News
Jun 16, 2010Nevada Geothermal Power’s Faulkner 1 Geothermal Development will be First to Access a Loan Guarantee
Nevada Geothermal Power's Faulkner 1 Geothermal Development will be First to Access a Loan Guarantee Under the Department of Energy's Financial Institution Partnership Program
(John Hancock Financial Services is Lead Lender and Lender-Applicant to DOE)
Vancouver, B.C. (June 15, 2010), Nevada Geothermal Power Inc. (NGP), (TSX.V: NGP, OTCBB: NGLPF)is pleased to announce that it has received a conditional commitment from John Hancock Financial Services as lead lender for a $US98.5 million loan and an offer for a conditional commitment from the U.S. Department of Energy (DOE) as loan guarantor for up to 80 percent of the loan amount.
NGP, through its subsidiaries Nevada Geothermal Power Company and NGP Blue Mountain I LLC ("Blue Mountain"), is developing the Blue Mountain project, a 49.5 megawatt geothermal power plant located in Humboldt County in northwestern Nevada. The Blue Mountain project consists of a geothermal well field, fluid collection and injection systems that enable energy to be extracted from rock and fluid below the earth's surface, and a power plant that converts geothermal energy into electricity. The project has a 20-year power purchase agreement to sell electricity and renewable energy credits.
NGP, 100% owner of the Blue Mountain project, and John Hancock Financial Services, the lender-applicant and lead lender, are the first geothermal proponents to access a Department of Energy (DOE) commercial loan guarantee through the Financial Institution Partnership Program ("FIPP"), a program supported by the 2009 American Recovery and Reinvestment Act. John Hancock Financial Services is a leading institutional energy lender with experience in fixed rate utility lending, project financing and private equity investments, including nine prior geothermal projects.
Brian Fairbank, President and CEO of Nevada Geothermal Power said, "The John Hancock senior debt facility and the DOE loan guarantee will provide low cost, long-term financing for our leading Faulkner 1 project and greatly enhance our ability to provide permanent clean energy jobs in northern Nevada. We appreciate the continued assistance and cooperation of our partner, the Trust Company of the West, during this process."
Recep C. Kendircioglu, a Managing Director at John Hancock stated, "John Hancock is very pleased that Blue Mountain is the first project to be offered a conditional commitment for a loan guarantee through FIPP. We are looking forward to a timely closing and to support NGP in its future endeavors."
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is a renewable energy producer and developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources, in the United States. NGP currently owns a 100% leasehold interest in five properties: Blue Mountain, Pumpernickel, Black Warriorand Edna Mountain, in Nevada, and Crump Geyser, in Oregon. These propertie s are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
http://www.nevadageothermal.com
Investor Inquiries
Paul Mitchell
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X118
Direct Line: 604-638-8784
Toll Free: 866-688-0808 X118
Email: .(JavaScript must be enabled to view this email address)
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Jun 16, 2010
Magma Energy Update on Chilean and Peruvian Exploration
(All amounts in US dollars and all MW according to the Geothermal Reporting Code) TSX: MXY
VANCOUVER, June 16 /CNW/ - Magma Energy Corp. (TSX: MXY) is pleased to provide an exploration update on our properties in Chile and Peru. In Chile, Magma has an exploitation permit enabling development of a 50 MW geothermal operation on the 4,000 hectare Laguna de Maule (Maule) property. Maule adjoins the 100,000 hectare Pellado property and together these properties encompass the Mariposa Geothermal Reservoir upon which Magma previously reported a 320 MW Inferred Resource.
Mariposa slim hole drilling in 2009 resulted in discovery well, MP-01. Magma recently completed MP-02 to a depth of nearly 900 meters and encountered temperatures and zones of permeability indicating a high quality geothermal resource. Data from MP-01 and MP-02 will be integrated to further develop the Mariposa reservoir model. MP-02 is located at the edge of the Mariposa Reservoir and was drilled first due to road access limitations at the time.
Drilling is about to begin at MP-03, located in the heart of the Mariposa Reservoir, with a target depth of 1,500 meters. An all-season 25 km access road now connects the future drilling pads MP-04 and MP-05 to the current exploration activities. Magma's Icelandic experts have assisted in designing the drilling program for MP-02 through MP-05. The Mariposa development budget is $15 million; costs to date are $8.5 million.
In Peru, a four person exploration team will be performing a field campaign beginning in late June. The work will focus on surface geological and geophysical work, as preparation for a drilling campaign in 2011.
Dr. Catherine Hickson, Magma's Vice President Exploration and Chief Geologist commented, "We are fortunate to have such high quality geothermal land in Latin America coupled with an experienced team to develop projects. Magma is well positioned to become a leading power producer in this area."
Please visit the link, http://www.magmaenergycorp.com/s/Projects.asp, to view our photo and video gallery of Mariposa.
About Magma Energy Corp.
Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and two in Iceland.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding exploration and development activities at Magma's Latin American properties and estimates of geothermal reservoir size and temperature, geothermal resources, recoverable geothermal energy or energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
A number of known and unknown risks, uncertainties and other factors, may cause our actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. The forward-looking information is based upon what management believes to be reasonable assumptions, including, but not limited to, assumptions about: the success and timely completion of planned exploration and expansion programs, the growth rate in net electricity consumption; support and demand for non-hydroelectric renewables; government initiatives to support the development of renewable energy generation; the accuracy of reserve estimation methodology and analysis used to estimate the quantity of potentially recoverable thermal energy; geological, geophysical, geochemical and other conditions at our properties; the reliability of technical data, including extrapolated temperature gradient, geophysical and geochemical surveys and geothermometer calculations; capital expenditure estimates; availability of capital to fund exploration, development and expansion programs; and general economic conditions. Forward-looking information and statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-looking information and statements will occur.
There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities laws, we assume no obligation to update or revise such forward-looking information to reflect new events or circumstances.
For further information: Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604.646.1882, Email: .(JavaScript must be enabled to view this email address)
Jun 15, 2010
CanGEA Celebrates Monumental Step in Membership and Hosts Canada’s largest Geothermal Conference
Calgary, AB – June 15, 2010 – The Canadian Geothermal Energy Association (CanGEA) is pleased to announce that with the latest addition of Raser Technologies Inc. and US Geothermal Inc.; CanGEA now represents all the geothermal energy developers listed on the TSX and TSX-V. Together (with existing members Sierra Geothermal Power Corp., Ram Power, Corp., Nevada Geothermal Power Corp. and Magma Energy Corp.) CanGEA represents over $1.1 billion in market capitalization with member projects across four continents. The Association has seen support for geothermal energy at an all time high as membership has more than doubled in recent months to include Google Inc., Ernst & Young and SNC Lavalin Group Inc. CanGEA is pleased with the display of support for the Canadian geothermal energy industry and is proud to represent the industry’s global leaders in geothermal exploration and development.
Recently, the geothermal energy industry has seen substantial interest and activity as evidenced by Schlumberger’s acquisition of member GeothermEx, Inc. and the proposed acquisition between Sierra Geothermal Power Corp. and Ram Power Corp.. The industry is also seeing an influx of traditional energy players from the oil & gas sector taking a serious look at the geothermal energy industry. With its ability to provide renewable heat and power geothermal energy is ideally suited to tackle some of the oil & gas industry’s major challenges – especially in the Alberta Oil Sands. Schlumberger’s latest acquisition lends support to the trend that geothermal energy is fast becoming one of the world’s greatest sources of clean, renewable, base-load energy.
For CanGEA the strong interest in geothermal energy has been palpable. “We’re seeing interest from nearly all corners of the globe with almost half of our members based outside of Canada”, said CanGEA Marketing and Membership Director - Nicole Robson. With an abundance of geothermal resources Canada is one of the last countries to harness geothermal energy - a fact which CanGEA is working to change as Canada is one of the last countries bordering the “Pacific Ring of Fire” yet to develop geothermal energy. While the industry looks to Canada as the next frontier, CanGEA is actively lobbying federal and provincial governments to embrace geothermal power and its many benefits. “Geothermal is a vital source of energy,” says Robson, “not only can it provide emission-free base-load power but it can also provide the level of investment and job creation that Canada needs to bounce back from this economic recession”.
In the meantime, CanGEA is leading the charge to place Canada firmly on the world stage of geothermal power producing nations. The Third Annual CanGEA Geothermal Power Conference and Trade Show, to take place in Vancouver, BC August 8th - 10th will draw hundreds of representatives from geothermal developers, industry service providers, utilities, and renewable supporters to explore the many opportunities emerging in the industry. Like the resource itself, interest for this clean, renewable energy is heating up and steaming to the surface.
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
For further details contact:
Nicole Robson – .(JavaScript must be enabled to view this email address)
Marketing and Membership Director
The Canadian Geothermal Energy Association
The Canadian Geothermal Energy Association (CanGEA) thanks CNW Group for its continued support of our association
Jun 14, 2010
CanGEA Congratulates B.Bennett on his Appointment to Minister of Energy, Mines & Petroleum Resources
Calgary, AB – June 14, 2010 – The Canadian Geothermal Energy Association (CanGEA) today congratulates Bill Bennett, MLA Kootenay East, on his appointment to Minister of Energy, Mines & Petroleum Resources for the province of British Columbia. Minister Bennett previously served as Minister of Tourism, Culture and the Arts as well as Minister of State for Mining. CanGEA looks forward to building upon the work of outgoing Minister Blair Lekstrom and is grateful for his years of service.
CanGEA would also like to welcome the newly appointed Deputy Minister of Energy, Mines & Petroleum Resources Robin Junger who until recently served as Deputy Minister of Energy and Clean Technology under the Premier’s Office. His work was instrumental in the formation of the recently announced Clean Energy Act which will provide greater ministerial authority to advance clean energy projects in the province. Mr. Junger replaces outgoing Deputy Minister Greg Reimer who is taking a position in the private sector as Executive Vice-President of Transmission and Distribution with BC Hydro.
With such overwhelming changes taking place at the Ministry, CanGEA is eager to build upon recent developments within the province’s geothermal program. After years of intermittent interest in geothermal power the province of British Columbia has renewed its focus and is seeking to embrace geothermal power in its portfolio of clean energy generation assets. In late March of this year the province held their first geothermal tenure auction since 2004 - a significant step in bringing this renewable, base-load power source online for the province. However, the industry was deeply disappointed to learn that the highly anticipated June tenure auction has been postponed to the fall due to delays in the referral process. Undeterred, CanGEA is actively working with the Ministry to make land available for development and expedite the tenure request and referral process.
For more information about BC’s Ministry of Energy, Mines & Petroleum Resources Geothermal Program please visits; http://www.empr.gov.bc.ca/Titles/OGTitles/geothermal/Pages/default.aspx
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
Start the conversation online: Tell Us Your Thoughts
Contact: David Gowland
Policy Director, Canadian Geothermal Energy Association
.(JavaScript must be enabled to view this email address)
Jun 14, 2010
CanGEA responds to article “Interest in Canada’s geothermal energy industry heating up!”
A recent article posted in Power Week Canada reiterated the vast potential for Canada's geothermal resources. In response to this article, and the work of Jacek Majorowicz and Stephen Grasby, CanGEA would like to reaffirm their support for all types of geothermal energy development, including enhanced geothermal systems (EGS). CanGEA Chair & Founder, Alison Thompson, has long been involved in exploring such technologies and was team lead for Canada's first EGS study which examined geothermal potential for cleanly powering the Oil Sands. CanGEA's Third Annual Geothermal Conference and Trade Show (August 9th and 10th) will showcase some of the exciting work being done in EGS and geothermal power for Oil Sands technology. Certainly all available methods of harnessing the vast potential of Canada's geothermal resources should and must be examined to bring this base-load, renewable energy source online to satisfy Canada's clean energy demands.
"To learn more about EGS and Geothermal Power join us at the Third Annual Geothermal Conference and Trade Show in Vancouver, August 9th and 10th.
For more information please see www.cangea.ca/events."
Jun 09, 2010
Register Now - Early Bird Pricing Ends June 11th - CanGEA Geothermal Conference - Agenda Available
CanGEA‘s Third Annual Geothermal Energy Conference and Trade Show
August 8 -10, 2010 Vancouver, British Columbia
Canadian Geothermal Energy Association (CanGEA) invites you to join us, as renewable energy developers, manufacturers, suppliers, utilities, engineers, geoscientists, lenders, insurers, power consumers and investors converge to discuss the latest projects, technologies, products and services and regulations. This three day event provides an excellent opportunity to meet and network with the geothermal industry key players.
Download the 2010 Conference Agenda Here
Book now before all seats have been reserved.
Early Bird Rate is in effect until June 11, 2010
Canada’s Largest Geothermal Energy Conference and Trade Show
May 31, 2010
CanGEA releases Member Project Database
The Canadian Geothermal Energy Association (CanGEA) today released the much anticipated CanGEA Member Projects Database. The report outlines all the various CanGEA member projects under development around the world. This inaugural report is the first of its kind for the Canadian geothermal energy industry.
According to the report CanGEA members are currently working on more than 70 projects under development representing more than 1,400 MW, and nearly 2,000 MW of installed geothermal capacity. The projects listed span four continents and eleven countries giving CanGEA members a truly global reach in their operations. While there is currently no geothermal power production in Canada there are nevertheless a number of projects under development which may soon come online to supply Canada’s first few megawatts of geothermal power.
Typically projects have been categorized in terms of resource development. The CanGEA Member Projects Database instead recognizes three levels of Geothermal Resources and two levels of Geothermal Reserves. With increasing geological knowledge and confidence a Geothermal Resource progresses from Inferred, to Indicated, to Measured. Similarly, with consideration of energy recovery and conversion, economic, marketing, environmental, social, legal, and regulatory factors (all Modifying Factors) the resource may be labelled a Probable or Proved Geothermal Reserve.
The CanGEA Member Projects Database utilizes the Canadian Geothermal Code for Public Reporting to provide a framework for comparison among industry players. Included in the Database is the Geothermal Progress Checklist which lays out the framework to categorize projects under development based on geological knowledge and modifying factors such as economic and legal factors. The checklist highlights the necessary steps in the development of a geothermal resource from exploration to production. Applying this framework allows for universal comparison among projects under development while also providing the cursory framework to adhere to the Canadian Geothermal Code for Public Reporting.
For a copy of the CanGEA Member Projects Database please follow the link below. CanGEA encourages interested parties to provide feedback for future iterations of the report and welcomes any questions or comments.
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
Contact: David Gowland dave@cangea.ca
Policy Director, Canadian Geothermal Energy Association
To view the report click here
May 18, 2010
Magma Energy Corp Announces Third Quarter Results
| MAGMA ENERGY CORP. : http://www.magmaenergycorp.com/ : News Releases |
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(All amounts in US dollars unless otherwise stated and all production figures are approximate)
Vancouver, B.C., Canada, May 14, 2010 - Magma Energy Corp. (TSX:MXY) today reported its financial and operating results for the third quarter ended March 31, 2010. The Company also provided an update on its operations. This earnings release should be read in conjunction with the Company's MD&A, unaudited Financial Statements and Notes to Financial Statements for the corresponding period along with the audited consolidated Financial Statements, the related MD&A, and the Annual Information Form for the year ended June 30, 2009. This information is available on the Company's website at www.magmaenergycorp.com and has been posted on SEDAR at www.sedar.com. Commenting on today's announcement, Ross Beaty, Chairman and CEO, said "Magma Energy continued to build its global geothermal power business in the third quarter of fiscal 2010. We acquired an additional 5.24% interest in Iceland's HS Orka in March and May which increased Magma's total power generation to 94 MW and our geothermal resources to 827 MW, continued our expansion efforts at our Soda Lake operation in Nevada, and were awarded the 100,000 hectare Pellado exploration concession and the 4,000 hectare Maule exploitation concession in Chile. We began new drilling programs in Chile, Iceland and Nevada and I expect we will continue to increase our geothermal production and our in-ground resources during the balance of 2010." Corporate Financial Results (expressed in thousands of dollars, except for per share amounts)
HS Orka Financial Results (expressed in thousands of dollars and reconciled with Canadian GAAP) Summary financial information with respect to the operation of HS Orka, on a 100% basis, is as follows:
($1.9 million) for the quarter ended December 31, 2009. For the third quarter ended March 31, 2010, Magma reported net income of $142,000 ($0.00 per share), including the Company's share of HS Orka's net income of $3.60 million. The Soda Lake operation earned revenues of $1.29 million, gross profit of $417,000 and net income of $72,000 after deducting non-cash and other related expenses. On a cash basis for the quarter ended March 31, 2010, the Company spent $2.0 million on operating activities and $13.1 million on investing activities, including investments of $7.1 million to acquire an additional interest in HS Orka, $2.8 million to acquire and explore the Company's portfolio of exploration projects and $2.2 million on the Soda Lake expansion. At March 31, 2010, Magma had cash and cash equivalents of $40.5 million, working capital of $31.7 million, and long-term debt with a fair value at quarter end of $51.0 million. For the quarter ended March 31, 2010, HS Orka generated revenues of $14.17 million, gross profit of $4.46 million, net income from operations of $4.24 million, other income, net of other expenses, of $7.59 million, and income of $9.61 million, net of taxes of $2.21 million. EBITDA for the period was $5.72 million. On an annualized basis, HS Orka's revenues for the quarter represent a 14% increase over revenues earned in fiscal 2009. Approximately 46% of HS Orka's revenues are sold under purchase power agreements with prices indexed to the price of aluminum, resulting in higher revenues as aluminum prices increase. HS Orka Operations The 100 MW Reykjanes and the 75 MW Svartsengi power plants as well as the 150 MW Svartsengi district heating system produced as expected during the quarter. The recent volcanic eruptions in Iceland have had no impact on HS Orka operations. Three share purchases from Geysir Green Energy and HS Orka's treasury since the end of the second quarter resulted in Magma's ownership rising to 46.18%. The purchases were financed from cash on hand. Efforts to increase ownership in HS Orka are on-going. HS Orka is the largest privately owned energy company in Iceland supplying 9% of the country's electrical output. Expansion plans for an additional 230 MW are well advanced and construction is progressing at the aluminum smelter where the power is expected be sold. Power contracts are currently being negotiated and the transmission line has been approved. HS Orka has 175 MW of Reserves and 640 MW of Resources as defined by the Geothermal Reporting Code. Magma's investment in HS Orka and, consequently, in Iceland's energy industry, is a significant part of the Company's strategic plans for growth. To support these plans and Magma's other global projects, Magma opened a new Iceland office during the quarter staffed with an exceptionally experienced team of geothermal experts. Soda Lake Operation The Soda Lake operation produced as expected during the quarter with interruptions due to the Phase 1 expansion program, which is designed to boost production from 11 MW to 23 MW, and a half-day interruption on February 22 due to a fire that damaged one of the operation's ten turbine units. Damage from the fire will be covered by insurance subject to a $500,000 deductable. As part of the field optimization program, well 45A-33 was successfully connected to the plant in late April 2010 and commissioning is underway. This is the first new well that has been connected to the plant in over 17 years and represents one of the hottest pumped wells in the world with one of the industry's deepest setting depths at over 2,000 feet. The new well, along with additional improvements resulting from recent plant refurbishments are expected to add several MW to the facility's output and will increase Soda Lake's revenues and profitability in the future. Current production at Soda Lake is 13.5 MW, up from 11 MW in the previous quarter. Deep well 41B-33, which was drilled in 2009, will be used as an injection well. Magma expects to confirm the remaining Soda Lake capacity increase to 23 MW after mid-year 2010. To date, $14 million has been expended of the original $18.2 million Phase 1 budget. During the quarter, a Geothermal Reporting Code estimate was prepared for Soda Lake with GeothermEx acting as the Qualified Person. The recent field optimization study resulted in a comprehensive data set that was used for the reservoir estimate. Proved Reserves of 20 MW and Indicated Resources of 41 MW have now been established for the property. This compares with a previous P90 estimate of the geothermal reservoir's gross generation capacity of 29 MW. Exploration Activities In January 2010, Magma was awarded an exploration permit for the 100,000 hectare Pellado property. Subsequent to the quarter end, Magma received a 50 MW exploitation permit for the 4,000 hectare Laguna de Maule property which adjoins the Pellado property. The exploitation permit will allow Magma to proceed directly to construction of a Phase 1 operating plant once a drilling program, infrastructure, permitting and other work have been completed. The two properties comprise the Mariposa Geothermal Resource ("Mariposa") that is estimated to contain an Inferred Resource of 320 MW of electrical generation capacity, as defined by the Geothermal Reporting Code. Mariposa is located within 25 kilometers of two hydro power plants and associated transmission lines that are in development. Road construction for all-season access began in September 2009 and drilling of the first of four slim holes commenced in March 2010. The 2010 slim hole program, plus related work, is expected to be completed by December at a cost of $15 million. During the quarter, Magma commenced a drilling program on the Desert Queen property in Nevada. To date, four temperature gradient holes have been drilled and the results are presently being evaluated. A drilling program on the McCoy property in Nevada is currently planned. In May, the Company added geothermal holdings to its Desert Queen and Granite Springs properties. In Peru, Magma acquired the mining rights to the San Pedro and Crucero properties consisting of 1,600 hectares. Exploration programs on all of Magma's Peruvian properties will commence upon the award of geothermal rights, which are pending. In April, Magma's joint venture with Ram Power on two Nicaraguan concessions was terminated. Mr. Beaty concluded, "Magma is rapidly building itself into a large global geothermal power company, with its active programs in Nevada, Chile and Iceland. We have an outstanding team of geothermal experts, a healthy balance sheet and an excellent property portfolio which should deliver continuing good results during the rest of 2010." About Magma Energy Corp. Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and an interest in two other operating power plants in Iceland.
For further information please contact: Alison Thompson, Vice President, Corporate Relations Magma Energy Corp. Phone: 604.646.1882 Email: .(JavaScript must be enabled to view this email address) Cautionary Note regarding Forward-Looking Statements and Information This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding our growth, results of operations, revenues, requirements for capital, future demand for and prices of electricity, business prospects and opportunities, exploration and development, geothermal resources, recoverable geothermal energy or energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. In addition, it is worthy of note that the financial results of HS Orka represent the first operating year of the company in its present form. As such, future results could differ materially from those reported or anticipated. Accordingly, prospective investors should not place undue reliance on the current reported financial results. Other than as required by applicable securities laws, we assume no obligation to update or revise such forward-looking information to reflect new events or circumstances. A number of known and unknown risks, uncertainties and other factors, may cause our actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. The forward-looking information is based upon what management believes to be reasonable assumptions, including, but not limited to, assumptions about: the success and timely completion of planned exploration and expansion programs, the growth rate in net electricity consumption; support and demand for non-hydroelectric renewables; government initiatives to support the development of renewable energy generation; the accuracy of reserve estimation methodology and analysis used to estimate the quantity of potentially recoverable thermal energy; geological, geophysical, geochemical and other conditions at our properties; the reliability of technical data, including extrapolated temperature gradient, geophysical and geochemical surveys and geothermometer calculations; capital expenditure estimates; availability of capital to fund exploration, development and expansion programs; and general economic conditions. Forward-looking information and statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-looking information and statements will occur. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities laws, we assume no obligation to update or revise such forward-looking information to reflect new events or circumstances. |
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Copyright © 2010 by Magma Energy Corp. All rights reserved worldwide. |
For more information, send questions and comments to .(JavaScript must be enabled to view this email address)
This page was created on Tue May 18, 2010 at 2:54:32 PM Pacific Time.
May 18, 2010
CanGEA responds to Grasby and Majorowicz report
GEOTHERMAL POWER COULD MEET CANADA’S POWER NEEDS
Calgary, AB – A recent report by Stephen Grasby and Jacek Majorowicz estimated that all of Canada’s power needs could potentially be met by developing Canada’s deep geothermal resources through enhanced geothermal systems (EGS). The Canadian Geothermal Energy Association, on behalf of its members, welcomes the report’s findings but stresses the need to first develop Canada’s traditional geothermal resources before proceeding with EGS technology.
There is tremendous potential for Canada’s easily accessible geothermal resources, estimated to be greater than 5,000 MW. Including EGS and other new technologies this figure rises significantly. However, enhanced systems are often met with increased costs and require cutting edge technology to reach depths of roughly 10 kilometres as mentioned in the Grasby & Majorowicz report. Rather, the focus should be on developing Canada’s more tangible geothermal resources which in many cases are already flowing to the surface in the form of hot springs and pools.
Furthermore, CanGEA members have the knowledge and expertise to bring these traditional geothermal resources online for power production. With over 72 projects under development representing more than 1,400 MW, and nearly 2,000 MW of installed geothermal capacity CanGEA members are truly world leaders in the development of geothermal energy. Although most of this activity takes place outside of Canada there is nevertheless an abundance of low hanging fruit in Canada’s geothermal sector.
With increased effort from provincial and federal governments Canada’s traditional geothermal resources are sure to play an important role in the country’s energy future. As the demand for renewable base-load energy increases so too will the push to develop Canada’s rich geothermal resources. CanGEA and its members aim to have 5,000 MW of clean geothermal power online by 2015 - that’s enough to power 3.7 million Canadian households. Add to this the overwhelming potential of Canada’s deep geothermal resources and the country may be entirely powered by this clean, renewable energy source. Though, as Canada joins other world leaders in developing its geothermal resources it must act prudently in first embracing traditional geothermal plays before adopting EGS technology. With such an abundance of naturally occurring geothermal hot spots there is no need to embark on EGS projects without first tapping Canada’s vast traditional geothermal plays.
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
Start the conversation online: Tell Us Your Thoughts
Contact: David Gowland
Policy Director, Canadian Geothermal Energy Association
.(JavaScript must be enabled to view this email address)
Jan 18, 2010
CanGEA Announces the Release of the Canadian Geothermal Code for Public Reporting
THE CANADIAN GEOTHERMAL ENERGY ASSOCIATION (CANGEA) ANNOUNCES THE RELEASE OF THE CANADIAN GEOTHERMAL CODE FOR PUBLIC REPORTING
CALGARY, ALBERTA—(Jan. 18, 2010) – The Canadian Geothermal Energy Association (CanGEA) announces the release of the Canadian Geothermal Code for Public Reporting. The Canadian Geothermal Code for Public Reporting provides a minimum set of requirements for the public reporting of Exploration Results, Geothermal Resources and Geothermal Reserves. The Code will provide a basis for transparency, consistency and confidence in the public reporting of geothermal information.
The Canadian Geothermal Code for Public Reporting was prepared by the Canadian Geothermal Code Committee (CGCC), established in December 2008. The primary objectives determined by the Committee were to provide a reporting basis that would be satisfactory to investors, stakeholders and capital markets such as the Canadian Securities Exchanges, and to develop a Code that would be applicable to geothermal plays in both Canada and internationally. The Code, a first in Canada, will serve to increase investor confidence and interest in the geothermal energy sector through the standardization of geothermal reporting.
Lee Deibert, CanGEA Director and CGCC Chairman had this to say about the Code, “This key initiative has been completed for the benefit of our members and the industry overall. With the increasing level of activity in Canadian geothermal public and private financings, mergers & acquisitions, and the development of geothermal opportunities in Canada, the Code represents a key part of any investment and development strategy”.
It is anticipated that public reporting using the Code will be undertaken by all CanGEA members involved in exploration and/or operation of geothermal properties. The use of the Code will be on a voluntary compliance basis (industry self-regulation) until 2011 when Code compliance will be a mandatory requirement for CanGEA membership. CanGEA members involved in the financial community, including geothermal investors, financial advisors and financial institutions will also benefit from standardized and transparent reporting of geothermal assets. CanGEA will be holding Code training seminars throughout the upcoming months.
Alison Thompson, CanGEA Founder and Chair commented, “The Canadian Geothermal Code for Public Reporting establishes the industry standard and we are pleased that CanGEA has strengthened our leading role in the international geothermal community. The Canadian Securities Exchanges are already host to many of the premier players in the geothermal world and this Code is expected to further facilitate the industry’s growth.”
CanGEA collaborated with the Australian Geothermal Energy Association (AGEA) in the development of the Code.
About CanGEA
CanGEA is a national, not-for-profit association that works on behalf of our members to facilitate and promote the responsible and sustainable growth of high temperature geothermal energy in Canada, which, we believe, can provide competitive, emissions free, renewable, base-load energy to Canadians and export markets. 5,000 MW by 2015!
For more information please contact:
The Canadian Geothermal Energy Association (CanGEA)
Brian Toohey, B.Eng
Reservoir Engineer
Canadian Geothermal Code Committee Member & Business Development Coordinator
.(JavaScript must be enabled to view this email address)
http://www.cangea.ca
