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Re: News - Tuesday, January 05, 2010
Reservoir Granted Geothermal Exploration Permit in Serbia
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Vancouver, British Columbia (TSX Venture: REO) -- Reservoir Capital
Corp. ("Reservoir" or the "Company") is pleased to report that its
wholly-owned subsidiary, Southern European Exploration d.o.o. ("SEE")
has been granted an exploration permit for geothermal energy at
Vranjska Banja in southern Serbia; the first of its kind to be issued
to a private company in the country. SEE has also filed applications
for an additional three energy permits in the Vojvodina Province of
northern Serbia.
The Vranjska Banja exploration permit covers 17.5 square kilometres in
area, which has an elevated geothermal gradient attributed to the
presence of Tertiary-age intrusives. The Company's permit surrounds an
existing 200 square metre exploitation permit, where two existing
geothermal wells (VG-2 and VG-3) have confirmed a high temperature
gradient. Well VG-2 intercepted several hot water aquifers, the best of
which measured 126 degrees centigrade between 864-890 metres depth.
Well VG-3 intercepted a zone containing three intervals with measured
temperatures of 124 degrees centigrade, between 1,500 and 1,575 metres
depth.
The three permits still in the application phase in the Vojvodina
Province of northern Serbia cover targets located in the Pannonian
Basin. Historically, some 80 wells have been drilled in this basin, to
test the hydrological and geothermal potential of various porous and
permeable sedimentary units ranging in age from late Palaeozoic to
Quaternary.
In late 2009, the Serbian government introduced feed-in tariffs in line
with European Union standards, to encourage investment in renewable
energy, establishing a price of 7.5 Euro cents (approximately US$0.107)
per kilowatt hour for electricity derived from geothermal sources.
"Given the new feed-in tariffs, we see geothermal as a very viable form
of renewable energy for this region and the addition of geothermal
projects complements our growing hydroelectric development pipeline,"
commented Ms. Miljana Vidovic, President and CEO of Reservoir.
About Reservoir
Reservoir Capital Corp. is a Southeast Europe focused project
generator, investing primarily in renewable energy. The Company holds
two hydroelectric projects, Brodarevo 1 and 2, with 55MW of potential
capacity undergoing pre-feasibility studies and an application in
process for a third at Vrutci with 32MW potential capacity, all in
southwest Serbia. Reservoir has also accumulated a substantial
portfolio of precious and base metal exploration projects. Reservoir's
common shares trade on the TSX Venture Exchange under the symbol "REO"
and on the Frankfurt and Berlin exchanges under the symbol "ROC".
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For further information on Reservoir Capital Corp. please consult the
Company's website www.reservoircapital.ca or contact Miljana Vidovic,
President; Miles Thompson, Chairman; or Kim Casswell, Corporate
Secretary, at +1 (604) 662-8448.
Investor Relations:
Vancouver: Julia Maxwell, +1 (604) 662-8448
Toronto: Chris MacIntyre, +1 (416) 640-1932
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
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Copyright (c) 2010 RESERVOIR CAPITAL CORP. (REO) All rights reserved.
For more information visit our website at
http://www.reservoircapitalcorp.com/ or send
mailto:info@reservoircapitalcorp.com
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Reservoir Capital Corp.
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EXPLORATION STAGE |
CODE : REO.V |
ISIN : CA7611251033 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Reservoir Capital is a exploration company based in Canada. Reservoir Capital holds various exploration projects in Serbia and montenegro. Its main exploration properties are DELI JOVAN in Serbia and BRESTOVAC in Serbia and montenegro. Reservoir Capital is listed in Canada. Its market capitalisation is CA$ 917 500 as of today (US$ 702 043, € 597 649). Its stock quote reached its highest recent level on March 16, 2012 at CA$ 9.80, and its lowest recent point on June 09, 2017 at CA$ 0.03. Reservoir Capital has 18 350 000 shares outstanding. |