AER has greatly reduced its overhead, project carrying costs and long term liabilities while increasing its cash position through the sale of project assets. As at December 31, 2014, the company’s assets consist primarily of cash and cash equivalents of US$2.2 million.
Alternative Earth Resources has sold or optioned three of its four geothermal development projects in the U.S. for cash, thereby reducing project carrying costs to zero. At the Pumpernickel project, which was not included in the sale, AER has terminated its private leases and kept its two BLM leases. The company has recently plugged and abandoned the existing thermal gradient wells at Pumpernickel in order to discontinue its interest and recover its geothermal well bonds. Well liabilities are expected to be extinguished and the company expects to recover certain well bonds in California and Nevada by March 31, 2015.
Going forward, AER is evaluating advanced stage mineral projects for potential acquisition.
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