WESTERN GEOPOWER ANNOUNCES FORMATION OF SPECIAL COMMITTEE TO CONDUCT
STRATEGIC REVIEW PROCESS AND PR
WESTERN GEOPOWER ANNOUNCES FORMATION OF SPECIAL COMMITTEE TO CONDUCT STRATEGIC REVIEW PROCESS AND PRELIMINARY RESULTS OF RESERVOIR MODELING
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ NEWS RELEASEDATE: July 14, 2009 FOR IMMEDIATE RELEASETRADING SYMBOLS: TSX-V (CANADA): WGP.V FRANKFURT: WE6.FWESTERN GEOPOWER ANNOUNCES FORMATION OF SPECIAL COMMITTEE TO CONDUCT STRATEGIC REVIEW PROCESSAND PRELIMINARY RESULTS OF RESERVOIR MODELINGVANCOUVER, Canada, July 14, 2009, TSX Venture Exchange TradingSymbol: WGP - Western GeoPower Corp., a renewable energy company,today announced that the company's Board of Directors has establisheda Special Committee to review, consider and evaluate strategicalternatives that may be available to the Company.The Special Committee will be chaired by Daryl Clark and will includeHarry Knutson and Gudmundur F. Sigurjonsson, all of whom arecurrently members of the Board. No timetable has been set forcompletion of the Special Committee's review, and there can be noassurance that this process will result in any specific strategictransaction. The Company does not intend to update its progress withrespect to potential strategic transactions unless the Board ofDirectors has approved a definitive course of action.The Company previously announced that a review conducted byindependent consultant GeothermEx, Inc. of data from the drilledportions of the Company's Unit 1 leasehold had determined that, basedon certain assumptions, the maximum capacity for the Company's Unit 1power plant is 35 MWe (gross).In conjunction with a proposed financing, the Company retainedGeothermEx to develop and calibrate a numerical reservoir model ofthe entire Geysers field including the Unit 1 leasehold incorporatingthe down-hole data from the newly drilled wells on the leasehold,plus the production and injection histories of all the wells at TheGeysers. The Company has received GeothermEx's preliminary reservoirmodel update, which indicates that a plant capacity of 35 MWe (net)for five years, followed by a capacity of 32.5 MWe (net) for theremaining project life, can be maintained but only if the undrilledportions of the Unit 1 leasehold prove as productive as the areasdrilled to date. In the event the undrilled portions prove to beless productive, GeothermEx's preliminary reservoir modelingindicates a minimum of 25 MWe (net) capacity can be sustained overthe project life.Included in the Special Committee's mandate is determining thevarious alternatives for advancing the Unit 1 project in light of thepreliminary reservoir modeling results. Two initial potentialstrategies are being evaluated. The first is to commence the initialplant output at 25 MWe (net) and the second is to expand the drillingprogram to include lands on the Unit 1 leasehold where resources havenot yet been proven.About Western GeoPower Corp.Western GeoPower Corp. is a renewable energy company dedicated to thedevelopment of geothermal energy projects for the delivery of clean,sustainable, baseload electricity generation. The Company isdeveloping The Western GeoPower Unit 1 geothermal power plant at TheGeysers Geothermal Field in Sonoma County, California, United States;the South Brawley geothermal project in Imperial County, California,United States; and the South Meager geothermal project in BritishColumbia, Canada.On behalf of the Board of Western GeoPower Corp"Kenneth MacLeod"Kenneth MacLeod, President & CEOCautionary Note Regarding Forward-Looking StatementsCertain statements in this press release contain forward-lookinginformation within the meaning of applicable securities laws inCanada ("forward-looking information"). The words "anticipates","believes", "budgets", "could", "estimates", "expects", "forecasts","intends", "may", "might", "plans", "projects", "schedule", "should","will", "would" and similar expressions are often intended toidentify forward-looking information, although not allforward-looking information contains these identifying words.The forward-looking information in this press release includes, butis not limited to: a plant capacity of 35 MWe (net) for five years,followed by a capacity of 32.5 MWe (net) for the remaining projectlife, can be maintained but only if the undrilled portions of theUnit 1 leasehold prove as productive as the areas drilled to date;and, in the event the undrilled portions prove to be less productive,GeothermEx's preliminary reservoir modeling indicates a minimum of 25MWe (net) capacity can be sustained over the project life.The forecasts and projections that make up the forward-lookinginformation are based on assumptions which include, but are notlimited to: actual geothermal resources will be consistent withprojected resources; the Company is not subjected to any materialadverse events normally associated with exploration, development andproduction of natural resources; the Company is not subjected toadditional governmental regulation and that political attitudestowards geothermal production does not change; the Company is able toremain in compliance with its debt obligations; the Company'sresource estimates are accurate; the Company's insurance is adequateand that it does not incur any material uninsured liability; theCompany is able to comply with environmental regulations; the Companyhas access to suitable infrastructure; no title defects affect theCompany's properties; the Company receives necessary permits onacceptable terms; no material new competition; no significantfluctuation in currency exchange rates and interest rates; theCompany is able to access additional capital; no materialfluctuations in energy prices; continued access to the Company's keypersonnel; and, no conflicts of interest arise.The forward-looking information is subject to risks, uncertaintiesand other factors that could cause actual results to differmaterially from historical results or results anticipated by theforward-looking information. The factors which could cause results todiffer from current expectations include, but are not limited to:actual geothermal resources may differ from projected resources; thedevelopment of geothermal projects by third parties near the Unit 1project could adversely affect actual geothermal resources availableto the Unit 1 project; risks normally associated with exploration,development and production of natural resources; risks relating togovernment regulation; risks relating to indebtedness; risks relatingto the reliability of resource estimates; no history of geothermalproduction; insurance and uninsured risks; environmental risks andhazards; lack of access to required infrastructure; land titledefects; risks relating to obtaining permits on acceptable terms;competition; fluctuations in currency exchange rates and interestrates; risks relating to raising additional capital; fluctuations inenergy prices; reliance on key personnel; conflicts of interest; and,other risks described in the Company's Management Discussion &Analysis and other continuous disclosure documents.All forward-looking information in this press release is qualified inits entirety by this cautionary statement and, except as may berequired by law, the Company undertakes no obligation to revise orupdate any forward-looking information as a result of newinformation, future events or otherwise after the date hereof.The TSX Venture Exchange does not accept responsibility for theadequacy or accuracy of this release.For more information or to be put on our email list, please contactNicole Robson - Marketing and Media: Office (604) 662-3338 orUS/Canada Toll Free: 1-866-662-3322, email: info(at)geopower.ca InvestorRelations: ir(at)geopower.ca --- End of Message ---Western GeoPower Corp.837 West Hastings Street Suite 411 Vancouver, BC
V6C 3N6 CanadaWKN: 254049; ISIN: CA95827Q1037; ;
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