Provo, Utah [RenewableEnergyAccess.com] Raser Technologies, Inc. announced on Friday that it has added to its geothermal rights in the Escalante Desert in southwestern Utah through a lease agreement with a private property owner. The lease carries a ten-year term and is renewable for additional periods based on development activity. The financial terms of the leases are undisclosed.
Raser has secured the rights to geothermal resources on an additional 11,294 acres located in Utah’s Escalante Desert.
Immediately adjacent to the Company’s leased property exist three previously drilled geothermal wells, the deepest of which exhibits water temperatures in excess of 300° F at attractive depths. The project area has been extensively studied and eight geological reports predict overall reservoir temperatures ranging from 205 – 473° F, representing attractive temperatures for generating renewable energy.