Western Geopower Corp

Published : October 23rd, 2008

DRILLS 50% OF STEAM RESOURCE WITH 3 WELLS

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NEWS RELEASE

 

DATE:  October 22, 2008                                                                  FOR IMMEDIATE RELEASE

 

TRADING SYMBOLS:    TSX-V (Canada): WGP.V        FRANKFURT: WE6.F

 

WESTERN GEOPOWER DRILLS 50% OF STEAM RESOURCE WITH 3 WELLS

 

VANCOUVER, Canada, October 22, 2008, TSX Venture Exchange Trading Symbol: WGP ? Western GeoPower Corp., a renewable energy development company, today announced that 50% of the steam resource required to supply the planned 35 MWe Western GeoPower Unit 1 plant at The Geysers Geothermal Field in California, has been successfully placed behind pipe with the drilling and completion of the third well, WGP-3. The three wells have established a power capacity of 19.7 MW (gross) or 17.8 MW (net).  Well WGP-3 is located approximately one mile northwest of the WGP-1 well.

 

Flow testing carried out by independent consultants GeothermEx, Inc. on completion of well WGP-3 has demonstrated an initial steam production rate of 114,000 pounds per hour at a flowing wellhead pressure of 80 psia.  Given the plant requirement of 16,130 pounds per hour per MW (gross) or 17,740 pounds per hour MW (net) at a flowing wellhead pressure of 80 psia, this well is estimated to have a power capacity of 7.1 MW (gross) or 6.4 MW (net). 

 

Recent flow testing carried out on well WGP-1 established a power capacity of 10.0 MW (gross) or 9.0 MW (net) and well WGP-2 established a power capacity of 2.6 MW (gross) or 2.3 MW (net). The average power capacity for the three wells is 6.5 MW (gross) or 5.9 MW (net).

 

?The results of drilling to date have been very satisfactory, with well WGP-1 being the most productive well drilled at the Geysers over the past two decades and well WGP-3 being one of the most productive,? said Dr. Subir Sanyal, President of GeothermEx. ?The average well capacity of the three wells is far above the average capacity at The Geysers field today.?

 

California-based GeothermEx is a recognized international authority in the evaluation of geothermal resources and has been involved in the development of all the producing geothermal fields in the United States and over 750 projects worldwide.  Their knowledge of The Geysers geothermal field is extensive, having been associated with the development of the field for over 30 years.

 

The rig is being skidded across the pad to begin drilling well WGP-4 which is designed to intersect known productive zones accessible from the current pad. Completion of WGP-4 is projected for early 2009. Initial projections called for the drilling of a total of eight production wells and one injector. Should the drilling of the additional wells continue to yield higher than anticipated capacity factors, fewer wells may be required. An existing well is being assessed for re-work and may be used as a second injection well. The drilling program is scheduled for completion in late 2009 and the 35 MWe Western GeoPower Unit 1 plant is projected to start commercial operations in early 2010.

 

The Geysers geothermal field, located 75 miles north of San Francisco, California, is the largest producer of geothermal electricity in the world. Commercial geothermal power has been generated continuously at The Geysers field since 1960, the present generation level being about 900 MWe of clean, baseload electricity. Western GeoPower's Unit 1 project is situated in the south-western region of The Geysers field in Sonoma County.

 

 

About Western GeoPower Corp.

Western GeoPower Corp. is a renewable energy company dedicated to the development of geothermal energy projects for the delivery of clean, sustainable, baseload electricity generation. The Company is developing The Western GeoPower Unit 1 geothermal power plant at The Geysers Geothermal Field in California, United States and the South Meager Geothermal Project in British Columbia, Canada.

On behalf of the Board 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.

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Western Geopower Corp

CODE : WGP.V
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Western Geopower is a development stage company based in Canada.

Western Geopower is listed in Canada and in Germany. Its market capitalisation is CA$ 49.1 millions as of today (US$ 48.8 millions, € 32.6 millions).

Its stock quote reached its highest recent level on December 31, 2004 at CA$ 2.13, and its lowest recent point on October 10, 2008 at CA$ 0.12.

Western Geopower has 233 652 000 shares outstanding.

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Financings of Western Geopower Corp
6/24/2009$3.71 Million Warrants Exercise
Nominations of Western Geopower Corp
2/15/2008Mike Long Appointed Operations Manager
6/1/2007appointment of Thomas S. Drolet to the Board of Directors
Corporate news of Western Geopower Corp
9/2/2009resignation of Kenneth MacLeod as President
7/15/2009Preliminary results of reservoir modeling
6/26/2009Welcomes new directors
5/28/2009Change in directors of Western Geopower
5/15/2009View the Shades of Green Episode
2/18/2009Kenneth MacLeod Interview - BNN's Trading Day
1/27/2009SECURES ADDITIONAL US$11 MILLION SECURED LOAN FACILITY
2/6/2009Turbine Update
1/21/2009Obama's Economic Stimulus Plan - How will it benefit us?
1/6/2009DRAWS DOWN SECOND TRANCHE OF US$8.52 MILLION UNDER ITS SECUR...
1/6/2009COMPLETES FIRST PHASE OF GEYSERS DRILLING
11/27/2008DON J. A. SMITH APPOINTED AS INTERIM CHIEF FINANCIAL OFFICER
11/10/2008SECURES US$11 MILLION SECURED LOAN FACILITY
9/2/2008FIRST TWO GEYSERS WELLS DEMONSTRATE 12.6 MW INITIAL CAPACITY
8/7/2008ANNOUNCES $25 MILLION FINANCING
5/20/2008SIGNS $500 MILLION POWER PURCHASE AGREEMENT WITH NCPA
5/6/2008GEYSERS WELL DEMONSTRATES 10 MW INITIAL CAPACITY
4/24/2008Geysers "Rig Test" Indicates Commercial Well
4/10/2008LAUNCHES OPERATIONS IN CHILE
4/9/2008GEYSERS PLANT CAPACITY INCREASED TO 35 MWe – TURBINE ORDERED
3/31/2008CEOCFO Interview
7/5/2007's Geysers Leasehold Expanded to Over 1,000 Acres
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TSX-V (WGP.V)FRANKFURT (WE6.F)
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