Turnaround Year

The recession in Sonoma County will come to an end in five months.

That is the bold prediction from Robert Eyler, director of the Center for Regional Economic Analysis at Sonoma State University.

Eyler’s report comes a year after he declared Sonoma County was in a recession — a controversial forecast he spent months defending until he was vindicated when the U.S. government agreed last month the national economy fell into recession in December 2007.

To read the complete article that featured ThermaSource ‘in pictures,’ on the front page of the Sunday paper in the Press Democrat, click here. Photo taken by Press Democrat photographer

ThermaSource Giving in the Holiday Spirit

The rig crews, tool pushers, company men, and mudmen at Rig 101, (currently in Winnemucca, NV) have taken it upon themselves to put together a donation to help a local family in the Winnemucca area for the holidays. Members from each of the 4 crews contributed to the cause.

The Rig 101 Team found a family through the local Chamber of Commerce. The family was not a regular at the local food bank. The father of six children was just laid off from working in the mines 3 months earlier. The Chamber said the father is a very humble man and a hard worker that is just having a difficult time with the lay off and the economy.

The Team at Rig 101 was able to raise $800 and claim it was a collective idea and group effort.

One of the Rig 101 Participants was quoted, “We were not intending to show off or draw attention to us. We just wanted to help this family enjoy a big Christmas, which we did. These guys did this from the heart. It was cool to see!”

This was a truly admirable act by Rig 101’s crew. Happy Holidays!

ThermaSource in South America

December 1, 2008: The United Nations hosted a Geothermal Round Table Discussion in Santiago, Chile and Lima, Peru, the first week of December. Latin American Operations Manager, Mike Roach and Marketing Specialist, Patrick Hanson, attended on behalf of ThermaSource.

The objective of the UN Geothermal Round Table Discussions was to educate government officials and local developers about the geothermal potential in both Chile and Peru.

There were two days scheduled in both cities, where Latin American countries presented their situations, geothermal service companies listened and responded, and Chilean or Peruvian government officials and Ministers took note of the changes that needed to be made.

In summary, ThermaSource confirmed what we originally hypothesized; there is lucrative geothermal potential in Chile and Peru. The challenge is that the Chilean permitting laws are slow to be granted and need to be revised, and the Peruvian infrastructure must be improved prior to any geothermal development.

“It was important that ThermaSource be at this event. We were able to educate key officials in Chile and Peru on initiatives that need to be implemented prior to broad scale geothermal development,” said Mike Roach.

ThermaSource was well represented and received in South America. Our reputation and experience was known among all in attendance in both countries and we were able to network with key players in the market.

ThermaSource Cementing Completes First Job

The ThermaSource Cementing team hit the road with a pump and bulk truck to Buffalo Valley, Nevada (South of Battle Mountain) for their first cementing job since being founded earlier in 2008. They successfully cemented a 400’ - 10-3/4” surface pipe. The Team’s next scheduled cementing job will be this weekend in Utah.

Congratulations to everyone for all their hard work put forth to get ThermaSource Cementing off and “pumping.”

Geothermal drilling market heats up

As oil prices reach unheard-of highs in the $140/bbl range, energy sources that have historically been considered too expensive to produce economically are getting new leases on life. Many such energy sources, like wind and solar, tend to reside far outside the realm of the oil and gas drilling industry. Geothermal energy, however, stands as one resource that holds potential opportunities for drilling contractors, especially as that industry continues to undergo a significant expansion.

Author: Linda Hsieh, Assistant Managing Editor: Drilling Contractor
International Association of Drilling Contractors (IADC)
Click here for the full article.

ThermaSource LLC, Acquires Tecton Geologic

SANTA ROSA, Calif., Sep 09, 2008 (BUSINESS WIRE) — ThermaSource, LLC, is pleased to report the acquisition of Tecton Geologic, a Windsor, CA, based geothermal well logging company. Tecton Geologic, LLC provides on-site rig monitoring and mud logging for the geothermal drilling industry. Tecton provides additional services, such as hydrogen sulfide detection, and abatement providing a safe drilling environment. Tecton’s networked data acquisition system, TopHand(TM), is able to measure a wide range of in-hole variables, providing an up-to-date view of the well. Alan Frazer will continue as president of Tecton.

Alan stated, “With the acquisition by ThermaSource Tecton will have the ability to add more capacity to meet the increasing demand for mud logging services.” ThermaSource, LLC provides expertise to geothermal developers interested in the discovery and development of geothermal resources for power generation and direct use applications. ThermaSource, LLC services include resource assessment, geological exploration, drill rigs with experienced crews, drilling fluids, cementing solutions and now, geothermal well logging. “The acquisition of Tecton Geologic solidifies our business strategy as the exclusive, preferred turn-key service operator in the geothermal industry,” said Louis E. Capuano, Jr., President and CEO of ThermaSource, LLC. For more information about ThermaSource, visit www.thermasource.com.

Author: ThermaSource, originally sent through Business Wire here.

ThermaSource Expands, SR Geothermal Company Booms on Alternative Energy

Flush with an infusion of money from investors, a Santa Rosa geothermal company is rapidly expanding as energy companies search for steam to fuel new power plants in response to high oil and natural gas prices.

Author: Michael Coit, Press Democrat
Click here for the full article.

ThermaSource, LLC Completes $41.5 Million Private Equity Financing

ThermaSource LLC, one of the fastest growing providers of drilling, engineering and consulting services to the renewable geothermal energy sector, is pleased to report the completion of a new round of private equity financing, raising $41.5 million from Riverstone Holdings LLC, US Renewables Group, and Rustic Canyon Partners. ThermaSource is using these resources to finance the acquisition of geothermal drilling rigs and to develop the associated drilling services including engineering, mud-logging, cementing and exploration. The initial equity investment in February of 2007 by Riverstone and US Renewables Group was $20 million. To date, ThermaSource has raised $93 million of equity and debt over the past two years. The company expects to double employment, from 210 currently to more than 420 by the end of the year, as it expands operations domestically and internationally. “This equity investment represents a solid endorsement of our business strategy, which indicates we are delivering on our business plan and have established a platform for long term, sustained growth,” said Louis E. Capuano, Jr., president and CEO of ThermaSource LLC. For more information about ThermaSource, visit www.thermasource.com

About Riverstone Holdings LLC

Riverstone Holdings LLC and The Carlyle Group jointly sponsor the Riverstone/Carlyle energy funds. Riverstone, a New York-based energy and power-focused private equity firm founded in 2000, has approximately $13.7 billion under management. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power, oilfield service, and renewable sectors of the energy industry. To date, the firm has committed $8.5 billion to more than 51 investments across each of these five sectors, involving $70 billion of assets.

The Carlyle Group is one of the world’s largest private equity firms, with over 60 funds across four investment disciplines (buyouts, venture & growth capital, real estate and leveraged finance) totaling more than $81.1 billion under management. Carlyle’s more than 575 investment professionals operate out of offices in 21 countries in North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America, covering a wide range of industries (aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, infrastructure, real estate, technology & business services and telecommunications & media).

About US Renewables Group

US Renewables Group, LLC was formed to manage a series of private equity funds (including USRG Power & Biofuels Fund I, LP and USRG Power & Biofuels Fund II, LP) that acquire, develop and operate renewable power and clean fuel assets. To date, the firm has made investments in geothermal, biomass, solar thermal, landfill methane, ethanol, biodiesel and associated infrastructure, and has approximately $575 million under management. USRG has offices in Los Angeles and New York. For more information, visit www.usregroup.com.

About Rustic Canyon

Rustic Canyon Partners is an early stage venture capital firm that invests in exceptional entrepreneurs building transformational companies. The investment team works collaboratively, drawing on a diverse set of experiences as successful entrepreneurs, managers, and strategic and financial advisors. With over $900 million in funds under management, Rustic Canyon is one of the largest firms based in Southern California, with strong presence in Silicon Valley and Seattle. Key investment themes include Internet/media convergence, clean technology, technology-enabled services, information services, and wireless and wireline broadband. For more information on Rustic Canyon, visit www.rusticcanyon.com

Odessa fabricator builds rig specifically for geothermal drilling

For 35 years, MD Cowan has built drilling rigs, developing a market for its Super Single® rig for use in the nation’s oil and gas fields. Now the Odessa-based company is branching out into alternative energy.

Author: Mella McEwen, Midland Reporter Telegram
Click here for the full article

ThermaSource, Voted One of the Best Places to Work for 2008

NORTH BAY, July 28, 2008 - The NORTH BAY BUSINESS JOURNAL named a record 57 winners for its third annual Best Places to Work competition

Click here for the full article from the North Bay Business Journal,

Beyond the Boardroom: Louis E. Capuano

As oil and energy costs continue to skyrocket, we’re all looking for viable, “green” alternatives. Enter ThermaSource, a local company that’s become an international player in the world of geothermal (that is, steam) energy.

Alexandra Russell, a columnist from the North Bay Biz Magazine features ThermaSource President & CEO Louis E. Capuano, Jr. in Beyond the Board Room

SR's ThermaSource rides wave of steam

ThermaSource, a Santa Rosa geothermal company, is in the midst of major expansion as energy companies scramble to find steam for new power plants as oil and natural gas prices hover near record highs.

Author: Michael Coit, Press Democrat Click here for the full article

Full Steam Ahead

Sun, water, wind! You’ve seen the commercial: A little boy races around his kindergarten class squealing, “Sun, water, wind!” It’s PG&E’s promotional paean to “green” sources of renewable energy. Curiously, California’s leading green energy resource isn’t mentioned. Yet here in our very own North Bay back-40, a geological wonder that’s tied to the Pacific’s famed Ring of Fire produces more of California’s renewable electricity than wind and solar combined.

Author: P. Joseph Potocki, North Bay Biz Magazine
Click here for the full article