Canada: Successful Share Issue Raises Funds for Saskatchewan Geothermal Power Project

Deep Testing and Drilling Program Underway, Private Placement Oversubscribed (News Release)

DEEP Earth Energy Production Corp. has announced that a $5,000,000 private placement closed on August 20th, over subscribed to total $5,190,000. Each purchased unit consisted of one Class “A” common voting share and one warrant to acquire one additional share prior to 24 months from the date the warrant was issued.

The company also announced that the 2019 field testing and drilling program is now underway.

A second well drill program is planned to commence after the initial flow and build test is complete. This well will be drilled from the same surface location as the first well directionally to the southwest with a bottom hole located 1,500m laterally from the original well. Once complete, a 60-day production and injection test will commence on the project’s first combined geothermal well pair.

The results of this work will provide detailed data required for the final subsurface and facility design required prior to full construction. The reservoir data will be incorporated into a full scale simulation model to design the full production wells, optimal well spacing and full field development. This data will also be implemented to optimize the final surface power facility design.

Read More.........