SOURCE: Ram Power, Corp.

Ram Power, Corp.

August 15, 2013 08:00 ET

Ram Power, Corp. Announces Updates for the San Jacinto-Tizate Project

RENO, NV--(Marketwired - Aug 15, 2013) - 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 announce an update on the remediation drilling program at the Company's San Jacinto-Tizate Project (the "Project"). 

As previously disclosed, the remediation drilling operations of wells SJ 6-1 and SJ 9-3 are being led by Sinclair Knight Merz ("SKM"), the resource consultant for the Company, in consultation with PENSA and Thermasource Inc. Drilling on both wells is expected to be completed by late November 2013.

WELL SJ 6-1

The Company completed its remediation program for well SJ 6-1 on August 14, 2013. The drilling operation successfully replaced 367 meters of damaged liner and perforated a 60 meter section of liner which had demonstrated increased temperature and permeability. Well SJ 6-1 is now shut-in and following a 4 to 6 week heat up period, will be tested and be put back online in late September or early October. 

WELL SJ 9-3

The drilling rig has initiated moving from well pad 6 to well pad 9 for the remediation of well SJ 9-3. The Company anticipates drilling to commence on well SJ 9-3 in the next 10 days. The remediation program for well SJ 9-3 will result in the deepening and forking of the well. Following a heat up period, it is anticipated the well will be tested and placed back in service in late October 2013. In preparation for the remediation work, well SJ 9-3 was taken offline on August 14, 2013, which resulted in a temporary loss of power production of approximately 5 MW (net), bringing current production of the Project to approximately 46 MW (net). 

In addition, the Company is currently evaluating remediation plans for two additional wells, SJ 6-2 and SJ 12-3. Further information will be disclosed at a future date upon the Company's completion of its evaluation of these wells.

Antony Mitchell, Executive Chairman of the Company, stated, "I am pleased with the efforts put forth by SKM, PENSA and Thermasource on the first phase of our remediation drilling program. While the remediation of well SJ 9-3 has an immediate short term impact on production, we are confident in the remediation program resulting in an increase in the steam resource. "

Cautionary Statements

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 not to 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.

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