raangel
12年前
RAMPF live audio webcast on August 13, 2014 at 10:00 am EDT (7:00 am PDT)
RAM POWER ANNOUNCES RELEASE DATE FOR SECOND QUARTER RESULTS
Ram Power, Corp. (TSX: RPG) ("Ram Power"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, today announced that it will release its financial statements for the quarter ended June 30, 2014 on August 12, 2014. Management will discuss second quarter 2014 financial results and other matters during a conference call and live audio webcast on August 13, 2014 at 10:00 am EDT (7:00 am PDT).
RAM POWER, CORP. ANNOUNCES COMPLETION OF 30-DAY STABILIZATION PERIOD AND PERFORMANCE TEST FOR SAN JACINTO-TIZATE
Ram Power, Corp. announced today that the Company’s Nicaragua subsidiary, Polaris Energy Nicaragua, S.A., has completed the 30-day stabilization period and the 7-day performance test of the resource field for the San Jacinto-Tizate project (the “Project”).
As previously disclosed, the Remediation Drilling Program (the “Program”) consisted of the workover of wells SJ 6-1 and SJ 6-2, and a deepening, and forking, of wells SJ 9-3 and SJ 12-3. As a result, the four wells contributed to a total gross increase in of 8 MW. During the Program, a decline was observed in the steam field of approximately 40 t/h, or 5 MW, which was attributable mainly to production well SJ 12-2. Towards the end of 2013, and into early 2014, the degradation of the resource stabilized, and current decline is estimated to be roughly 3-4% per year which is in line with standard trends in geothermal steam field management.
In accordance with the amendment to the Project’s Credit Facilities, the Company concluded a 30-day stabilization period on May 18th, followed immediately by a 7 day performance test which concluded on May 25th. During the 7-day performance test, the Project produced an average of 57.8 MW (gross) / 52.7 MW (net).
As a result of the performance test, the Company is now in technical default of the Phase I and Phase II loan agreements for failure to achieve a minimum MW output with the Program and meet certain debt service coverage ratios and is not eligible for distributions under the loan agreements. The Company is in active discussions with its lending syndicate, led by the International Finance Corporation, to obtain conditional waivers for the Project under the agreements.
“While the results of the remediation program did not meet our expectations, we have further stabilized the resource allowing for increased clarity with respect to our Strategic Process,” stated Antony Mitchell, Executive Chairman of Ram Power, Corp. “We continue to engage in active dialogue with SKM as to improvements we can make to the steamfield to increase production, and continue to press forward with the Strategic Process with a goal to finish the process sometime later this year.”
BYUofU
12年前
Looks like we are going to have to wait till the 7th...
Ram Power Announces Release Date for 2013 Year End Results
RENO, NV, Mar 24, 2014 (Marketwired via COMTEX) -- Ram Power, Corp. /quotes/zigman/46859/realtime CA:RPG 0.00% ("Ram Power"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, today announced that it will release its financial statements for the fiscal year ended December 31, 2013 on March 31, 2014. Management will discuss 2013 financial results and other matters during a conference call and live audio webcast on April 7, 2014 at 10:00 am EDT (7:00 am PDT).
To access call, please dial: 1-866-696-5910
Pass code: 1658549
http://www.marketwatch.com/story/ram-power-announces-release-date-for-2013-year-end-results-2014-03-24-8173116?reflink=MW_news_stmp
raangel
13年前
FINANCIAL OVERVIEW
For the fiscal quarter ended September 30, 2013, the Company reported revenue of $11.2 million compared to revenue of $6.9 million for the same period in 2012. The 62% increase in revenue resulted primarily from commencement of San Jacinto Phase II operations in December 2012. EBITDA, as defined below, increased $4.7 million to $6.9 million for the quarter ended September 30, 2013 compared to $2.2 million for the quarter ended September 30, 2012, which was primarily the result of $4.3 million increase in revenue from San Jacinto operations.
For the nine months ended September 30, 2013, the Company reported revenue of $36.3 million compared to revenue of $20.3 million for the same period in 2012. The 79% increase in revenue resulted primarily from commencement of San Jacinto Phase II operations in December 2012. EBITDA, as defined below, increased $16.1 million to $23.8 million for the nine months ended September 30, 2013 compared to $7.7 million for the nine months ended September 30, 2012, which was primarily the result of $16 million increase in revenue from San Jacinto operations.
For the fiscal quarter ended September 30, 2013, the Company reported a total loss and comprehensive loss of $11.9 million, or $(0.04) per share, compared to a total loss and comprehensive loss of $3.2 million, or $(0.01) per share, for the same period in 2012. Total loss and comprehensive loss for the quarter included non-cash depreciation and amortization expense of $6.1 million, mark-to-market valuation losses of $5.6 million and unrealized foreign exchange losses of $1.2 million. The valuation and foreign exchange losses are the result of volatility in certain market factors used in the valuation and are not a reflection of Company performance.
For the nine months ended September 30, 2013, the Company reported a total loss and comprehensive loss of $39.7 million, or $(0.13) per share, compared to a total loss and comprehensive loss of $5.7 million, or $(0.02) per share, for the same period in 2012. Total loss and comprehensive loss for the nine months ended September 30, 2013 was the result of non-cash depreciation and amortization expense of $18.4 million, a one-time loss on impairment of the Geysers and other North America projects of $18.3 million, mark-to-market valuation losses of $4.2 million, and nonrecurring corporate restructuring costs of $1.3 million.
For the nine months ended September 30, 2013, the Company had net operating cash inflows of $6.4 million, net investing cash outflows of $16.9 million and net financing cash outflows of $16 million, which combined for a net decrease in cash of $26.5 million. The Company expended $19.3 million for additions to property, plant and equipment and geothermal properties, including $10.6 million for Phase II expansion of the San Jacinto project and $8.3 million for the costs related San Jacinto drilling and remediation activities. At September 30, 2013, the Company had cash of $24.9 million, of which $24.4 million was held for current use in the San Jacinto project.
raangel
13年前
QUARTER HIGHLIGHTS
The achievement of commercial operation of the Phase II expansion at San Jacinto in December 2012 continued to generate strong year-over-year revenue growth for the Company of $11.2 million for the three months ended September 30, 2013, compared to $6.9 million for the same period in 2012, a 62% increase. EBITDA, as defined below, increased 214% to $6.9 million for the three months ended September 30, 2013 compared to $2.2 million for the three months ended September 30, 2012.
Significant accomplishments and key highlights during the quarter and to date include:
· The Company generated approximately 103,840 MWh (net) for the quarter ended September 2013 which is a 34% increase over the comparable quarter for 2012. Year to date through September 2013, the Company generated 332,837 MWh (net) and billed $36 million which is a 49% increase in net generation and a 79% increase in revenue over 2012. Revenue increased at a higher rate than generation as a result of the tariff increase effective October 2012.
· Remediation of Well SJ 6-1: The Company successfully replaced 367 meters of damaged liner and perforated a 60 meter section of liner which had demonstrated increased temperature and permeability. SJ 6-1 steamflow is currently estimated at 9.8 tonnes / hour or 1.3 MW (gross) and the well was connected to the plant on September 26, 2013.
· Remediation of Well SJ 6-2: The Company successfully perforated 60 meters of blank liner to recover production at an upper major zone that may have been affected by prior mineral deposition to preserve the long-term physical condition and production of the well. After a brief recovery period, well SJ 6-2 was placed back in service and steam-flow is currently estimated at 58 tonnes / hour per hour or 8 MW (net).
· Remediation of Well SJ 9-3: The Company successfully drilled a fork leg to a total depth of 1,900 meters during which the drilling operation experienced a total loss of circulation at 1,200 meters and 70 to 80% circulation losses for the remainder of the drilling which is a strong indication of high permeability. The well is scheduled to be placed back in service in late November; results to date are encouraging and further details will be disclosed as available.
· Remediation of Well SJ 12-3: The Company has begun the remediation efforts on well SJ 12-3, and expects the efforts to conclude in early December, and following a recovery period, expects SJ 12-3 back in service in mid-December; results to date are encouraging and further details will be disclosed as available.
· Overhead cost savings of $1.1 million and $1.7 million were realized for the three and nine months ended September 30, 2013, respectively, as a result of the 2013 corporate restructuring.
Antony Mitchell, Executive Chairman for Ram Power, stated, “Notwithstanding the interruptions in production that occurred due to the remediation program, San Jacinto continues to generate strong revenue and EBITDA for the quarter. We look forward to the successful completion of the remediation program in December, and the continued review and reductions of all general and administrative costs across the Company.”
gsfl
14年前
Ram Power Receives Initial Equity Distribution From Its San Jacinto-Tizate Project
RENO, NV--(Marketwire - July 26, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce that it has received an initial equity distribution of approximately $1 million from the San Jacinto-Tizate geothermal power project (the "Project"). The Project, which began commercial operation of its Phase I 36 MW expansion in January 2012, has produced approximately 157,000 MWh.
Polaris Geothermal Inc.'s Vice President, Operations and COO, Latin America, Tono Rodriguez, stated, "The Phase I expansion continues to operate with better than average efficiency and availability, and we expect this trend to carry forward not only with Phase I, but also with the Phase II expansion scheduled for commercial operation in December 2012."
gsfl
14年前
Signing of a Letter of Intent With SNC Lavalin for the Construction of the Geysers Project
RENO, NV--(Marketwire - March 27, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce the signing of a letter of intent ("LOI") with SNC-Lavalin Constructors Inc. ("SNC") for the construction of the 26 MW (net) geothermal power plant (the "Geysers Project") located at the Geysers steamfield in Northern California.
SNC was chosen after completion of a competitive bidding process. Under the terms of the LOI, SNC would engineer, design, and procure parts and equipment for the construction and commissioning of the Geysers Project. At the conclusion of the LOI period, scheduled for May 2012, the Company plans to execute a definitive contract with SNC for the engineering, procurement and construction of the Geysers Project.
"The competitive bidding process for the development of our Geysers Project, resulting in the LOI with SNC-Lavalin, is a major milestone in the history of the Company," said Shuman Moore, CEO of Ram Power. "With a strong power purchase agreement with Northern California Power Authority, and a well-respected contractor in SNC, the Geysers Project will fulfill the commitment to our shareholders to develop a geothermal project in North America."
gsfl
14年前
Updates for the Casita Project
RENO, NV--(Marketwire - February 23, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce the following update for the Casita Project ("Casita") in Nicaragua.
The Company is developing Casita under the terms of the exploration license as recently amended in January 2012 which calls for the Company to drill exploration wells to prove the viability of the resource by January 2013. As disclosed, in July 2011 the Company commenced drilling of a slim hole to a depth of 842 meters with a total loss of circulation. A temperature survey conducted in the well indicated temperature readings exceeding 230° Celsius (446° Fahrenheit) and the well flowed hot, dry steam. The temperature results obtained and the permeability found indicate that the location has the characteristics of a viable commercial resource.
In the fourth quarter 2011, the Company's resource consultant, Sinclair Knight Merz ("SKM"), reviewed the geoscientific data from the slim hole. The indicated resource within the concession for Casita is estimated at 85 MWe (gross), over 20 years at a P90 probability, according to the SKM probabilistic stored heat estimate, the well sampling results and the direct measurements of the slim hole well. Based upon these positive results the Company has decided to approach the Nicaraguan Ministry of Energy and Mines for the granting of an immediate exploitation (i.e. production) concession for Casita in this first quarter of 2012.
"We are very satisfied with the success of our first slim hole at Casita as confirmed by SKM," said Shuman Moore, CEO of Ram Power. "We expect that these excellent temperature and permeability results will be instrumental in helping secure our production concession for the Casita Project."
gsfl
14年前
Ram Power, Corp. Announces Updates for the San Jacinto-Tizate Project
RENO, NV--(Marketwire - February 6, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce the following updates for the San Jacinto- Tizate project in Nicaragua (the "Project").
Performance Test on Phase I Turbine
Under the steam turbine supply contract with Fuji Electric Corp. of America ("Fuji") for the Project's Phase I, 36 MW steam turbine generator, Fuji was required to conduct a performance test shortly after commercial operation of the geothermal power plant to determine if the steam turbine generator meets all its guaranteed performance requirements under the contract. The test was conducted in accordance with the standard test code for steam turbines as established by the American Society of Mechanical Engineers (ASME) in order to verify that the turbine meets all its guaranteed performance requirements. The performance test was conducted on January 17, 2012 and the results confirmed that the Phase I steam turbine generator meets all guaranteed performance requirements under the contract.
San Jacinto Phase II Construction Update
The Company is continuing construction of the Phase II, 36 MW expansion at San Jacinto. Phase II construction is approximately 60% completed with final completion expected in December 2012. Power plant critical component engineering is 100% complete and balance of plant engineering is 92% complete as of the end of December 2011.
San Jacinto Phase II Credit Facility Disbursement
The Company received the second disbursement of $14 million under its $160 million Phase II credit facility on January 30, 2012 which will be used for Phase II construction costs. To date, the Company has drawn $118 million under this credit facility.
"With the successful commercial operation of our Phase I San Jacinto project, the successful performance test of the Fuji 36 MW steam turbine generator, and with the Phase II construction on schedule for completion by the end of this year, we are very pleased with the continued strong progress at our San Jacinto project," stated Shuman Moore, CEO of Ram Power.
gsfl
14年前
Ram Power, Corp. Announces Commercial Operation of the Phase I Expansion at San Jacinto-Tizate
RENO, NV--(Marketwire - January 09, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, today announced that the Phase I expansion at San Jacinto-Tizate is in commercial operation.
"The completion of the Phase I expansion and turning the unit over to the Nicaraguan national integrated electrical grid operator for commercial operation marks the completion of a major milestone in the continued development of our San Jacinto-Tizate project," said Shuman Moore, Chief Executive Officer of Ram Power. "This could not have been accomplished without the exceptional efforts and dedication of Ram Power's employees at the project site, in our Managua office, our corporate office staff in Reno, our board of directors and our Phase I project lenders."
Antony Mitchell, Executive Chairman of Ram Power, stated, "We would like to thank our Phase I lending consortium including the Central American Bank for Economic Integration ("CABEI"), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. ("FMO") and their affiliates for their continued support of this important project. We would also especially like to thank the Nicaraguan government and the Ministry of Energy and Mines, without whose support this expansion would not have been possible."
gsfl
15年前
Ram Power, Corp. Announces Mechanical Completion of Phase I Expansion at San Jacinto-Tizate
RENO, NV--(Marketwire - October 17, 2011) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce today that the Phase I 36 MW expansion at its geothermal power plant located at San Jacinto-Tizate, Nicaragua has reached mechanical completion.
Plant commissioning activities for the Phase I expansion have commenced and the unit is expected to be in commercial operation in December 2011. The commissioning process includes the coordinated turnover of all plant subsystems systems between the Phase I expansion contractor Dymel and the commissioning staff, including Fuji Electric Corp. of America, the manufacturer of the turbine and generator. The Phase I expansion will add 36 MW of capacity to the existing 10 MW backpressure units currently in operation at San Jacinto. Once the Phase II 36 MW expansion is completed (which is expected to occur in December 2012), the 10 MW backpressure units will be decommissioned leaving 72 MW (net) operating capacity at San Jacinto.
"The mechanical completion of the Phase I expansion at San Jacinto-Tizate is a major milestone for Ram Power and our subsidiary, Polaris Energy Nicaragua, S.A.," stated Shuman Moore, CEO of Ram Power. "The San Jacinto project has had significant challenges in its development, but through the hard work and determination of our employees in Nicaragua and the United States, we are now closer to our goal of producing clean geothermal power for the people of Nicaragua and value to our shareholders."
gsfl
15年前
Ram Power, Corp. Announces San Jacinto Project and Corporate Finance Updates
RENO, NV--(Marketwire - September 15, 2011) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today the following San Jacinto Project and corporate finance updates.
SAN JACINTO PROJECT
Receipt of Funds under the Phase I and Phase II Credit Facilities
On August 10, 2011, the Company's subsidiaries, Polaris Energy Nicaragua, S.A. ("PENSA") and San Jacinto Power International Corporation, executed amendments to the Phase I and Phase II credit facilities, bringing the Company into compliance with the loan covenants in those facilities.
Given the successful production and injection drilling results as announced in August of 2011, the Company has satisfied the resource requirements and has full access to the $160 million available under the Phase II credit facility. The Company satisfied the conditions precedent to borrow under the Phase II credit facility, and received its initial draw on August 26, 2011 of $104 million with approximately $35 million (net of $3 million deposited into the Phase II major maintenance reserve account), being distributed to the Company and the remainder used to fund future project costs for the next four months and required contingency reserves.
Following the amendment to the Phase I credit facility, the Company now has access to the remaining $9 million available under the senior loan facility to fund a portion of the remaining budgeted costs of the Phase I expansion and an additional $8 million under the subordinated loan facility to fund contingencies for Phase I and Phase II. The amended facility now totals $85 million. In connection with the amendment, the Company funded an additional $9.3 million in equity for Phase I, which together with the remaining $9 million of the Phase I senior loan facility, is expected to be sufficient to complete Phase I. The remaining $17 million under the Phase I credit facility was disbursed to the Company on September 9, 2011.
Full Notice to Proceed to TIC International, Inc. for Phase II Expansion at San Jacinto-Tizate
Effective August 29, 2011, PENSA gave a full notice to proceed to TIC International, Inc. to begin work under the Procurement and Construction Contract for Phase II. The contract provides for the completion of the Phase II 36 MW expansion in December 2012, bringing the total output for the Phase I and Phase II expansions at the San Jacinto Project to 72 MW.
SJ 9-3 Acidization and Flow Test
A review of well drilling and testing results undertaken by Sinclair Knight Merz ("SKM") in February 2011 of well SJ 9-3 at the Company's San Jacinto Project indicated that the production potential of the well was likely restricted by reservoir formation damage during drilling. This finding led to the development of an acid stimulation program to improve the production of the well by removing some of the formation damage. Prior to commencing the acid stimulation program, GeothermEx Inc. ("GeothermEx"), the resource consultant for the lenders under the Phase II credit facility, certified that the well had an output potential of 41 t/h which equates to a power generation capacity of 5.3 MW (gross) at a design separation pressure of 5.11 barg. The acid injection program was successfully completed on July 31, 2011 by Schlumberger under the direction of SKM geothermal specialists. Subsequent re-testing of the well confirms that the acid stimulation has successfully improved steam production, with a steam flow rate of 57 t/h which represents a 39% improvement in well production and equates to a power generation capacity of about 7.4 MW (gross) at a design separation pressure of 5.11 barg. In addition to the estimated 2.1 MW increase in power potential, the acid treatment has significantly increased the well head pressure to more than 10 barg. The increased well head pressure provides a much greater operational margin when future reservoir pressure declines occur in response to field production. As of September 9, 2011, the well is undergoing a long-term flow test to enable re-certification of production capacity pursuant to GeothermEx's testing protocols.
Completion of Drilling of SJ 12-3
Well SJ 12-3 at the San Jacinto Project was completed on August 23, 2011 to a target depth of 7,841 ft. The Company conducted a short injectivity test which indicated deep permeability with an injectivity index of 16 tonnes/bar/hour. Currently, well SJ 12-3 is undergoing an extended heat up period, after which a long-term flow test will be performed in late September or early October 2011.
CORPORATE FINANCE
Restructuring of Bridge Facility
The Company has successfully negotiated amendments to the $50 million, term loan credit facility (the "Credit Facility") with Sprott Resource Lending Partnership, Exploration Capital Partners 2008 Limited Partnership and Newberry International Holdings Ltd. (collectively, the "Lenders"). The successful negotiations extend the maturity date of the Credit Facility, waive the non-compliance related to the delivery of post-closing collateral items by deadlines specified in the original agreement, and waive the non-compliance of Ram Power of its repayment obligation to the extent that equity distributions are made available to the Company from the proceeds of the San Jacinto phase II credit facility.
As a result of the negotiated amendments, the Lenders agreed to an extension of the maturity date from February 28, 2012 to September 30, 2013 for an upfront fee of 2.0 % of the outstanding loan amount of $50 million. The Lenders also agreed to waive immediate repayment of $35 million from the equity distributions made to the Company from the proceeds of the initial disbursement from the San Jacinto Phase II credit facility for an additional upfront fee of 2.25% of the outstanding loan amount and cancel 18,031,251 common share purchase warrants associated with the Credit Facility. The Company will pay the Lenders an additional fee of 1% of the amount outstanding under the Credit Facility every six months, (with the first payment due March 2012) if security over the Company's San Jacinto project near Leon, Nicaragua (the "San Jacinto Project") is not granted to the Lenders.
The Company is awaiting TSX approval of the proposed amendments and expects to execute the final documentation by September 30, 2011.
"The recently completed milestones are testament to the hard work and success the Company has had in the recent months," said Walter M. Higgins, Interim President and CEO. "The re-negotiated bridge loan facility will allow the Company flexibility to use available funds in the development of future projects, and the additional capital available under the Phase I facility as well as the initial draw under the Phase II facility re-affirms the desire of our lending partners to complete both phases of the expansion at San Jacinto. In addition, the continued success of our drilling program means added savings in future drilling costs to the Company resulting in increased shareholder value."
Antony Mitchell, Executive Chairman for Ram Power stated, "We would like to thank our bridge facility lenders Sprott Resource Lending Partnership, Exploration Capital Partners 2008 Limited Partnership and Newberry International Holdings Ltd. for their continued support of the Company during this time. The significant changes instituted by the Company over the last two quarters have had positive, tangible results which will ensure the long term success at San Jacinto and the continued development of our pipeline of projects."
About Ram Power
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties. Ram Power has an interest in geothermal projects, primarily in the United States, Canada, and Latin America.
Cautionary Statements
gsfl
15年前
Northern California Power Agency Signs Power Purchase Agreement for Ram Power's Geysers Geothermal Power Plant
Jun. 10, 2011 (Marketwire Canada) --
RENO, NV--(Marketwire - June 10, 2011) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce today that the Northern California Power Agency ("NCPA") has signed an amended and restated power purchase agreement (the "Power Purchase Agreement") with the Company's subsidiary, Western GeoPower, Inc. ("WGP"), for the purchase of all energy and available environmental attributes from WGP's proposed geothermal power plant at The Geysers Geothermal Field in Northern California (the "Project"). Among other things, the Power Purchase Agreement adjusts the purchase price, updates the milestones for completion of the Project, adjusts the expected capacity of the Project to approximately 26 MW (net) and extends the term of the agreement from 20 to 25 years.
The Geysers Geothermal Field, located 75 miles north of San Francisco, California, is the largest producer of geothermal electricity in the world. Commercial geothermal power has been generated continuously at The Geysers Field since 1960, the present generation level being about 900 megawatts of clean, base load electricity. WGP owns or leases all of the geothermal rights necessary to develop the Project. The Project's steam field is situated in the southwestern region of The Geysers Field in Sonoma County. A commercial power plant of 62 megawatt (gross) capacity, known as PG&E Unit 15, operated at the steam field during 1979-1989.
"NCPA has a longstanding commitment to clean, renewable geothermal energy from The Geysers, and we are very pleased to be furthering that goal through this agreement with Ram Power," said James H. Pope, General Manager of NCPA. "By expanding our geothermal production from four to five plants at The Geysers, NCPA is furthering our long-standing objective of providing reliable and affordable green energy for NCPA member communities throughout Northern and Central California."
"The Geysers continues to be a key source of clean energy for my community as well as for several other NCPA members. The addition of this new agreement for the generation from Western GeoPower Unit One will bring additional investment and jobs to the region -- benefitting electricity ratepayers, our environment and our local economy," said NCPA Chairman Gary Plass, Vice Mayor of the City of Healdsburg.
"The Company remains vigilant in executing the business plan for the Geysers project," stated Walt Higgins, Interim President and CEO of Ram Power. "We are very pleased to have NCPA partner with the Company in delivering clean, reliable geothermal power to Northern California."
NCPA, located in Roseville, California, is a joint powers agency providing clean, renewable energy to its 17 member communities and districts in Northern and Central California. Founded in 1968, NCPA owns and operates power plants that together comprise a 95% emission-free generation portfolio. NCPA owns and operates geothermal power plants, hydroelectric plants, simple combustion turbine plants and steam injected combustion turbine plants.
About Ram Power
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties. Ram Power has an interest in geothermal projects, primarily in the United States, Canada, and Latin America.
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward-looking information, other than as required by law, or comment on analyses, expectations or statements made by third parties in respect of Ram Power, or its financial or operating results or its securities.
Steven Scott
Ram Power, Corp.
Phone: 775-398-3711
Email: sscott@ram-power.com
www.ram-power.com
gsfl
15年前
RAM POWER, CORP. ANNOUNCES PROPOSED UNIT OFFERING
Apr. 26, 2011 (Canada NewsWire Group) --
/Not for distribution to U.S. newswire services or for dissemination in the United States/
RENO, NV, April 26 /CNW/ - Ram Power, Corp. (TSX: RPG) (the "Company" or "Ram Power"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce that it has entered into an agreement with Cormark Securities Inc., on behalf of a syndicate including Raymond James Ltd., Jacob Securities Inc., and Wellington West Capital Markets Inc. (collectively, the "Underwriters") under which the Underwriters will offer on a marketed, underwritten basis (the "Offering") up to $50,000,000 of units (the "Units"). Each Unit shall consist of one common share of the Company (the "Common Shares") and one Common Share purchase warrant (the "Warrants"). Each Warrant shall be exercisable for one Common Share for a period of 36 months from the completion of the Offering, subject to earlier termination in the event that the 20 trading day volume weighted average trading price of the Common Shares is equal to or greater than 150% of the exercise price of the Warrants. Pricing of the Units, the exercise price of the Warrants, and the total number of Units to be sold pursuant to the Offering will be determined in the context of the market immediately prior to filing the final short form prospectus in respect of the Offering. The Company has granted to the Underwriters an option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Units sold under the Offering for the purposes of satisfying over-allotments, if any, and for market stabilization purposes.
The Units will be offered by way of a short form prospectus in all provinces of Canada, except Quebec, and on a private placement basis in the U.S. pursuant to Rule 144A and/or Regulation D, as well as in other jurisdictions as may be determined by the Company and the Underwriters. A preliminary short form prospectus in respect of the Offering has been filed with and a receipt has been issued by the securities regulatory authorities in each of the Provinces of Canada, other than Quebec.
The Company has applied to the Toronto Stock Exchange (the "TSX") to list the Warrants for trading on the TSX.
The net proceeds from the Offering will be primarily used to fund the remaining equity requirements for the construction of the Company's San Jacinto-Tizate project site near Leon, Nicaragua and for working capital purposes.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX and the applicable securities regulatory authorities.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this press release in the United States. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. Person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, focused on the development, production and sale of electricity from geothermal energy in Latin America, the United States, and Canada.
gsfl
15年前
Northern California Power Agency Approves Power Purchase Agreement for Ram Power's Geysers Geothermal Power Plant
RENO, NV--(Marketwire - March 29, 2011) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce today that the Northern California Power Agency ("NCPA") has approved an amended and restated power purchase agreement (the "Power Purchase Agreement") with the Company's subsidiary, Western GeoPower, Inc. ("WGP"), for the purchase of all energy and available environmental attributes from WGP's geothermal power plant at The Geysers Geothermal Field in Northern California (the "Project"). The Company anticipates that the 26 MW (net) Project will be completed by the end of 2013.
The Power Purchase Agreement amends a power purchase agreement entered into in 2008. Among other things, the Power Purchase Agreement updates the milestones for completion of the Project, adjusts the expected capacity of the Project to approximately 26 MW (net), revises the purchase price per MW, and extends the term of the agreement from 20 to 25 years. NCPA's Commission approved the Power Purchase Agreement on March 24, 2011. Subject to approval by the five NCPA members which are receiving power from the Project, it is anticipated that the Power Purchase Agreement will be signed in April 2011.
"Our commitment to explore and develop innovated and effective 'green power' energy programs is reflected in this agreement," said Jim Pope, general Manager of NCPA. "By securing the geothermal power from the Western GeoPower Unit 1, our member communities in Northern and Central California will continue to benefit from what we consider to be the prime source of reliable, sustainable energy compared to the cleanest natural gas-fired sources. The inclusion of this unit to our resources now expands our geothermal production from four to five plants at The Geysers."
"We are extremely pleased with the results of the NCPA negotiations," stated Antony Mitchell, Executive Chairman of Ram Power. "NCPA has again recognized Ram Power's continued desire to develop the Geysers project thereby delivering clean, renewable geothermal energy to their customers into the future."
The Geysers Geothermal Field, located 75 miles north of San Francisco, California, is the largest producer of geothermal electricity in the world. Commercial geothermal power has been generated continuously at The Geysers Field since 1960, the present generation level being about 900 megawatts of clean, base load electricity. WGP owns or leases all of the geothermal rights necessary to develop the Project. The Project's steam field is situated in the southwestern region of The Geysers Field in Sonoma County. A commercial power plant of 62 megawatt (gross) capacity, known as PG&E Unit 15, operated at the steam field during 1979-1989.
NCPA, located in Roseville, California, is a joint powers agency providing clean, renewable energy to its 17 member communities and districts in Northern and Central California. Founded in 1968, NCPA owns and operates power plants that together comprise a 95% emission-free generation portfolio. NCPA owns and operates geothermal power plants, hydroelectric plants, simple combustion turbine plants and steam injected combustion turbine plants.
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15年前
Ram Power, Corp. Announces Successful Drilling Results at San Jacinto-Tizate
RENO, NV
--(Marketwire - March 24, 2011) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today the successful re -drill and initial evaluation of production well SJ12-1, and the successful flow test results of production well SJ12-2 at San Jacinto- Tizate.
As previously announced, to achieve production in wells SJ 12-1 and SJ 12-2, the Company had decided to re-drill both wells. The re-drills were expected to correct the problems encountered in the original drilling and reach the originally planned intersection of deep production zones. In February 2011, the Company re-appointed Sinclair Knight Merz ("SKM"), a leading global consulting firm in the geothermal industry, which has extensive experience in drilling and analyzing the resource at San Jacinto-Tizate where they successfully drilled 40MW. SKM's expertise in well targeting contributed to better definition of inclination and azimuth angles for directional wells. SKM's experience with the San Jacinto-Tizate resource field led to optimal selection of drilling fluids, flow rates, and drilling penetration rates and greater use of perforated liner which were successfully utilized in previous drilling at the resource field. In addition, SKM has a drilling engineer and a scientist on site and is actively evaluating the techniques used for drilling to reduce drilling costs and frequency of drilling incidents. Forking or side-tracking of existing wells has achieved production earlier and at less expense than drilling new wells.
Under SKM's direction, the Company commenced the re-drill of well SJ 12-1 ST1 (a sidetrack recovery of the SJ12-1 well) in February 2011. The well was completed in March 2011 to a depth of 8,544 ft., and upon completion was immediately evaluated with an injection test designed to determine permeability. A standard three-step injectivity test was conducted by pumping water to depth in the well at high rates for an extended period of injection. The injectivity index which measured 20 t/h/bar indicates moderate to good permeability for the well. Typically wells with similar injectivity index measurements drilled at San Jacinto-Tizate are commercial producers and SKM estimates that the capacity of the well is expected to be in the 5 - 10 MW range. After a heat up period, a long-term flow test which involves the connection of well SJ12-1 ST1 to a test separator will be performed and the results will be certified according to the project lenders protocols in May 2011 by GeothermEx, Inc.
The Company completed the initial drilling of SJ 12-2 in January 2011. The well was drilled to a depth of 7,532 ft. at which point a drill rig power failure resulted in the drill string becoming stuck in the well. At that time the well was experiencing a total loss of circulation of drilling fluids which provided an indication of high permeability. After several attempts to free and retrieve the drill string, the drill string was severed at a depth of 7,228 ft. After four days of initial flow testing, despite having 276 ft. of stuck drilling apparatus at the bottom, the well produced separated steam at a rate of 31 t/hr at design pressures for the turbine inlet with production from a down hole zone that exceeded 510°F. These initial results confirmed that well SJ12-2 will be a production well with an estimated capacity of about 4 MW. In order to maximize the potential production from this well, the Company plans to fork SJ12-2 while
retaining this initial productive leg of the well. Drilling of the SJ12-2 fork will commence by the end of this month and completion of the drilling is expected in May 2011.
The San Jacinto-Tizate exploration drilling program is focused on developing the geothermal resources needed for the phased power plant expansion designed to increase production from the current 10 MW to 72 MW. Currently, the Company has 60 MW of certified resource in San Jacinto-Tizate. With the successful re-drill of SJ 12-1 ST1, the flow test results and subsequent fork of SJ 12-2, and the planned acid wash of well SJ 9-3 (currently certified at 4.8MW) the Company anticipates these three wells will increase the certified resource capacity by 12 to 25MW.
Greg Ussher, Geophysicist, Manager Generation Clients at SKM, stated that, "Our team is very pleased to again be working with the Ram Power team on the San Jacinto geothermal project. It is encouraging to have early indications of success with both SJ12-1 ST1 and SJ12-2, which gives us confidence for the on-going production and reinjection drilling program."
Walt Higgins, interim President and CEO of Ram Power, stated, "We are extremely pleased with these results. The addition of SKM, combined with the Company's strategic change in the drilling program has produced positive results and we look forward to our continued working relationship with SKM."
About Ram Power
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties. Ram Power has an interest in geothermal projects, primarily in the United States, Canada, and Latin America.
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward-looking information, other than as required by law, or comment on analyses, expectations or statements made by third parties in respect of Ram Power, or its financial or operating results or its securities.
Steven Scott Director of Investor Relations Ram Power, Corp. Phone: 775-398-3711 Email: sscott@ram-power.com www.ram-power.com
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