Geysir Green Energy

Geysir Green Energy
Western GeoPower Corp.
TSX VENTURE : WGP
FRANKFURT : WE6

Western GeoPower Corp.

August 31, 2007 16:11 ET

Geysir Green Energy Acquires Securities of Western GeoPower Corp.

REYKJANESBAER, ICELAND--(Marketwire - Aug. 31, 2007) - To comply with securities laws in Canada, Geysir Green Energy ehf. ("Geysir") wishes to announce that today it acquired ownership of 25,000,000 common shares of Western GeoPower Corp. (TSX VENTURE:WGP)(FRANKFURT:WE6) ("WGP"), representing approximately 13.7% of WGP's outstanding common shares, pursuant to a private placement subscription agreement at $0.25 per share. Following this transaction, Geysir owns 34,333,334 common shares of WGP, representing approximately 18.8% of WGP's outstanding common shares, and 9,333,334 warrants exercisable to purchase one common share of WGP at $0.35 per share. Geysir's acquisition of WGP shares in this transaction was for investment purposes only. Geysir may, depending on market and other conditions, acquire additional common shares of WGP through market transactions, private agreements or otherwise. Geysir may, depending on market conditions, sell any or all of its common shares of WGP.

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