Reservoir Granted Three More Geothermal Exploration Permits in Serbia
The Kupusina license comprises a 26.5 square kilometre area, with seven historical drillholes executed between 1978 and 1987, that intercepted limestone and sandstone aquifers at depths ranging from 57 metres to 1,382 metres. Reservoir temperatures are estimated to be in excess of 80 degrees centigrade for most of the deeper aquifers, with potential of up to 160 degrees centigrade.
The Adorijan-Novi Knezevac ("Adorijan") and the Banatsko Arandjelovo-Vrbica ("Vrbica") licences are 22.5 and 48 square kilometres in area respectively and lie close to each other in northern Serbia near the Hungarian border. Twenty-four drillholes were executed for oil and gas and geothermal exploration in the area during the 1970's and 1980's. The holes intercepted a series of hot water aquifers in sandstones at depths between 421 and 1,854 metres. Reservoir temperatures are estimated to be in excess of 90 degrees centigrade for most of the deeper aquifers, with potential in excess of 200 degrees centigrade for one of the deeper oil and gas drillholes.
Including the Vranjska Banja License, issued in November 2009 (see REO news release dated January 5, 2010), the Company now holds four licenses, each selected as a priority target based on historical datasets. In the past, hydrological and geothermal drilling targeted shallow aquifers for use in district heating and spas. The deeper oil and gas drillholes in the same regions have intercepted aquifers at considerably higher temperatures, which have not been previously evaluated for their geothermal potential.
About Reservoir
Reservoir is a renewable energy company, engaged in development of a 55MW hydroelectric project at Brodarevo in southwest Serbia. The Company has applied for a 32MW license at Vrutci, holds four geothermal exploration licenses and is studying various other hydroelectric and geothermal opportunities in the region. Reservoir also holds a substantial portfolio of precious and base metal exploration projects, which it is looking to divest. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").
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) 346-7660
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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Reservoir Advances Brodarevo Hydroelectric Projects in Serbia
Fieldwork and technical studies completed by Company personnel, Energoprojekt Hidroinzenjering Co. Ltd. (Serbia) and Technum-Tractebel Engineering S.A. (Belgium), have recommended a capacity increase from 48MW to 55.2MW, defined sites, provided recommendations for the design of the hydroelectric power plants and preliminary cost estimates for their construction, as summarized in the table below:
| License | Project Site | Water Level (m.a.s.l.) | Gross Head (m) | Capacity (MW) | Output (GWh/year) | Construction Cost (€m) * |
| Brodarevo 1 | Junakovina | 519 | 19.73 | 24.6 | 96.97 | 42.172 |
| Brodarevo 2 | Lucice | 488 | 24.78 | 30.6 | 123.41 | 49.577 |
| Total | 55.2 | 220.38 | 89.749 | |||
| * includes contingencies of 15% on the civil works, but does not include moving sections of the road. | ||||||
The Italian and Serbian governments have signed an agreement whereby Serbia will export green energy into Italy at prices substantially above those of the local market. The Company is engaged in discussions with various energy trading groups with the intent of signing an indicative Power Purchasing Agreement for the sale of electricity into the Italian market.
The Company expects to be able to complete Pre-Feasibility Studies in the next month or two and Feasibility Studies by the end of 2010. The Company is working in parallel with the local authorities, towards being issued all the necessary permits for: relocation of parts of the road along the River Lim, acquisition of surface rights affected by the project and construction of the hydroelectric installations.
About Reservoir
Reservoir is a renewable energy company, engaged in development a 55MW hydroelectric project at Brodarevo in southwest Serbia. The Company has applied for a 32MW license at Vrutci and is studying various other hydroelectric opportunities in the region. In 2010 the Company was issued its first geothermal license at Vranjska Banja in southern Serbia and has filed applications for 3 additional licenses. Reservoir also holds a substantial portfolio of precious and base metal exploration projects, which it is looking to divest. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").
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) 346-7660
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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Reservoir Granted Geothermal Exploration Permit in Serbia
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".
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
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.
Successful Completion of $5,000,000 Private Placement
Vancouver, British Columbia, (TSX Venture: REO) -- Reservoir Capital Corp. ("Reservoir" or the "Company") is pleased to report that it has completed a non-brokered private placement financing (the "Private Placement") of $5,000,000 by the issuance of 8,333,333 units at $0.60 per unit. Each Unit consists of one common share (a "Share") and one non-transferable, common share purchase warrant (a "Warrant") valid for 2 years. Each Warrant will entitle the holder thereof to acquire an additional Share at a price of $0.80 per share during the first year and $0.90 during the second year from the closing of the private placement. If after the expiry of all resale restrictions, the closing price of the Shares on the TSX Venture Exchange is $1.20 or greater for a period of 20 consecutive trading days, the Company may provide notice of an earlier expiry of the Warrants, in which case the Warrants shall expire 21 trading days after giving such notice ("Acceleration Provisions"). The Private Placement was open to residents of British Columbia, Alberta, Ontario and any other qualifying international jurisdictions.
A finder's fee was paid in Units to certain finders with respect to the Private Placement. The terms of the finder's fee are consistent with those of the Private Placement, including the Acceleration Provisions.
All Shares, Warrants and any Shares issued upon exercise of the Warrants, are subject to a regulatory hold period expiring on January 5, 2010.
The proceeds of the offering will be used by Reservoir to support the company's ongoing efforts in the renewable energy sector in Serbia and for general corporate purposes.
About Reservoir
Reservoir Capital Corp. is a Southeast Europe focused project generator, with a mandate to acquire undeveloped natural resource opportunities. The Company is investing primarily in renewable energy, with currently two hydroelectric projects totaling 48MW of capacity undergoing pre-feasibility studies in Serbia. 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.
A finder's fee was paid in Units to certain finders with respect to the Private Placement. The terms of the finder's fee are consistent with those of the Private Placement, including the Acceleration Provisions.
All Shares, Warrants and any Shares issued upon exercise of the Warrants, are subject to a regulatory hold period expiring on January 5, 2010.
The proceeds of the offering will be used by Reservoir to support the company's ongoing efforts in the renewable energy sector in Serbia and for general corporate purposes.
About Reservoir
Reservoir Capital Corp. is a Southeast Europe focused project generator, with a mandate to acquire undeveloped natural resource opportunities. The Company is investing primarily in renewable energy, with currently two hydroelectric projects totaling 48MW of capacity undergoing pre-feasibility studies in Serbia. 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.
Reservoir Capital Applies for Third Serbian Energy License
Reservoir Capital Corp. ("Reservoir" or the "Company") is pleased to announce that it has, through its wholly owned subsidiary REV d.o.o. ("REV"), submitted an application to the Serbian Ministry of Mining and Energy for the Vrutci hydro project, on the Djetinja River in the municipality of Uzice in southwest Serbia. The Vrutci Energy License will give REV the exclusive right to work in conjunction with the local municipality to develop a project converting an existing water supply reservoir into a hydroelectric power plant.
About Vrutci
The existing Vrutci dam and reservoir were constructed in 1984 on the Djetinja River to provide a water supply and flood protection for the municipalities of Uzice and Sevojno. The dam is a double-curvature arch, 77 meters high, 241 meters long and contains approximately 54 million cubic meters of water. The proposed Vrutci Hydro Power Project ("Vrutci HPP") will have an installed capacity of 32MWand estimated initial production of 45 gigawatt hours annually. REV has enjoyed strong support from local leaders in industry and government regarding this project and we look forward to working with the municipality of Uzice to develop the Vrutci HPP.
About Reservoir
Reservoir Capital Corp. is a Southeast Europe focused project generator, with a mandate to acquire undeveloped natural resource opportunities. The Company is investing primarily in renewable energy, with currently two hydroelectric projects totaling 48MW of capacity undergoing pre-feasibility studies in Serbia. 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.
About Vrutci
The existing Vrutci dam and reservoir were constructed in 1984 on the Djetinja River to provide a water supply and flood protection for the municipalities of Uzice and Sevojno. The dam is a double-curvature arch, 77 meters high, 241 meters long and contains approximately 54 million cubic meters of water. The proposed Vrutci Hydro Power Project ("Vrutci HPP") will have an installed capacity of 32MWand estimated initial production of 45 gigawatt hours annually. REV has enjoyed strong support from local leaders in industry and government regarding this project and we look forward to working with the municipality of Uzice to develop the Vrutci HPP.
About Reservoir
Reservoir Capital Corp. is a Southeast Europe focused project generator, with a mandate to acquire undeveloped natural resource opportunities. The Company is investing primarily in renewable energy, with currently two hydroelectric projects totaling 48MW of capacity undergoing pre-feasibility studies in Serbia. 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.