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Genalta Power to Develop a 13.5 MW Clean Fuel to Electricity Project


Genalta Power to Develop a 13.5 MW Clean Fuel to Electricity Project

CALGARY, Oct. 31, 2012 /CNW/ - Genalta Power Inc. announces the signing of a 20 year power purchase agreement with Pengrowth Energy Corporation to convert clean fuel into electricity on their Judy Creek site.

This power Project is a simple cycle turbine-generator that will use on site fuel gas to generate power to mitigate operating costs for Pengrowth Energy Corporation on their Judy Creek Production Complex. The project is forecast to be commissioned by the end of September 2013 and will sell the power back to Pengrowth over a 20 year contract.

"We are very excited to be entering into a long term arrangement with Pengrowth Energy Corporation to develop a clean fuel to electricity project for their Judy Creek site" said Graham Illingworth, Genalta Power CEO, "I look forward to a successful collaboration."

This facility will be able to dispatch variably to capture only the most profitable electricity prices. This system was designed specifically for the Judy Creek Production Complex to optimize the output and significantly reduce operating costs which will enhance its competitiveness.

About Genalta Power

Genalta Power is a privately held Canadian corporation in the business of developing, owning and operating independent power plants that produce and sell environmentally-friendly electricity from waste and clean energy sources. Genalta capitalizes on opportunities in the independent power market by actively pursuing the development of dependable, cost-effective and environmentally responsible power generation facilities. Genalta pursues a mix of waste heat recovery, waste fuel gas, waste pressure and gas to power projects. Genalta is developing projects in strategic regions of North America with an emphasis on the oil and gas industry. Visit www.genaltapower.com for more information.

Cautionary Statement Regarding Forward-Looking Information

Certain statements in this news release may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the company's current expectations regarding future events, including the development, construction and operation of greenhouse gas based projects and speaks only as of the date of this news release. Forward-looking information involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the company assumes no obligation to update or revise such information to reflect new events or circumstances.

Genalta Power Inc.

Drew Shaw

Vice President, Finance

Telephone: (403) 237-9740

dshaw@genaltapower.com

SOURCE: Genalta Power Inc.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2012/31/c3631.html

CO: Genalta Power Inc. ST: Alberta NI: CHM MNG OIL UTI

-0- Oct/31/2012 16:23 GMT

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