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Ram Power Announces Update for Its San Jacinto-Tizate Project
Published : November 05, 2012
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Keywords :   Canada | Growth | Report |

RENO, NV--(Marketwire - November 5, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to provide the following update on the progress at the Company's 72 MW expansion of the San Jacinto-Tizate geothermal power project (the "Project"). 

Power Sales Tariff Increase has been Registered and is Effective

As recently disclosed, the Company received approval from the Nicaraguan Government for a power sales tariff increase under its power purchase agreement for the Project. The tariff increase has been registered by the Nicaraguan Energy Institute and the Nicaraguan electricity grid operator, Centro Nacional de Despacho de Cargo, and is in effect for power sold from the Project on or after October 1, 2012. 

Phase II Expansion Update

The Phase II, 36 MW net expansion continues to be constructed on time and on budget, with construction activities 95% complete, power plant critical component engineering 100% complete and plant engineering 99% complete. The Phase II main transformer was successfully energized and plant pre-commissioning activities are ongoing. The unit is expected to be in commercial operation in December 2012.

Update on San Jacinto Steamfield and Initial Electricity Production

The Company and its resource consultant, Sinclair Knight Merz ("SKM"), continue to investigate ways to further expand the resource of the Project in order to maximize the overall project returns. As a result, the Company and SKM have developed short-term and medium-term resource production enhancement plans to increase the steam capacity for the Project. 

The Company and SKM are currently estimating that initial total steam availability for the Project will be in the 500-530 tonnes/hour range. This estimate is based on current production trends for Phase I of the Project and field monitoring results indicating the stabilization of the reservoir pressure following the substantial increase of production associated with the commercial operation of Phase I. A recent report from the Phase II lenders resource consultant, GeothermEx Inc., is consistent with this estimate. At this initial steam availability level initial electricity production is estimated to be 60-64MW net for the Project once Phase II is in commercial operation.

The Company is currently executing its short-term production enhancement plan with expected completion by the end of the year. The 2012 Plan (the "2012 Plan") includes, among other things, the conversion of well SJ 6-1 from an injection well to a production well and use of well SJ 12-1 as an injection well. The successful completion of the 2012 Plan is estimated to increase steam availability by 30-40 tonnes/hour, raising the total steam availability to 530-570 tonnes/hour, which would increase estimated initial electricity production approximately 4-5 MW net for the Project once Phase II is in commercial operation.

The Company plans to reassess the production capacity of the San Jacinto steamfield in the first several months after Phase II is placed in commercial operation. During this period, additional geo-scientific and reservoir data collection and analysis will permit the Company to make decisions regarding further production enhancement activities in order to optimize long term reservoir management and utilization. The Company and SKM have tentatively determined, under the medium-term production enhancement plan that deepening, forking and perforating the casing of well SJ 9-3 is the highest priority option for production enhancement based on technical, cost and operational factors. These activities are estimated to increase the steam availability at San Jacinto by approximately 70-110 tonnes/hour, enabling the Project to run at its full 72MW net capacity, and to be funded primarily from the Project's major maintenance reserves established under the Phase I and II Credit Facilities.

Shuman Moore, Ram Power's President and CEO, stated, "I am proud of the Ram and PENSA teams for their continued success in completing critical milestones for our Company, especially over the last several months. The tariff increase provides a critical level of margin allowing the Company to focus on the completion of the Phase II expansion at San Jacinto, and diligently execute its steamfield improvement plans while meeting all its loan covenants."

About Ram Power, Corp.

Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties, and has interests in geothermal projects in the United States, Canada, and Latin America. 

Cautionary Statement

This news release contains certain "forward-looking information" which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the Company's growth, results of operations, estimated future revenues, requirements for additional capital, revenue and production costs, future demand for and prices of electricity, business prospects and opportunities. In addition, statements relating to estimates of recoverable geothermal energy "reserves" or "resources" or energy generation are forward-looking information, as they involve implied assessment, based on certain estimates and assumptions, that the geothermal resources and reserves described can be profitably produced in the future. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal industry; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities or in the commencement of operations; as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form. These factors should be considered carefully and readers of this news release should not place undue reliance on forward-looking information.

Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Such forward-looking information is made as of the date of this news release. Other than as required by applicable securities laws, Ram Power assumes no obligation to update or revise the information contained in this news release to reflect new events or circumstances.

Steven Scott
Director of Investor Relations
Ram Power, Corp.
Phone: 775-398-3711
Email: Email Contact

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Ram Power Corp.

ISIN : CA7513081074
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Ram Power is a gold and copper development stage company based in Canada.

Ram Power develops gold, copper and in Nicaragua, and holds various exploration projects in Canada.

Its main asset in development is SAN JACINTO-TIZATE in Nicaragua and its main exploration property is ANA in Canada.

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Financings of Ram Power Corp.
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Nominations of Ram Power Corp.
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Financials of Ram Power Corp.
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11/14/2011Announces Third Quarter 2011 Results
11/11/2011Announces Release Date for Third Quarter 2011 Results
8/15/2011Announces Second Quarter 2011 Results
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6/6/2011Announces Release Date for First Quarter 2011 Results
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Project news of Ram Power Corp.
8/15/2013(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
7/18/2013(San Jacinto-tizate)Commences Drilling Operations at San Jacinto-Tizate
2/7/2013(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
11/5/2012(San Jacinto-tizate)Announces Update for Its San Jacinto-Tizate Project
10/10/2012(San Jacinto-tizate)Announces Tariff Increase for San Jacinto-Tizate Project
7/26/2012(San Jacinto-tizate)Receives Initial Equity Distribution From Its San Jacinto-Ti...
6/7/2012(San Jacinto-tizate)Announces Update for San Jacinto-Tizate Project and Corporat...
2/21/2012(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
2/6/2012(San Jacinto-tizate), Corp. Announces Updates for the San Jacinto-Tizate Project
3/25/2011(San Jacinto-tizate) Announces Successful Drilling Results at San Jacinto-Tizate
2/7/2011(San Jacinto-tizate) Announces General Corporate Update
Corporate news of Ram Power Corp.
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5/13/2015Polaris Infrastructure Inc. (Formerly Ram Power, Corp.) Anno...
5/12/2015Ram Power Announces 2015 First Quarter Results
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12/31/2014Ram Power Announces Strategic Process and Corporate Update
11/13/2014Ram Power Announces 2014 Third Quarter Results
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8/12/2014Ram Power Announces 2014 Second Quarter Results
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5/15/2014Ram Power Announces 2014 First Quarter Results
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4/7/2014Ram Power, Corp. Announces Stock Purchase Agreement With US ...
4/1/2014Ram Power Announces 2013 Year End Results
10/2/2013, Corp. Announces Operational Update Including:
8/20/2013(San Jacinto-tizate), Corp. Announces Update for San Jacinto-Tizate
8/1/2013(San Jacinto-tizate), Corp. Announces Conversion of San Jacinto-Tizate Phase II ...
7/2/2013, Corp. Announces Agreement With Project Lenders to Extend C...
6/18/2013Announces Results of Annual and Special Meeting
6/4/2013, Corp. Announces Signing of Drilling Contract and Agrees Wi...
3/27/2013, Corp. announces closing of C$50.9 million Senior Debenture...
1/2/2013(San Jacinto-tizate)Announces Commercial Operation for Its Phase II Expansion at...
1/2/2013(San Jacinto-tizate)Announces Commercial Operation for Its Phase II Expansion at...
1/2/2013(San Jacinto-tizate)Announces Commercial Operation for Its Phase II Expansion at...
1/2/2013(San Jacinto-tizate)Announces Commercial Operation for Its Phase II Expansion at...
12/27/2012Announces Corporate Credit Facility Amendment Providing for ...
12/27/2012Announces Corporate Credit Facility Amendment Providing for ...
12/19/2012(San Jacinto-tizate)Announces Grid Synchronization for Its Phase II Expansion at...
12/12/2012Announces Termination of Power Purchase Agreement for Clayto...
3/27/2012, Corp. Announces the Signing of a Letter of Intent With SNC...
3/26/2012, Corp. Announces the Signing of a Mandate Letter With IFC f...
2/23/2012, Corp. Announces Updates for the Casita Project
1/9/2012(San Jacinto-tizate), Corp. Announces Commercial Operation of the Phase I Expans...
12/22/2011(San Jacinto-tizate), Corp. Announces Synchronization of the Phase I Expansion a...
12/6/2011, Corp. Announces Execution of Amendments to Credit Facility
10/26/2011, Corp. Announces San Jacinto Project, Casita Project and Ge...
10/17/2011(San Jacinto-tizate), Corp. Announces Mechanical Completion of Phase I Expansion...
9/15/2011, Corp. Announces San Jacinto Project and Corporate Finance ...
8/15/2011(San Jacinto-tizate)Confirms Resource and Closes $160 Million Credit Facility fo...
6/10/2011Northern California Power Agency Signs Power Purchase Agreem...
6/9/2011(San Jacinto-tizate), Corp. Announces Successful Production Test Results at San ...
6/8/2011, Corp. Announces Resolution of Credit Facility Non-Complian...
3/29/2011Northern California Power Agency Approves Power Purchase Agr...
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3/2/2011, Corp. Announces Closing of $50 Million Credit Facility
2/7/2011 Announces General Corporate Update
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