Geysir Green Energy Divests Holding in WGP

Geysir Green Energy (Geysir), the Iceland-based geothermal company, today
announced it has divested its holding in Western GeoPower Corp. ("WGP") (TSX
VENTURE:WGP).


In the transaction, Geysir divested its entire holding, a total of 16.0 percent
stake in Western GeoPower Corp of 47.333.334 shares at a price of CAD 18 cents
per share for aggregate gross of CAD 8,520,000. The proceeds from the sale of
the shares will be used to develop Geysir's projects in other markets and debt
repayment of the Geysir organization. The sale of the share is a part of the
company's objective to focus its efforts on increasing installed capacity in
operating geothermal power and heating plants in Iceland and China.


About Geysir Green Energy 

Geysir Green Energy (http://www.geysirgreenenergy.com), a leading geothermal
energy company in the renewable industry, participates in exploration,
development, construction and operation of geothermal resources worldwide.
Building on its extensive experience from the Icelandic geothermal arena, Geysir
is committed to the responsible harnessing of geothermal energy for power
production and direct use applications.


Geysir's main assets are a majority share in HS Orka and full ownership of
Iceland Drilling Ltd. Geysir has worked successfully at developing geothermal
heating utility projects in China and is undertaking geothermal power projects
in Germany and the Philippines. Geysir is a founding shareholder of Keilir, an
educational institution at a university level that provides hands-on courses in
geothermal science in Iceland. 


A copy of the early warning filed under Canadian securities legislation in
respect of the divestiture described in this press release will be available on
sedar.com and may be obtained from the above noted persons.