RAM: New Projects to Come Online in 2011

SEAN PEASGOOD, Wellington West Capital Markets (04/05/2010)
"Projects advancing on time with Chile expected to be online in 2011. Additional 36MW online in Q1/11 with total 72MW by Q4/11. Total capex in 2010 expected to be $178M with SJT I & II requiring $116M.

Looking to fast track revenue at the Geysers through steam sale. Ram is evaluating alternatives for the Geysers and may look to sell the steam leading to a recurring rev. stream with no associated capex or opex.

. . .Exploration Properties Offer Future Growth
We believe that as Ram is successful in bringing near-term projects online the market will begin to ascribe more value for the exploratory projects. Investors with longer time horizons should be rewarded for this exploration upside. Management is planning to spend $62 million in 2010 on all of the exploration properties outlined below."

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