Sierra Geothermal Power Corp.
TSX VENTURE : SRA

Sierra Geothermal Power Corp.

April 15, 2008 10:43 ET

Sierra Geothermal Power Reports Year-End Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 15, 2008) -

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Sierra Geothermal Power Corp. (SGP) (TSX VENTURE:SRA) announced today that it has released its financial results for the 14-month period ended December 31, 2007.

"SGP enjoyed a very productive growth phase in 2007. Our progress puts us in an advantageous position to capitalize on the growing renewable energy sector," said Gary R. Thompson, President and CEO.

In 2007, SGP changed it fiscal year-end from October 31 to December 31. For the 14 months ended December 31, 2007, the Company reported a net loss of $2,852,975 or ($0.06) per share compared to a net loss of $409,491 or ($0.05) per share for the year ended October 31, 2006.

As at December 31, 2007, SGP had working capital of $10,676,587 of which $10,804,369 was held in cash and short-term investments, compared to a working capital deficiency of $173,329 as at October 31, 2006.

Highlights

- Acquired Cayley Geothermal Corp. and its pipeline of geothermal projects

- Completed financings totaling $14.9 million

- Added strength to the Board of Directors, management and technical team

- Conducted seismic, gravity and MT geophysical surveys, conducted geological mapping and drilled two deep wells, which confirmed commercial grade temperatures at Reese River

- Conducted permitting surveys and submitted exploration permitting documentation to the Bureau of Land Management at Silver Peak

- Acquired new assets in the Dixie Valley and Desert Peak area of Nevada

The full text of the Company's audited financial statements and management discussion and analysis report is available with the Company's quarterly reports posted on the SEDAR website at www.sedar.com.

On April 1 and 3, 2008, SGP granted incentive stock options totaling 155,000 shares to officers and employees exercisable at prices ranging from $0.56 to $0.60 per share.

About Sierra Geothermal Power Corp.

SGP is a Vancouver-based renewable energy company focused on the exploration and development of clean, sustainable geothermal power. Geothermal power plants produce long-term revenues and provide continuous base-load power, often at or above 95% capacity. SGP's total geothermal land assets are 88,000 acres while the total number of projects is seventeen. The Company intends to advance the development of its portfolio of projects through a combination of equity and/or joint ventures, while continuing to evaluate additional acquisitions.

On behalf of the Board of Directors

Gary Thompson, President & CEO

This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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