Alternative - Geothermal Recommendations

Ram Power Corp.

John McIlveen, Jacob Securities Inc. (11/17/11) "RPG's Casita has a high probability of being a commercial resource."

Jeremy Mersereau, National Bank Financial (11/16/11) "RPG can get to cash-flow positive operations without further need of equity."

MacMurray Whale, Cormark Securities (10/27/11) "RPG announced successful drill results at San Jacinto and Casita."

MacMurray Whale, Cormark Securities (9/16/11) "RPG's positive flow tests should give investors confidence."

Jeremy Mersereau, National Bank Financial (9/15/11) "RPG has significant risk reduction with its debt draw."

Justin Kuepper, OTC Investor (8/18/11) "Ormat's promising developments have also boosted hopes for RPG."

Nevada Geothermal Power Inc.

Justin Kuepper, OTC Investor (8/18/11) "Those looking for a deep-value play with a little more risk may want to see NGP."

Ram Power Corp.

MacMurray Whale, Cormark Securities (8/15/11) "RPG is undervalued; we maintain our Buy recommendation."

The Energy Report Interview with John McIlveen (8/9/11) "RPG will have a large movement upon well certification by GeothermEx."

The Energy Report Interview with Marin Katusa (7/5/11) "RPG is headed in the right direction."

Nevada Geothermal Power Inc.

The Energy Report Interview with Marin Katusa (7/5/11) "NGP built the largest U.S. geothermal plant in the last decade."

Green Technology Investments (6/20/11) "Assets purchase bulks up NGP's already formidable portfolio."

Ram Power Corp.

Sean Peasgood, Wellington West Capital Markets (6/15/11) "RPG's equity raise alleviates financing pressures."

Nevada Geothermal Power Inc.

Justin Kuepper, OTC Investor (6/8/11) "Record revenues and output for NGP in fiscal Q3; revenues up 110% YOY."

Jared Alexander, Canaccord Genuity (5/20/11) "NGP produced some of the best performance we have seen to date."

Justin Kuepper, OTC Investor (4/27/11) "five major geothermal properties well positioned in geo hotspots"

Ram Power Corp.

Canaccord Genuity's Morning Coffee (4/26/11) "rallies on successful drilling completion, test results from two wells"

Steven Li, Raymond James (4/25/11) "the range of additional resources at San Jacinto is now 16 MW to 25 MW"

Jeremy Mersereau, National Bank Financial (4/25/11) "San Jacinto-Tizate results increased production capacity"

Jeremy Mersereau, National Bank Financial (4/4/11) "several upcoming catalysts in the next quarter"

Sean Peasgood, Wellington West Capital Markets (4/4/11) "revenues of $1.2M, up 24% quarter-over-quarter"

MacMurray Whale, Cormark Securities (3/30/11) "amended PPA for its 26 MW Geysers project is an important milestone"

Nevada Geothermal Power Inc.

Jared Alexander, Canaccord Genuity (3/29/11) "we believe the stock has considerable upside potential"

Ram Power Corp.

Sean Peasgood, Wellington West Capital Markets (3/25/11) "positive results increase our confidence in 2011 growth objectives"

Steven Li, Raymond James (3/25/11) "positive initial indications on San Jacinto drilling"

Jeremy Mersereau, National Bank Financial (3/25/11) "preliminary flow tests indicate an estimated capacity of 4 MW"

Nevada Geothermal Power Inc.

The Energy Report Interview with John Pugsley (3/24/11) "geothermal is an excellent area for investors"

Ram Power Corp.

The Energy Report Interview with John Pugsley (3/24/11) "I think it's a tremendous buy"

Nevada Geothermal Power Inc.

China Analyst (3/23/11) "5th best-rated stock; 75% positive ratings by analysts"

Ram Power Corp.

Ubika Research (3/21/11) "top Ubika Cleantech 30 Index market value gainer for the week"

Nevada Geothermal Power Inc.

Justin Kuepper, OTC Investor (3/14/11) "a scalable high-margin green energy business"

Ram Power Corp.

Jeremy Mersereau, National Bank Financial (3/2/11) "finalized credit facility to maintain current drill program"

Nevada Geothermal Power Inc.

Sean Peasgood, Wellington West Capital Markets (2/28/11) "rapid advancement of exploratory and development activities"

Ubika Research (2/28/11) "a Top Ubika Cleantech 30 Index market value gainer Feb 18–25"

Ram Power Corp.

The Energy Report Interview with John McIlveen (2/22/11) "to bring 36 MW online at San Jacinto-Tizate, Nicaragua in July"

Nevada Geothermal Power Inc.

The Energy Report Interview with John McIlveen (2/22/11) "logging milestones"

Your Renewable News (2/17/11) "named on TSX Venture 50, ranking of strong performers listed on the TSX.V"

Ram Power Corp.

Sean Peasgood, Wellington West Capital Markets (2/8/11) "we continue to believe Ram is well positioned to be a geothermal industry leader"

Nevada Geothermal Power Inc.

John McIlveen, Jacob Securities Inc. (1/13/11) "may be able to monetize depreciation Faulkner 1 tax shield for ~$20M"

Ram Power Corp.

John McIlveen, Jacob Securities Inc. (12/22/10) "potentially the largest geothermal resource in the United States"

The Energy Report Interview with Adrian Day (11/30/10) "very broad portfolio, more early stage property to develop"

Nevada Geothermal Power Inc.

The Energy Report Interview with Adrian Day (11/30/10) "for aggressive investors, smaller U.S. companies are good buys, like NGP"

Sean Peasgood, Wellington West Capital Markets (11/30/10) "Ormat JV increases our confidence in NGP's ability to fund developmental projects"

Ram Power Corp.

Sean Peasgood, Wellington West Capital Markets (11/17/10) "excellent entry point into company with strong project portfolio, near-term projects"

Sean Peasgood, Wellington West Capital Markets (11/8/10) "Closing $160M of debt financing a major hurdle for Nicaraguan project"

Nevada Geothermal Power Inc.

The Energy Report Interview with Marin Katusa (11/4/10) "not only is there near-term growth, but you also have takeout speculation"

John McIlveen, Jacob Securities Inc. (9/29/10) "If injector well program's completed on budget, NGP will have $10M–$12M"

Ram Power Corp.

Rick Rule, HRN Interview (7/13/10) "management team has the skill set to attract institutional capital"