News
Sep 07, 2010NGP Announces US $98.5 Million Financing Closed with John Hancock
First Renewable Project to Obtain DOE Loan Guarantee Under the Financial Institution Partnership Program
Vancouver, B.C. (September 7, 2010), Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF)is pleased to announce that it has closed a US $98.5 million loan with John Hancock Financial Services as lead lender and the U.S. Department of Energy (DOE) as loan guarantor for 80 percent of the loan amount or US $78.8 million. The blended interest rate for the loan has been determined at 4.14%.
NGP is the first renewable power development company to complete a loan guarantee through the DOE's Financial Institution Partnership Program (FIPP), an important initiative for clean energy supported by the 2009 American Recovery and Reinvestment Act. The loan was assigned a BB+ credit rating by Fitch Ratings Ltd., of New York.
"I'm pleased that Recovery Act financing is helping Nevada Geothermal Power to create jobs in northern Nevada and bringing us closer to energy independence," said Senator Harry Reid.
Nevada Governor Jim Gibbons commented, "With Nevada's goal of becoming a leader in geothermal energy production, it's promising to see a company like NGP accelerate success through a strong relationships with senior financial institutions such as John Hancock and the Department of Energy Loan Programs Office. We know that they have a bright future ahead of them as they exhibit momentum and leadership in the development of renewable base load energy."
The Faulkner 1 geothermal plant is currently producing 36-38 MW (net) and has a 20-year power purchase agreement with NV Energy. Humboldt County Administrator Bill Deist stated, "The Blue Mountain project has had a positive impact on our local economy and has been an excellent fit within the Winnemucca region. It has created important, long-term employment opportunities and is a win-win for everybody."
NGP continues development work on the Faulkner 1 project in order to achieve its full power output capacity. "Closing the loan is a huge step for NGP, as it represents a major milestone in the development of the Blue Mountain project and of the company as a whole. NGP provides significant employment in Nevada and the Winnemucca area and we believe the Faulkner 1 project will provide a stable base for expanding employment opportunities as the Company embarks on additional development projects, " said NGP President and Chief Executive Officer Brian Fairbank. "We appreciate the hard work and cooperation of our partners, the DOE, John Hancock, TCW and our financial advisors RLR Consultants and MC Capital Partners, throughout this process."
John Hancock Financial Services is a leading institutional energy lender with experience in fixed rate utility lending, project financing and private equity investments, including prior geothermal financings. John C.S. Anderson, Head of Power & Infrastructure Finance at John Hancock stated, "John Hancock is very pleased that Blue Mountain is the first project to have closed a DOE loan guarantee through FIPP. We have been working very hard to develop FIPP financings over the last year, and are delighted that NGP is the first company to reach this impressive milestone. We are looking forward to supporting NGP in its future endeavors."
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. operates the 49.5 MW Faulkner 1 geothermal plant in Nevada. It is a growing, renewable energy 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 Valley, Edna Mountain and Black Warrior in Nevada, and Crump Geyser, in Oregon. These properties 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.
Aug 31, 2010
MAGMA ENERGY ANNOUNCES HS ORKA’S RELEASE OF MID YEAR FINANCIAL RESULTS
VANCOUVER, Aug. 31 /CNW/ - Magma Energy Corp. (TSX: MXY) reports that Icelandic geothermal company HS Orka hf ("HS Orka"), held 84.21% by Magma Energy, today released its audited financial and operating results for the six months ended June 30, 2010. These results may be accessed at: http://ow.ly/2wY0h
HS Orka prepares its financial statements in accordance with International Financial Reporting Standards and are reported in Icelandic kroner. Summarized below are HS Orka's financial results presented in US dollars and reconciled with Canadian GAAP. At June 30, 2010 Magma Energy owned a 46.18% interest in HS Orka and accounts for its investment using the equity method of accounting.
While HS Orka's results from operating activities were 70% higher than the same period last year, HS Orka reported a net loss of $18.2 million for the six months ended June 30, 2010. This loss was primarily the result of a $31.8 million loss in the change in fair value of embedded derivatives in sales contracts. Approximately 50% of HS Orka's power sales agreements are partially indexed to the price of aluminum resulting in embedded derivatives. Changes in the forward price of aluminum result in a fair value change of the derivative. At June 30, 2010 the forward price of aluminum on the London Metal Exchange was lower than the value at December 31, 2009. This resulted in a non-cash loss of $31.8 million in the change in fair value of embedded derivatives in sales contracts.
HS Orka Financial Results
(expressed in millions of US dollars and reconciled with Canadian GAAP - unaudited)
Summary financial information with respect to the operations of HS Orka, on a 100% basis is as follows
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For the For the
Six Months Ended Year Ended
June 30, 2010 December 31, 2009
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Total revenue 27.5 49.8
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Cost of energy production (18.1) (35.5)
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Gross profit 9.4 14.3
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Other operating expenses (1.5) (2.9)
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Results from operating activities 7.9 11.4
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Other income (expenses) (29.6) 46.3
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Income tax recovery (expense) 3.5 (7.4)
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Income (loss) for the period (18.2) 50.3
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EBITDA 12.1 19.1
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Total assets 299.2 318.5
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Total liabilities 201.3 217.8
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Cash and cash equivalents 7.7 1.2
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Working capital (deficiency)(*) 20.4 6.6
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(*) current assets - current liabilities (net of current portion
of long term debt)
Magma Energy's year end results for the period ending June 30, 2010 will be announced after markets close on September 28, 2010.
About HS Orka
HS Orka is the largest privately owned energy company in Iceland producing 9% of the country's power needs. Installed geothermal power capacity is 175 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that will increase HS Orka's geothermal power production to 405 MW by 2016.
About Magma Energy Corp.
Magma Energy Corp. is a global 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 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 second 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. 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)
Aug 23, 2010
Available for purchase the presentations from the 3rd Annual Conference & Geothermal Code Workshop
Due to overwhelming requestsfrom those who were unable to attend the information intensive Third Annual Conference in Vancouver BC we have made all (25) presentations available for purchase. For a limited time only conference presentations are available at the reduced rate of $299.00! To purchase the presentations: Click Here
The event focused on the fact that geothermal energy is an important constituent of Canada’s energy future. The growth of geothermal power serves the Canadian economy through new jobs and investment, improves the reliability of Canada’s power supply and offers an environmentally-friendly option to keep pace with increasing demand for electricity, bringing together many participants from all facets of the industry and all corners of the globe.
Presentations available in this package include:
Speaker Presentations - Monday, August 9, 2010
Opening Keynote Presentation
CanGEA Presentation
A View on the Canadian Market
Islandbanki Presentation
BC Clean Energy Act
Ministry of Energy Mines and Petroleum
Geothermal Exploration in the Yukon
Yukon Energy Corp.
Geothermal Opportunities in Alberta
Alberta Innovates - Energy and Environment
Geothermal Developments in the Northwest Territories
Government of the Northwest Territories
BC Hydro Alternative & Emerging Energy Strategy
BC Hydro - Alex Tu Presentation
The BC Clean Energy Act and Exports
Clark Wilson LLP Presentation
Carbon Credit Markets and the Potential for Geothermal
Borden Ladner Gervais LLP - Doug Tingey Presentation
The Clean Energy Act and Long Term Planning
BC Hydro - Kip Morison Presentation
Speaker Presentations - Tuesday, August 10, 2010
Binary Geothermal Power Development - New Technologies
Raser Technologies Inc. Presentation
Geothermal Power - Company Updates
US Geothermal Inc. Presentation
Ormat's Worldwide Presence as a Geothermal Technology Provider
Ormat Technologies Inc.
Geothermal Power - Project Generation, Development and Operation
Nevada Geothermal Power Corp. Presentation
Sierra Geothermal Power Project Updates
Jeff Witter presentation
Kelly Franz presentation
Ram Power - Operations and Development
Ram Power Presentation
A Look into Geothermal Drilling
Thermasource, Inc. Presentation
Exploration and Geothermal Research in Nevada and the Great Basin
Great Basin Center for Geothermal Energy Presentation
Introduction to The Geothermal Code for Public Reporting
Canadian Geothermal Energy Association Code Committee (CGCC) Presentation
The Geothermal Code Panel
Mannvit Engineering Presentation
GeothermEx, Inc Presentation
Magma's Reserves, Resources and Exploration Results according to the Geothermal Code
Magma Energy Corp. Presentation
The Finance Panel - Geothermal Funding and Capital after the Financial Crisis
Borden Ladner Gervais Presentation
Glacier Presentation
Anders Kruus Presentation
Also available are the presentations from the Geothermal Code for Public Reporting workshop, the Geothermal Code provides a minimum set of requirements for the reporting of Exploration Results, Geothermal Resources and Geothermal Reserves on Canadian stock exchanges. The Geothermal Code, a first for Canada, will be a key factor in increasing investor confidence and interest through the standardization of geothermal reporting. This is available at a cost of $199.00 to download the presentations: Click here
Presentations available in this package include:
Vancouver Code Workshop - August 8, 2010
Geothermal Code Committee Presentation
The Geothermal Reporting Code - Resource Assessment Methods and Applicability
Mannvit Engineering
Magma Energy - The Geothermal Code
Magma Energy Presentation
All presentations in PDF format and can be purchased by credit card.
The link to download the presentations will be included in the confirmation message after payment has been received.
Presentations can be purchased until September 3rd, Hurry and get your copies now!
Aug 12, 2010
Ram Power Press Release August 12, 2010
RENO, NEVADA- (August 12, 2010)– Ram Power, Corp. (TSX: RPG) ("Ram Power" or the “Company”), today reported its financial and operating results for the second quarter ended June 30, 2010. This earnings release should be read in conjunction with Ram Power’s MD&A and financial statements, which are available on the Company’s website at www.ram-power.comand have been posted on SEDAR at www.sedar.com.
Concurrent with today's release, Hezy Ram, CEO of Ram Power, said, “Ram Power continued in the second quarter of 2010 to execute its plan to be one of the world’s preeminent geothermal power companies. Construction of Phase I and II expansions at our San Jacinto-Tizate project proceeds according to the schedule and budget. We are in the final stages of the negotiation process for the Phase II expansion’s financing, which is expected to close in the third quarter. Drilling activity commenced at the Orita project in parallel to negotiations with EPC contractors. We recently purchased the land rights associated with our Geysers project in Northern California which will allow forflexibility and autonomy in the development of this project, which is a continuation of our commitment to developing our pipeline of projects to their full potential. As well, the Company announced the pending acquisition of Sierra Geothermal Power Corp.”
OVERVIEW
The financial results of Ram Power for the three and six months ended June 30, 2010 and 2009 are summarized below:
For the purpose of this summary, the results of Polaris Geothermal Inc. for the three and six months ended June 30, 2009 are used as comparatives because, for accounting purposes, the financial statements of the Company are deemed to be a continuation of the financial statements of Polaris Geothermal Inc.
For the second quarter ended June 30, 2010, the Company reported a net loss of approximately $6.5 million ($0.04 per share). On a cash basis, for the same period, the Company had a negative cash flow of about $5.7 million from operating activities and spent approximately $51.6 million on additions to geothermal properties and capital assets, including approximately $23 million on the Phase I and II San Jacinto expansions, $20 million to acquire the land rights associated with the Geysers project, and approximately $6.5 million on the Orita Project. At June 30, 2010, the Company had cash and short term investments of approximately $91.5 million, and long-term debt, net of debt discount, of approximately $45.6 million.
San Jacinto Operations
The San Jacinto operating plant produced as expected during the quarter with short interruption to correct the decline performance of an injection well. In early 2010, the power plant was not producing to its full capacity due to insufficient injection at the SJ-1 well. During the second quarter ending June 30, 2010, the Company completed a mechanical cleaning of that well which resulted in full recovery of the injection capacity of this well. The clean out operation restored the net MW production of the power plant to its optimal 9.6 MW.
Construction continued during the second quarter on the Phase I 36 MW expansion of the current operating facility to increase the production capacity to 46 MW. The Company expects a commercial operation date in the second quarter 2011. The current active production and injection wells have sufficient capacity to support the planned production increase. The total cost of the Phase I expansion is estimated to be $156 million. The Company is using a combination of cash on hand and a $77 million credit facility to fund the cost of the expansion. In the six months ended June 30, 2010, the Company satisfied the equity investment requirement for the credit facility and drew $47 million of the $77 million available under the facility. As of June 30, 2010 the Company had approximately $90.7 million in accumulated costs related to the Phase I expansion.
The Company commenced its drilling/exploration program for Phase II of the San Jacinto Project in April 2010 with two rigs. The first exploration/production well (SJ 12-1) was completed in July 2010 and encountered fault-controlled permeability at several shallower zones. A maximum temperature of over 500 degrees Fahrenheit was measured in the well. The well is being allowed to heat prior to temperature surveys and flow testing which will be conducted in August 2010. A second production well (SJ 9-3) commenced drilling by a smaller rig in June 2010 and was cased at 2,550 feet. Drilling on SJ 9-3 has resumed recently by a bigger rig and is currently being targeted to a depth of approximately 6,000 feet which is expected to be completed by the end of August 2010. The Company anticipates completing its Phase II drilling program by March 2011.
The Company is in negotiations with a group of development banks led by International Finance Corporation (“IFC”) and Inter-American Development Bank (“IDB”) to provide the debt financing for the Phase II expansion, which will add 36 MW for a total capacity of 72 MW, after which the 10 MW facility will be decommissioned. Approvals were obtained for over $200 million senior debt financing which exceeds the expected financing need of $140 million. The approvals are subject to execution of a definitive agreement among the parties. Phase II is being constructed in parallel to Phase I and is being financed with cash on hand until the Phase II debt financing closes, which is expected to occur in the third quarter of 2010. As of June 30, 2010 the Company had approximately $27.1 million in accumulated costs related to the Phase II expansion.
Exploration Activities
In April 2010, the Company commenced its Orita drilling/exploration program starting with Orita Well #2 which was drilled as a direct offset to production encountered in the successful Emanuelli #1 well drilled in 1982. The Emanuelli #1 well produced about 500,000 pounds per hour which indicated commercial viability. Orita Well #2 was intended to test potential production zones down to 10,400 feet. Drilling was suspended at a depth of 9,267 feet due to mechanical problems and the well was lined with perforated casing, cleaned and tested. A maximum temperature of 457 degrees Fahrenheit was measured in the well still cooled by drilling mud. A flow test produced fluids that confirmed the desired low-salinity benign chemistry but only marginal permeability at this depth. In September 2010, the Company expects to resume drilling to the intended 10,400 foot production zone to enhance the fluid mass flow rate.
In July 2010 drilling commenced on Orita Well #3 is which is being drilled to the targeted depth of about 9,000-10,000 feet. As of August 2010, the well shows significant hydrothermal alterations and is being drilled to intercept a major fault controlled low-resistivity zone. The drilling of Orita Well #3 is expected to be completed in August 2010. The well was successfully cased at 6,700 feet and is currently at about 9,000 feet. Flow testing will be conducted in the later part of August 2010.
Mr. Ram concluded, “Ram Power remains committed to the execution of our business plan which maximizes shareholder value through the development of clean, reliable geothermal projects.”
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.
Steven Scott, Director of Investor Relations
Ram Power, Corp.
Phone: 775-398-3711
Email: .(JavaScript must be enabled to view this email address)
www.ram-power.com
Cautionary Statements
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, production costs and revenue, 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 this news release. 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 and, other than as required by applicable securities laws, Ram Power, Corp. assumes no obligation to update or revise such forward-looking information to reflect new events or circumstances.
Aug 11, 2010
Canada has big geothermal potential, industry says
Mon Aug 9, 2010 4:57pm EDT
By Nicole Mordant
VANCOUVER British Columbia (Reuters) - Canada has the potential to generate enough clean, low-cost electricity from geothermal sources to power 5 million homes, the country's geothermal association said on Monday.
As things stand though, the resource-rich country does not produce a single unit of geothermal energy, which comes from hot water and steam produced by heat deep below the earth's surface.
This is a result of a lack of government funding, a shortage of land made available for development, a dearth of knowledge and the existence of other cheap and more traditional power sources like hydro and natural gas, Alison Thompson, chairman of the Canadian Geothermal Energy Association said.
"Geothermal is practically the lowest-cost electricity, not only of the renewables," Thompson told delegates at an industry conference in Vancouver, showing a slide where only coal-generated power was cheaper.
"But people don't even know it's an option, even in towns where there are hot springs," she later told Reuters on the sidelines of the conference.
In geothermal power production, hot water and steam from underground are piped up and used to drive turbines in plants that generate electricity.
Well-known manifestations of geothermal energy are geysers and hot springs, which form when heated water rises and breaks through the earth's surface.
In Canada, as in the United States, most of the geothermal resources are found in the West. Thompson said Canada has at least 5,000 megawatts of geothermal resource in the western provinces of British Columbia, Alberta, Yukon and Northwest Territories.
The industry wants the Canadian federal and provincial governments to invest in mapping studies and provide early-stage financial support, as the United States has.
Ironically Canada has an abundance of geothermal developers but most of the companies are active in the United States, the world's biggest producer of geothermal energy.
Some 27 percent of geothermal development in the United States is carried out by Canadian-based companies, said Alexander Richter, director of sustainable energy at Islandsbanki, an Icelandic bank active in geothermal financing.
Geothermal companies have set up shop in Canada largely because of the financial community's comfort with financing mining projects, which are similar to the earlier stages of geothermal development.
Canadian-listed geothermal developers include companies such as Magma Energy Corp, Ram Power Corp, Nevada Geothermal Power and Sierra Geothermal Power Corp.
(Editing by Frank McGurty)
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Aug 06, 2010
Yukon’s geothermal search yields potential
Featured on CBC News http://www.cbc.ca/canada/north/story/2010/08/05/yukon-geothermal-energy-yec.html
CBC News
Yukon Energy Corp. says it is encouraged by preliminary findings in its search for geothermal energy sources.
Yukon Energy Corp. says it is encouraged by preliminary findings in its search for geothermal energy sources.
Engineers contracted by the territorial public utility are in their third year of field tests, hoping to find an underground heat source that could produce electricity.
Their studies suggest that the Jarvis Creek area, north of Haines Junction, shows the most potential so far. Preliminary drilling tests done there last year found underground water with a temperature of about 80 C.
"They [the engineers] think it's warmer, so we're going to try to do some more work next year and prove that," Yukon Energy president David Morrison said.
"If we can get into the 100 [to] 110 C range, we're pretty certain that we can push forward a project if we can locate the source of the reservoir."
Potential sites in Whitehorse
Morrison said a few good sites have also been identified in the Whitehorse area, but he wouldn't specify where in the capital city they are located.
"I'm not trying to be coy, but I really don't want to be very specific," he said. "Whitehorse obviously has some potential because of its geological structure and that there are hot springs in the area."
Yukon Energy, which generates mainly hydroelectricity but also has backup diesel generators and two wind turbines, has spent almost $1.5 million over the past two years to find potentially viable geothermal power sources.
Morrison said more drilling planned for this fall along Jarvis Creek should help engineers determine if that area can provide geothermal energy.
"The beauty of this is it has a high rate of efficiency - geothermal projects run in the 90, 95 per cent range - which is great, so it means they just run all day," he said.
"They're clean, it's a renewable source, so it's quite an efficient use of energy."
Aug 06, 2010
Magma Energy Amends Final Prospectus And Announces Completion Of Distribution
Vancouver, B.C., Canada, August 5, 2010 -- Magma Energy Corp. (TSX: MXY) (the "Company") today announced that it has obtained a receipt from securities regulatory authorities for the Amendment No. 1 dated July 30, 2010 to the Company's short form prospectus dated July 21, 2010. The Amendment No. 1 was prepared by the Company to disclose recent announcements by the government of Iceland regarding, among other things, the Company's acquisitions of shares of HS Orka hf, as previously discussed by the Company in its press release dated July 28, 2010 and its related material change report dated July 29, 2010. The Company also announces that the distribution pursuant to the short form prospectus is now complete.
About Magma Energy Corp.
Magma Energy Corp. is a global 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 a significant interest in two 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)
Aug 05, 2010
The Power Within – Geothermal Energy Comes of Age
Featured on www.globe-net.com
GLOBE-Net, August 2, 2010 - Next week hundreds of energy experts from around the world will gather in Vancouver to discuss one of the least understood, but potentially the most powerful forms of clean energy. They will be attending the Third Annual Conference and Trade Show of the Canadian Geothermal Energy Association (CanGEA).
Geothermal means earth-heat. Its origins stem from the very formation of our planet, in particular from the radioactive decay of minerals and from solar energy absorbed at the surface. In use for bathing since Paleolithic times and for space heating since ancient Roman times, geothermal energy is now better known for generating electricity.
Around the world it is estimated that over 10,715 megawatts (MW) of geothermal power capacity is online in 24 countries. It is expected 67,246 gigawatts (GWh) of electricity will be generated from geothermal sources in 2010.
A gigawatt - equal to one billion watts - is the energy measure used for large power plants or power grids. For example, in 2009, the installed capacity of wind power in Germany was 25 GW.
Theoretically the Earth's geothermal resources are more than adequate to supply humanity's energy needs, but only a very small fraction may be profitably exploited, largely because drilling and exploration for deep energy resources is very expensive.
Low-temperature, near-surface geothermal power is a renewable energy source available across Canada that can be used for heating and cooling almost any type of building. More than 35,000 "earth energy" or "geo-exchange" systems are already in use. Experts expect that many thousands more will be installed in the near future.
There have been some medium-temperature geothermal resources used for space heating in British Columbia and Nova Scotia, but deeper, higher-temperature geothermal resources that could produce electricity are found mainly in British Columbia. There are no geothermal electric projects operating in Canada at present, but one B.C. project is under development.
Next week's conference will not cover low or medium temperature geothermal applications. Rather it will focus on harness the vast potential of deep high temperature geothermal resources.
Canada is the only country along the Pacific Rim of Fire that has not developed this base load producing resource and the CanGEA event will seek to highlight the fact that technology is rapidly changing the cost structure of harnessing this resource.
The reliability of geothermal electric power delivery to the grid exceeds 90% on average, making it a suitable substitute for other base-load power producers such as coal.
Yet, despite the abundance of geothermal power potential, it's a renewable energy source that few fully understand, for example when compared to energy from a windmill or from a hydroelectric dam.
In its simplest terms, geothermal energy uses the escaping heat from Earth's core as a means to heat water and produce electricity. By drilling deep into the earth we find temperatures suitably high to produce electricity. Therein is the problem. Drilling that deep is expensive and the upfront costs to produce heat from a geothermal unit whether for a single home or for an energy utility can be a major deterrent.
That is one of the many issues that will be discussed at the CanGEA gathering, which will look at Canada's geothermal resource potential and market opportunities. Also on the agenda will be issues pertaining to standards of reporting, emerging technologies to better harness geothermal heat, the availability of investment financing, and how to improve standards of geothermal system installations and maintenance.
Ross Beaty, Chairman and CEO Magma Energy Corp., a Vancouver-based global geothermal power company with properties throughout the western United States, Iceland and Latin America, will discuss Magma's reserves, resources and exploration results according to the Geothermal Reporting Code.
The Geothermal Code for Public Reporting proposed by CanGEA provides a minimum set of requirements for the public reporting of exploration results, geothermal resources and geothermal reserves. The Code provides a basis for transparency, consistency and confidence in the public reporting of geothermal information, which is vital for promoting investment financing.
Doug Tingey, a Partner with Borden Ladner Gervais LLP., one of the conference sponsors, will discuss the carbon credit markets and the potential for geothermal.
CanGEA is actively engaged in a number of initiatives to facilitate the responsible and sustainable growth of high temperature geothermal energy in Canada, which, which has the potential to provide competitive, emissions free, renewable, base-load energy to Canadians and for the export market.
One of the key initiatives is to work with federal and provincial authorities to develop regulations based on global geothermal best practices and standards.
CanGEA is also pursuing policies to promote financing for geothermal exploration and research, better tax treatment, renewable portfolio standards and feed-in tariffs related to geothermal power.
Also high on the agenda are public education programs to develop a better public awareness of geothermal resources and the positive economic, environmental and social impacts of geothermal energy.
Magma Energy and other members of CanGEA are encouraged that awareness is growing for geothermal energy. There is a great deal of potential all around the world, including our own backyard here in B.C.
However, access to land tenure is practically non-existent in Canada versus other countries where the value of this form of renewable energy is more widely recognized. Once that changes, Canada could take on a higher profile on the geothermal world stage.
In particular, as more Canadian and U.S. utilities respond to policy requirements for larger shares of electricity from 'green energy' sources, power from stable and reliable geothermal sources will become more in demand.
With this increased demand will come more jobs, which is an attractive bonus for government policy makers. CanGEA estimates that every 1,000 megawatts of geothermal energy capacity added to the power supply generates 6,000 person years of manufacturing and construction employment and 1,800 permanent jobs.
There are at least 5,000 megawatts of high temperature hydrothermal potential currently available in BC, Alberta and the Yukon alone. The development of Engineered Geothermal Systems (EGS) and offshore geothermal projects would greatly increase this potential, as would co-production of power from hot water used in mining and petroleum applications.
Canada is the only country along the Pacific Rim of Fire that has not developed this base load producing resource and the CanGEA event will seek to highlight the fact that technology is rapidly changing the cost structure of harnessing this resource.
The energy from within the earth is definitely a power source that has come of age, and the results of next week's conference will be worth watching.
Aug 03, 2010
Magma Energy Announces Extension in Deadline to Hold Annual Meeting
VANCOUVER, Aug. 3 /CNW/ - Magma Energy Corp. (TSX: MXY) ("Magma" or the "Company") today announced that it has extended the deadline for holding its annual general meeting from September 2, 2010 to December 2, 2010 in order to provide sufficient time for the Company, and its external auditors, to finalize the Company's audited annual financial statements.
The Company held an annual general meeting on June 2, 2009 prior to its initial public offering. Pursuant to corporate law, the Company is required to hold its annual general meeting for the year ended June 30, 2010 on or before September 2, 2010. This requirement does not provide sufficient time to prepare audited annual financial statements and to meet the filing and mailing requirements under applicable securities laws. The Company has already sought and received the acknowledgement and consent of the Registrar of Companies of British Columbia with respect to the extension to the deadline for holding its annual general meeting. The Toronto Stock Exchange has also indicated that it has no objections in Magma extending the deadline. The extended meeting deadline will allow the Company to meet certain filing and mailing requirements under applicable securities laws relating to the Company's audited annual financial statements.
About Magma Energy Corp.
Magma Energy Corp. is a global 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 a significant interest in two in Iceland.
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)
Aug 03, 2010
RAM POWER ANNOUNCES RELEASE DATE FOR 2010 SECOND QUARTER RESULTS
RENO, NEVADA- (August 3, 2010)– Ram Power, Corp. (TSX: RPG) ("Ram Power"), today announced that it will release its financial statements for the fiscal quarter ended June 30, 2010 on Thursday, August 12, 2010. The management will discuss second quarter 2010 financial results and other matters during a conference call and live audio webcast on Friday, August 13, 2010 at 10:00 am ET (7:00 am PT).
The live audio call will be accessible at 888-789-9572 by entering the participant pass code 6036830.
The live audio webcast will be accessible at http://bellwebcasting.ca/audience/index.asp?eventid=52390688
An archived version of the webcast will be available for three months following the call. To listen to a recording of the call by telephone, call (800) 408-3053. Use the conference call access code 2428707. The audio instant replay will be available until September 13, 2010.
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 interest in geothermal projects in the United States, Canada, and Latin America.
Steven Scott, Director of Investor Relations
Ram Power, Corp.
Phone: 775-398-3711
Email: .(JavaScript must be enabled to view this email address)
www.ram-power.com
Cautionary Statement
This press release contains “forward-looking information” within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power, undertakes no obligation to update forward looking information, other than as required by law, or comment on analyses, expectations or statements made by third-parties in respect of Ram Power, or its financial or operating results or its securities.
