Raser’s lease announcement
Via Yahoo News:
PROVO, Utah–(BUSINESS WIRE)–Raser Technologies, Inc. (NYSE Arca: RZ) announced today that it emerged as the successful bidder for the geothermal rights on four parcels of Federal property totaling approximately 15,000 acres in central Nevada.
On August 14, 2007, the Bureau of Land Management (“BLM”) conducted a competitive auction of lease parcels for geothermal energy resources on Federal public lands in Nevada and California covering approximately 125,000 acres, 98% of which were Nevada properties. Raser won the bidding on 15,325 acres with a total price of approximately $620,000, or $40 per acre.
The term of the BLM geothermal leases is ten years with renewal rights for up to forty years beyond the primary term if the lessee is producing or using geothermal resources in commercial quantities.
This release syncs entirely with our observations at the auction.
