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WESTERN GEOPOWER SIGNS CONTRACT FOR GEYSERS DRILLING VANCOUVER, Canada, November 14, 2007, TSX Venture Exchange Trading Symbol: WGP - Western GeoPower Corp., a renewable energy development company, today announced the signing of a geothermal drilling contract with ThermaSource, Inc. to drill the initial six steam wells at the Western GeoPower Unit 1 project site at The Geysers Geothermal Field in Northern California. ThermaSource will supply the NCPA Rig 001 which is expected to be mobilized to Unit 1 in early January 2008. The projected eight-well drilling program is anticipated to be completed prior to the start of commercial operations in early 2010.
The drilling program has been designed by independent consultants GeothermEx, Inc., of Richmond, California. Strategic management of the drilling program will also be conducted by GeothermEx. The wells will be directionally drilled from existing drill pads to intersect target zones where commercial steam productivity was encountered by previous production wells. The average total vertical depth per well is anticipated to be 6,000 - 8,000 feet with the maximum total measured depth expected to be approximately 11,000 feet.
"Western GeoPower received competitive bids from several highly qualified drilling companies," said Kenneth MacLeod, President and CEO of Western GeoPower. "Our selection of ThermaSource/NCPA Rig 001 was based on a combination of cost-competitiveness and the drilling expertise and safety record of the drilling crews currently operating the rig at The Bottle Rock project in The Geysers."
In business since 1980, ThermaSource is a leading geothermal drilling company and project management consultant, based in Santa Rosa, California, close to The Geysers. The ThermaSource management team has over 90 years of combined geothermal drilling experience and is a respected member of the geothermal industry.
"We are extremely pleased to have been selected for the drilling contract for Western GeoPower's Unit 1 project," said Louis Capuano, Jr., CEO of ThermaSource. "Our drilling crews have been operating the NCPA rig for over four years and have amassed significant experience in The Geysers Field, having spent the past eighteen months drilling the production wells at the Bottle Rock Power Project, located 5 miles north of the Western GeoPower leasehold."
The drilling program will be customized to support the proposed Western GeoPower Unit 1 Power Plant, scheduled to start commercial operation in early 2010. A feasibility report prepared by GeothermEx in October 2006 assessed the field capacity at 25.5 MWe (net), based on the original lease configuration of 520 acres. Since that date, the leasehold has been increased to 1,017 acres. Consequently, Western GeoPower is examining the prospect of increasing the plant capacity to approximately 32 MWe (net) or 35 MWe (gross). The prospective increase could be accommodated under the terms of the Power Purchase Agreement signed with Pacific Gas & Electric in May 2007 and which is currently awaiting California Public Utility Commission approval.
The Geysers geothermal field, located 75 miles north of San Francisco, California, is the largest producer of geothermal electricity in the world. Commercial geothermal power has been generated continuously at The Geysers field since 1960, the present generation level being about 900 MWe of clean, baseload electricity. Western GeoPower's Unit 1 project is situated in the south-western region of The Geysers field in Sonoma County.
Corporate Overview Western GeoPower Corp. is a renewable energy company dedicated to the development of geothermal energy projects for the delivery of clean, baseload electricity generation. The Company is developing The Western GeoPower Unit 1 geothermal power plant at The Geysers Geothermal Field in Sonoma County, California, United States. Western GeoPower is also developing the South Meager Geothermal Project in British Columbia, Canada. On behalf of Western GeoPower Corp. "Kenneth MacLeod" Kenneth MacLeod, President & CEO Cautionary Note Regarding Forward-Looking Statements Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above that reflect the Company's expectations and projections about its future results. The Company has tried whenever possible to identify these forward-looking statements which include but are not limited to, words such as "anticipates," believes," "estimates," "expects," "plans," "intends," "potential," and similar expressions. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The Company disclaims any obligation or intention to update or to revise any forward-looking statement, whether as a result of new information, future events or otherwise. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. This news release is not for dissemination in the United States of America or to United States of America news services.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. For more information or to be put on our email list, please contact our office: (604) 662-3338 or US/Canada Toll Free: 1-866-662-3322, email: info@geopower.ca Investor Relations: IR@geopower.ca
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Western GeoPower Corp. 837 West Hastings Street Suite 411 Vancouver, BC V6C 3N6 Canada
