US Geothermal (HTM) Drills Most Promising Well At Neal Springs

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08:26:25 am on October 13, 2010

US Geothermal (HTM) is announcing this morning that it has successfully drilled and tested a third production well at the Neal Hot Springs geothermal project Oregon. At a production temperature of 287.5 degrees and pressure at 2770 gallons per minute it is the most promising of the wells drilled so far (this is the 3rd).

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“Well NHS-8 has the highest temperature and artesian flow rate of any well drilled at Neal Hot Springs. This is a great well. With the upcoming completion of well NHS-2 we may have all production needed for the 23 net megawatt (“MW”) project. We will now turn our attention to injection strategy,” said Daniel Kunz, President and CEO.

Shares of HTM are beginning to push up just a bit in pre-market trading and may be providing an outstanding entry point after kicking off support of the 50 day moving average yesterday.

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