January 19, 2010 (FinancialWire) — GreenWell Power LLC has formalized an Agreement with Houston-based Free Green Energy, LLC to jointly develop a major, first of its kind, electricity generating project. GWP is a majority owned subsidiary of GreenWell Renewable Power Corp.

This agreement calls for the re-development and re-completion of 200 existing oil and gas wells in Mississippi and Texas; and to convert them into electrical power producers using GWP’s proprietary Linear Power Technology.

Free Green Energy will provide 100% of the required capital costs for this project and GWP will contribute its exclusive North American license for the Technology. This project is expected to generate baseload electrical power of up to 400 megawatts. The total capital cost is estimated to be $280 million.

In most cases, these will be end-of-life wells that have exhausted their hydrocarbon reserves and have little remaining value for their owners. Each well will be re-engineered as a producing, high-pressure, high-volume water well. This high energy flow passes through the proprietary Linear Driver Engine, which is then harnessed and converted to base-load electric power. Once the energy has been extracted the water is re-injected into a lower pressure rock formation in the earth.

Free Green Energy, headquartered in Houston, Texas, was organized in 2008 to finance and develop geothermal and geopressured energy resources in order to produce and sell clean, green electricity.

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