Well Abril 5B-1 did
not encounter steam but showed a much higher bottom hole temperature (554�F)
compared to all other wells within the WGP leasehold (about 465�F originally) implying
the possible presence of a yet-unexplored liquid reservoir below the steam
zone.
“A
“deep-brine” zone below the steam zone is widely believed to exist
in this part of The Geysers field,” said Dr. Subir Sanyal, President of
GeothermEx. “This presence of a deep brine zone, if proven by
further drilling and well testing, may provide a much greater reserve base
within the WGP leasehold than had been anticipated.”
“The
potential for an increase in the WGP Unit 1 plant capacity resulting from the
additional leasehold acreage will be examined during the drilling program,
scheduled for commencement during fall 2007,” said Kenneth
MacLeod, President and Chief Executive Officer of Western
GeoPower. “Cost savings during the drilling program will be realized by
utilizing the existing roads and drill pad infrastructure throughout the Abril
leasehold.”
Corporate Overview
Western GeoPower Corp. is a renewable energy company
dedicated to the development of geothermal energy projects for the delivery of
clean, baseload electricity generation. The Company is developing the 25.5
Megawatt (net) geothermal power plant at The Geysers Geothermal Field in Sonoma County, California,
United States.
The Company is also developing the South Meager Geothermal Project in British Columbia, Canada.
On behalf of Western GeoPower Corp.
“Kenneth
MacLeod”
Kenneth MacLeod, President &
CEO
Cautionary
Note Regarding Forward-Looking Statements
Statements
in this release that are forward-looking are subject to various risks and uncertainties
concerning the specific factors identified above that reflect the
Company’s expectations and projections about its future
results. The Company has tried whenever possible to identify these
forward-looking statements which include but are not limited to, words such as
“anticipates,” believes,” “estimates,”
“expects,” “plans,” “intends,”
“potential,” and similar expressions. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those
in the forward-looking statements. Investors are cautioned that any such
statements are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward-looking
statements. The Company disclaims any obligation or intention to update
or to revise any forward-looking statement, whether as a result of new information,
future events or otherwise. Such information contained herein represents
management's best judgment as of the date hereof based on information currently
available. This news release is not for dissemination in the United States of America or to United States of America
news services.
The TSX
Venture Exchange does not accept responsibility for the adequacy or accuracy of
this release. For more information or to be put on our email list, please
contact our office: (604) 662-3338 or US/Canada Toll Free: 1-866-662-3322,
email: info@geopower.ca
Investor Relations:
IR@geopower.ca