Raser Technologies Inc. announced that it has entered into a long-term lease agreement with private land owners for the rights to 37,000 acres of geothermal resources in Southeastern Oregon.
“Working with the University of Utah’s Energy and Geoscience Institute, Raser has determined this area is one of the more significantly promising geothermal systems,” said Brent Cook, CEO of Raser. “We believe this is a vast resource area of mid temperature binary potential.”
The terms of the lease agreement were not specified, but include surface and other rights necessary to build geothermal power plants. The property includes a number of hot springs and wells that indicate the presence of significant geothermal resources.
“Well logs of drilling in the area over the last few decades in combination with our work done during the past 13 months in this area reveals heat and flows of geothermal fluids indicating that this is potentially a significant resource for geothermal development,” said Richard Clayton, Raser’s executive vice president. “The land is ideally located in southern Oregon so that the power generated from the resource can be sold into either the Oregon or California renewable energy markets.