Raser Technologies (RZ) To Begin Drilling At Lightning Dock, New Mexico In May

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09:13:00 am on April 26, 2010

Raser Technologies just announced that it has chosen Barbour Well, Inc., of Henderson, Nevada as its drilling contractor for the Lightning Dock, New Mexico project. Drilling is expected to begin next month, in May. They will start by re-entering an old well drilled in 1984 and left idle waiting for development that never happened.

Raser expects the Lightning Dock project to qualify for a grant of approximately $22 million under the American Recovery and Reinvestment Act. The company also expects that a successful flow test will enable it to finalize negotiations for a funding commitment from Evergreen Clean Energy.

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In a press release, Raser CEO Nick Goodman commented on the news:

“We are extremely anxious to get moving on our next geothermal project. The Lightning Dock resource has attracted attention from the geothermal industry since the 1970’s. It has been heavily studied with numerous temperature gradient holes and hot water wells. We are looking forward to making significant progress on our next plant.”

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“re-entering an old well” Oil Wells being redrilled (re-make of the old oil game circa 1980’s), basically you make a load of dough for re-drilling it, and still come up with nothin’ but a dry hole, and a claims of we need to drill more, need more cash. Oh but what a great money game. Funny what the public always puts their money to use doing!

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