Ram Power Announces Purchase of Geysers Property

June 28, 2010

Nevada company Ram Power has purchased 100% of membership interests in the firm that owns 421 acres of land around Ram Power’s Geysers Geothermal Project in Northern California.

Reno-based Ram Power acquired Mayacamas via its wholly-owned subsidiary Etoile Holdings, Inc.

The acquired property has three fully-tested production wells that can support more than half of the 25-35MW power project originally engineered by Ram Power’s Western Geopower Inc subsidiary.

It is next to a 3,500-acre area leased for further geothermal developments.

Ram Power said the land would provide it “maximum flexibility” to investigate options for its geothermal activities in the area.

Expanded

The company is considering an expanded drilling program on the site, with the possibility of selling steam to other power producers as well as using it in Ram Power’s own operating facility.

Although it did not disclose the amount paid for the land, Ram Power said the deal would mean it no longer has to pay a royalty of between 4% and 12% from its sale of power from the site.

Hezy Ram, CEO of Ram Power, said: “Ownership of the land rights is a key element for Ram Power, allowing for flexibility and autonomy in the development of the Project. The purchase of the land and resource rights for the Project is a continuation of our commitment to developing our pipeline of projects to their full potential.”

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http://geothermaldigest.net/blog/2010/07/11/ram-purchases-geysers-property/ Ram purchases Geysers property : Geothermal Digest
[...] In Nevada, Ram Power, through its wholly-owned subsidiary Etoile Holdings, Inc. has purchased 100% of membership interests in Mayacamas, which owns 421 acres of land around Ram Power’s Geysers Geothermal Project in Northern California. The acquired property is next to a 3,500-acre area leased for further geothermal developments and has three fully-tested production wells that can support more than half of the 25-35MW power project originally engineered by Ram’s Western Geopower Inc subsidiary. [...]