CORRECTED: AltaRock Energy Receives Notification of Grant Award from Department of Energy

CORRECTED: AltaRock Energy Receives Notification of Grant Award from
Department of Energy

SAUSALITO, Calif., Oct. 30 /PRNewswire-USNewswire/ -- AltaRock Energy, Inc.
received notification yesterday from the U.S. Department of Energy that its
grant applications for exploration and demonstration projects were selected
for negotiation and finalization of grant awards under The American Recovery
and Reinvestment Act of 2009 (aka "Stimulus Bill").

The demonstration project grant application, for $24,999,530 is to demonstrate
an Engineered Geothermal System (EGS) at the Newberry Geothermal Resource Area
in Oregon. This demonstration project is in partnership with Davenport Power,
the operator of the Newberry site.

The exploration grant application, for $1,450,000 is to develop exploration
methods for identifying EGS drilling targets more efficiently.

"We are honored to have been selected to receive funding for work at Newberry
and for EGS exploration techniques and look forward to the promise these
developments hold for expanding America's renewable energy options" said
AltaRock CEO Donald O'Shei. "The Department of Energy, through programs like
this, is helping to solve the nation's energy challenges and to ensure its
future economic prosperity."

"AltaRock, founded in Seattle, is on the cutting edge of engineered geothermal
energy and I'm extraordinarily pleased the Department of Energy is making a
commitment," said Rep. Jay Inslee (D-Wash). "This exciting technology
presents us with the opportunity to expand geothermal energy production beyond
traditional areas and thus make it available to more consumers. Investment
will allow new testing, research and expansion of the technology, which has
the potential to become an inexpensive, self regenerating, and CO2 free source
of energy. With the work of AltaRock and others, the Pacific Northwest will
remain at the vanguard of clean energy development."

About Engineered Geothermal Systems
Geothermal energy is clean, renewable energy that offsets CO2 emissions of
electricity generated from fossil fuels such as coal and natural gas.
Typically geothermal plants generate electricity 24 hours a day, seven days a
week.

Emerging EGS technology has the potential to facilitate geothermal development
in areas across the country that do not have conventional geothermal
resources. EGS also has the potential to reduce the "dry hole" risk associated
with conventional hydrothermal development, which requires locating existing
fractures containing high flows of hot water.

EGS projects produce electricity using heat extracted through engineered fluid
flow paths in hot rock. In the first portion of the EGS power generation
cycle, a fractured reservoir is created at a depth where the rock is hot.
Water is continuously injected down a well into the engineered fractures that
then heat up the water as it flows through. The water is then brought to the
surface via production wells, and its heat is extracted to generate
electricity in power plants. Finally, the water, depleted of its heat, is
re-injected to be heated again.

About AltaRock Energy Inc.
AltaRock Energy is a renewable energy development company focused on the
research and development of Engineered Geothermal Systems. Its principals
include Don O'Shei, Chief Executive Officer, and Susan Petty, President/Chief
Technology Officer and an AltaRock Energy founder. The company has its
corporate headquarters in Sausalito, CA and its technology development office
in Seattle, WA.

For More Information
AltaRock Energy Inc. at www.altarockenergy.com

SOURCE AltaRock Energy Inc.

Kim Van Hall of AltaRock Energy Inc., +1-415-331-0130