Canada: Passive Seismic Reservoir Characterization Program Started at Canoe Reach Geothermal Energy Project

P Squared Renewables Inc. And Borealis Geopower Inc. Continue To Advance Towards Commercial Geothermal Power Generation In Canada (News Release)

(Courtesy Borealis GeoPower)

P Squared Renewables Inc. has provided the following update regarding the business of Borealis GeoPower Inc. P Squared entered into a letter of intent with Borealis and its shareholders that sets out the basic terms and conditions pursuant to which it is intended that P Squared and Borealis will complete a business combination.

Borealis has initiated its Passive Seismic Reservoir Characterization program at the Canoe Reach Geothermal Energy Project, one of the final steps in the pre-drilling evaluation of the Project. Passive seismic is a technique that uses seismometers to detect subsurface structures including faults and fractures without the use of man-made external stimuli. This tool has been used since the 1970’s in delineation of the subsurface geothermal structures in Iceland and California, and is most effective when used in conjunction with the additional exploratory methods exercised by Borealis.

“This is a first for geothermal exploration in Canada” stated Craig Dunn, chief geologist for Borealis, “and represents a milestone in the development of Canada’s first commercial Geothermal Heat and Power Plant.”

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