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Dear
Eric Sicre,
NEWS RELEASE
DATE: APRIL 24,
2008
FOR IMMEDIATE
RELEASE
TRADING SYMBOLS:
TSX-V (Canada): WGP.V FRANKFURT:
WE6.F
GEYSERS “RIG TEST” INDICATES
COMMERCIAL WELL
VANCOUVER, Canada, April 24, 2008, TSX Venture Exchange
Trading Symbol: WGP – Western GeoPower
Corp., a renewable energy development company, today announced that the
“rig testing” carried out by independent consultants GeothermEx,
Inc. on the WGP-1 well at the Western GeoPower
Unit 1 project at The Geysers Geothermal Field in Northern California
indicates that the well is a strong producer with an initial steam flow rate
of 140,000 lb/hr (63,500 kg/hr) at a wellhead pressure of 137 psia, with a
static reservoir pressure of at least 279 psia. Drilling of the well
continues and flow testing will occur on completion of the well.
The WGP-1 well has to date been drilled to a depth of 7,060 feet (2,150 m) out of a
projected target depth of 11,000
feet (3,350
m). Production casing was set to a depth of 5,000 feet (1,520 m). Several steam
zones were encountered between 5,400 feet (1,650 m) and 7,030 feet (2,140 m); additional
productive zones may be encountered as the well is deepened further.
“The GeothermEx team is very pleased that the
results from this initial well have exceeded our earlier projections as
detailed in our feasibility report of October 2006,” said
Dr. Subir Sanyal, President of GeothermEx. “In particular, the static
reservoir pressure has been shown to be at least 279 psia, compared to 250
psia assumed in the above-mentioned report; therefore, the average stabilized
well productivity should be higher than the 70,000 lb/hr estimated earlier.
The results also provide encouragement that future wells may continue to
reflect similar high productivity characteristics in this region of The
Geysers field that has been shut-in for twenty years.”
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.
“We are very satisfied with the high degree of
expertise and foresight that GeothermEx has demonstrated throughout the
planning and execution of this successful first well,” said Kenneth MacLeod, President and Chief Executive
Officer of Western GeoPower.
“The high productivity of the well suggests significant cost savings
may be realized through the drilling of fewer wells than anticipated if a
similar successful outcome is repeated in future wells.”
The Western GeoPower
Unit 1 plant is projected to start commercial operations in early 2010.
Previous estimates by GeothermEx suggested a requirement for nine or ten
wells at an average of 3.66 MW per well, however, the number will be revised
downwards should future well capacities continue to exceed expectations.
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 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
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