DEEP Earth Energy Production secures financing

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By Ted Liu

DEEP Earth Energy Production Corp., a Saskatoon, Saskatchewan based geothermal power developer, has raised $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″]300,000 through the issuance of 600,000 common shares at $0.50 per share from five Saskatchewan and one BC and one Alberta investors. [/mepr-active].

DEEP’s goal is to be the first geothermal power producer in Saskatchewan.

DEEP’s target resource is a 3000 metre deep (Deadwood and Winnipeg Formations), hot aquifer – a 150 metre thick zone that has been drilled and temperature tested from oil and gas exploration activity in the area. Because this hot aquifer is part of the Williston Basin stratigraphy, it has huge lateral continuity which will enable repeatability and scalability for each project area with little geological risk. DEEP plans to drill into this deep aquifer, draw the hot water up though piping and use the heat to turn a turbine to produce electricity. This technology is currently being used all over the world with the USA leading with about ~3400 Megawatts of clean renewable geothermal energy production.

photo credit: falco via pixabay