BOISE, IDAHO--(Marketwired - Aug. 8, 2016) - U.S. Geothermal Inc. (NYSE MKT:HTM) (the "Company") announced today that it has deepened two wells at the San Emidio project. Both wells intersected high temperature geothermal fluid and high permeability.
In a follow up to the five well temperature gradient drilling program completed last year, two wells were deepened based on their high thermal gradient and bottom hole temperature. Well 17-21, intersected the geothermal resource at 1,766 feet and has a measured flowing temperature of 319°F. Well 25-21 intersected the geothermal resource at 2,206 feet and has a measured flowing temperature of 322°F. Both wells flow under artesian pressure.
"These two wells have extended the size of the San Emidio Phase II reservoir. Also significant is that this area of the reservoir has temperature that is 40°F higher than we are currently producing in the San Emidio Phase I reservoir," said Dennis Gilles, CEO. "This is an exciting outcome for the project and confirms our confidence that the San Emidio resource is large enough to support additional power generation."
Both wells will undergo further testing to obtain data to be used to optimize the numerical reservoir model.
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The Company is currently operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total power generation of approximately 45 MWs. The Company is also developing an additional estimated 90 MWs of projects at: the Geysers, California; a second phase project at San Emidio, Nevada; at Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala. US Geothermal's growth strategy is to reach 200 MWs of generation by 2020 through a combination of internal development and strategic acquisitions.
For more information, please visit our website at: http://www.usgeothermal.com.
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Readers are cautioned to review the risk factors identified by the company in its filings with US and Canadian securities agencies. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance, development schedules or estimated resources of U.S. Geothermal, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; interpretation of the results of well tests; project development; resource megawatt capacity; capital expenditures; timelines; strategic plans; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from U.S. Geothermal's expectations include the uncertainties involving the availability of financing in the debt and capital markets; uncertainties involved in the interpretation of results of well tests; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction; unexpected cost increases, which could include significant increases in estimated capital and operating costs; and other risks and uncertainties disclosed in U.S. Geothermal's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities and in other U.S. Geothermal reports and documents filed with applicable securities regulatory authorities from time to time. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.
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