HENDERSON, Nev., Nov. 16, 2010 (GLOBE NEWSWIRE) -- Qualibou Energy Inc. (Pink Sheets:QALB) today announced completion of an updated GeothermEx Inc. appraisal for our St. Lucia, Sulphur Springs, resource concession area.
GeothermEx Inc., a Schlumberger company, and leading geothermal consulting firm, has completed their analysis and estimates the Sulphur Springs concession area to have a much larger Proven resource value than earlier studies had indicated.
Stephen Baker, President and CEO of Qualibou Energy stated, "This new study is terrific news for Qualibou. Our Proven resource reserves are substantially greater than we first thought. With this increased value and certainty, we have upgraded our phase one build out plans from 12 MW to 20 MW (a 67% increase) as was described in yesterdays Partnership Financing press release. This report also reduces our risk of development while driving financial economies of scale into Qualibou's first project located on the island of St. Lucia."
Baker further stated, "This is an exciting time to be part of the geothermal community. With many opportunities to choose from, St. Lucia provides us with a terrific launch pad for further concessions around the globe."
Qualibou Energy Inc. is an emerging renewable energy company with a growth strategy emphasizing greenfield developments. The company's first geothermal concession is located on St Lucia. The Company's proven and probable reserves are 60.1 million barrels of oil equivalent (BOE).
'On behalf of the Board of Directors'
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Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
CONTACT: Qualibou Energy, Inc Investor Relations: (702) 990-1984 info@qualibou.com