U.S. Geothermal Inc.
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NYSE MKT : HTM

U.S. Geothermal Inc.

July 23, 2015 08:00 ET

U.S. Geothermal Inc.: El Ceibillo Project Receives Approval for Modified Schedule

Drilling Program to Resume

BOISE, IDAHO--(Marketwired - July 23, 2015) - U.S. Geothermal Inc. (NYSE MKT:HTM)(TSX:GTH), a leading renewable energy company focused on the development, production, and sale of electricity from geothermal energy, is pleased to announce that its subsidiary, U.S. Geothermal Guatemala, S.A., received final notification that the modified schedule for the El Ceibillo project was approved by the Minister of Energy and Mines. Notification of the approval by Ministerial Agreement was received on Tuesday, July 21.

The Ministerial Agreement was published in the official newspaper, Diario de Centro América, on Wednesday, July 22 which starts an 8 day public comment period. The concession contract will be changed with an amendment that is expected to be signed within the next 30 days. The new modified schedule has the commercial operation date for the first phase of the project occurring during the second quarter of 2018.

Preparations are underway to restart our drilling program. The first activity planned will be the drilling of well EC-2.

"We are excited to receive approval of our modified schedule for El Ceibillo and to restart our drilling program," said Doug Glaspey, President and Chief Operating Officer. "The schedule modification was initially requested in late 2013. While it has taken extra time for the Ministry to develop new protocols for handling changes in private geothermal concessions, we are pleased to have now received the necessary approval. We remain optimistic in Guatemala's need for clean, domestic power generation, and believe it has an abundance of geothermal resources that can be developed under the right conditions. We wish to thank the new Minister of Energy and Mines for his help in this process and for the Ministry's continued support for our project."

About U.S. Geothermal Inc.:

U.S. Geothermal Inc. is a leading, 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 projects at: the Geysers, California; a second phase project at San Emidio, Nevada; the El Ceibillo project located near Guatemala City, Guatemala; and at Crescent Valley, Nevada. U.S. Geothermal's growth strategy is to reach 200 MWs of generation by 2020 through a combination of internal development and strategic acquisitions.

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 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, 2014 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.

The NYSE MKT and the TSX do not accept responsibility for the adequacy of this release.

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