Raser Technologies, Inc. (NYSE Arca:RZ) announced today it has selected 78,000 acres in Oregon and Washington for further study, narrowing down from 229,000 acres in an attempt to site future geothermal projects.
Raser will have exclusive rights to this property, owned by International Paper, for the next 36 months to complete an analysis and negotiate a long term lease.
“Over the past four months, we have completed a high-level geological analysis of the properties in the International Paper portfolio,” said Brent Cook, Raser’s CEO. “We also reviewed other data related to the properties such as well logs, water chemistry, heat flow studies, surface manifestations and existing power structures to identify those properties that fit within our geothermal profile.”
“During the next 36 months we will complete our analysis of the properties and will likely further reduce the number of acres that we will ultimately lease to those select properties that can meet our development time frame,” continued Mr. Cook. “The final number of properties that we will lease will likely only be a fraction of the 78,000 acres in Oregon and Washington. This process of elimination will assure that we have selected the highest potential geothermal properties of the International Paper portfolio that we were able to evaluate.”
International Paper has identified 435,000 acres in its nationwide 3.5 million acre geothermal mineral estate as having prospective geothermal resources.
About Raser Technologies
Raser (NYSE Arca: RZ) is a publicly traded, environmentally focused technology licensing and development company operating in two business segments. Raser’s Transportation and Industrial Technology segment focuses on using Raser’s award-winning Symetron™ technology to improve the efficiency of electric motors, generators, power electronic drives and other applications. Raser’s Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser’s Symetron™ technology.
About International Paper
International Paper (NYSE: IP), founded in 1898, is a global uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, Asia and North Africa. Its uncoated papers and packaging businesses are complemented by xpedx, North America’s largest distributor of printing papers and graphics supplies and equipment. Headquartered in the United States, International Paper employs approximately 54,000 people in more than 20 countries, and serves customers worldwide. Annual sales are about $22 billion. International Paper partners with customers and environmental, academic, civic and governmental organizations, as well as landowners and harvesting professionals, to encourage responsible forest stewardship, improve the health and productivity of forestlands and increase recovery of our recyclable products. The company has a long-standing policy of using no wood from endangered forests. To learn more about International Paper, its products and commitment to economic, social and environmental sustainability, visit www.internationalpaper.com.
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