Mr. Steven Scott reports

RAM POWER, CORP. ANNOUNCES $50 MILLION BEST EFFORTS OFFERING OF UNITS

Ram Power Corp. has entered into an agreement with Cormark Securities Inc. to offer for sale on an agency basis up to 50,000 units at a price of $1,000 per unit for gross proceeds of up to $50-million. Each unit will consist of a $1,000 secured debenture of the company at an interest rate of 8.5 per cent per annum, payable semi-annually, and 1,000 share purchase warrants. Each warrant will entitle the holder to acquire one common share of the company at a price of 30 cents for a period of five years following the closing date.

Closing of the offering is anticipated to occur on or before March 19, 2013, and is subject to receipt of applicable regulatory approvals, including approval of the Toronto Stock Exchange.

The net proceeds of the offering will be used to repay the company's existing corporate credit facility in full."

Mr. Shuman Moore reports

RAM POWER ANNOUNCES 2011 YEAR END RESULTS

Ram Power Corp. is releasing its financial and operating results for the fiscal year ended Dec. 31, 2011. This earnings release should be read in conjunction with Ram Power's consolidated financial statements, management discussion and analysis, and annual information form, which are available on the company's website and have been posted on SEDAR.

2011 highlights

The San Jacinto project, which is the company's significant driver of shareholder value, has achieved the following:

• Phase I achieved commercial operation and is running well;
• All financing was secured for phase II construction;
• Completed necessary drilling to complete construction of phase II.

The company's Casita and the Geysers projects provide the company with strong revenue opportunities for the future:

• Geysers project, successfully renegotiated PPA (power purchase agreement) and LOI (letter of intent) with EPC contractor for the construction of the project Casita;
• 85-megawatt confirmed resource.

Existing capital structure and expected cash flow generation supports the company's strategic plan:

• Raised $77-million of equity in May, 2011;
• Restructured $50-million credit facility in December, 2011, and extended the term to September, 2013;
• Significant cash flow from San Jacinto to cover operations and corporate debt service.

                             FINANCIAL OVERVIEW
                              (in U.S. dollars)
                                                         For the year ended
                                          Dec. 31, 2011       Dec. 31, 2010

Total revenue                             $   4,458,153       $   4,282,742
Direct cost of energy production              1,855,449           1,697,137
Gross profit                                  2,602,704           2,585,605
General and administrative expenses         (11,122,658)        (18,132,607)
Operating (loss)                             (8,519,954)        (15,547,002)
(Loss) on impairment                       (151,534,246)           (204,872)
Gain on warrant liability valuation           8,739,785                   -
Other (loss)                                 (8,785,800)         (3,102,669)
Deferred taxes                               12,421,558           1,916,184
Total (loss) and comprehensive (loss)      (147,678,657)        (16,938,359)
Total (loss) and comprehensive (loss)
per share                                 $       (0.62)      $       (0.11)

For the fiscal year ended Dec. 31, 2011, the company reported revenue of $4.5-million, and a total loss and comprehensive loss of $147.7-million, or 62 cents per share. For the same period, the company had a net operating cash outflow of $14.3-million, a net investing cash outflow of $190.3-million and a net financing cash inflow of $232.3-million, for a combined net increase in cash of $27.7-million. The company expended $190.3-million for additions to geothermal properties, including $165.7-million for the phase I and II San Jacinto-Tizate expansions. At Dec. 31, 2011, the company had unrestricted cash of $57.2-million, of which $38.8-million was held for current use in the phase I and phase II San Jacinto expansions, $56-million in additional available phase II financing, and long-term debt of $239-million.

For the three months ended Dec. 31, 2011, the company reported revenue of $1.1-million, and recognized a loss on impairment of long-lived assets and goodwill of $151.5-million, resulting in a total loss and comprehensive loss of $143.7-million.

Impairment of long-lived assets and goodwill

As a result of several conditions affecting the renewable energy market and specific project development results in 2011, the company measured the fair value of each of its projects and properties at Dec. 31, 2011, resulting in the loss on impairment.

For assets that are currently being developed or have a high likelihood of development, the fair value was estimated using income-based valuation models, which included San Jacinto phase I and phase II, Geysers, Orita, Casita and Clayton Valley. For all remaining projects and properties, the fair value was estimated as fair value less costs to sell, which included Reese River, Barren Hills, South Meager, and all U.S., Latin American and Canadian pre-exploration properties.

The fair values of the company's San Jacinto and Casita projects exceeded their respective carrying values as at Dec. 31, 2011. Accordingly, no impairment loss was recognized for these projects for the year ended Dec. 31, 2011.

The company recognized a total long-lived asset impairment loss of $136.9-million and associated goodwill impairment loss of $14.6-million for the year ended Dec. 31, 2011.

Outlook

Shuman Moore, Ram Power's chief executive officer, commented: "Since the equity raise in May of 2011, the company has executed on its business plan for the development of the San Jacinto project and solidified a plan for near-term pipeline projects. We expect the phase I 36-megawatt expansion at San Jacinto, in combination with the existing 10-megawatt backpressure units, will substantially increase production, revenue and EBITDA for 2012. Based on the current cash position of the company, and the near-term project development advances in Nicaragua and the Geysers, Ram Power is in the position of being able to develop and operate these geothermal power facilities now and into the future."

"Since the inception of the company, Ram Power has been focused on the creation of shareholder value through the development of geothermal power projects," said Antony Mitchell, executive chairman of Ram Power. "Along with our strong pipeline of projects, we now have an experienced management team to execute the company's plans to become a leading geothermal company. I look forward to watching the company continue its growth in 2012."

Ram Power will hold its earnings call to discuss the year-end 2011 financial and operating results on Monday, April 2, 2012, at 10 a.m. EDT (7 a.m. PDT). To listen to the call, please dial 866-696-5910 with participant passcode 4611034.

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