<img src="https://ml.globenewswire.com/Resource/Download/82070553-821b-4edc-ba1d-50a7a4100e64?size=2" nborder="0" align="left" hspace="5" vspace="5" title="Mazama_Logo .png" alt="Mazama Energy"/>The first phase of Mazama’s Athena Drilling Project at Newberry demonstrates 80% improvement in drilling time over its 2025 drilling result, paving the way for engineered geothermal systems to achieve mainstream power market costsBEND, Ore., Sept. 01, 2026 <a href="https://www.globenewswire.com" target="_blank">(GLOBE NEWSWIRE)</a> -- Mazama Energy today announced that its second geothermal well, Athena, at Newberry, Oregon, reached a depth of 10,350 feet in 15 drilling days. Project Athena builds on the 2025 record breaking effort at Newberry where Mazama created the world's hottest engineered geothermal system (EGS) pilot at 629°F (331°C) temperature. Athena was drilled to the target depth of the well Mazama drilled in 2025 in 80% fewer days, demonstrating the rapid learning and improvement the company is achieving. The milestone comes as Mazama continues drilling the new well toward a planned total depth of ~15,500 feet, targeting temperatures exceeding 750°F. Project Athena was designed to demonstrate faster and more efficient drilling while validating the technologies and processes essential to develop superhot rock geothermal resources. The well will provide pioneering insights into ultra-high temperature rock characteristics and provide evidence for independent certification of a thermally recoverable resource at Newberry of more than 10 GWe. The drilling achieved instantaneous rates of penetration exceeding 350 feet per hour, and sustained rates above130 feet per hour across extended intervals. The team completed a 3,578-foot drilling bit run which only stopped when the planned casing point was reached. Equipment reliability was a standout with zero downhole motor or directional drilling system failures. The results to date demonstrate a significant improvement in drilling performance and provide validation of Mazama’s approach of combining technology innovation with operational excellence to reduce the cost and risk of accessing superhot rock resources.   “Our goal was to demonstrate that we could drill faster and be cost effective as we move toward increasingly hotter and deeper conditions,” said Pat Brand, Project Athena Director and Mazama’s Drilling SME. “We still have work ahead as we drill toward 750+°F temperatures, but the performance we are already seeing gives us confidence.” Athena is a key step toward Mazama’s Project Ceres which, with support from the U.S. Department of Energy, will drill the first ever commercial-scale superhot rock horizontal wells in Q4 2026. “Mazama’s Projects Athena and Ceres are pivotal milestones in the progression of next-generation geothermal. Continued field demonstration and innovation can help expand the range of geothermal resources and locations capable of delivering reliable, 24/7 energy at scale,” said Sean Porse, Acting Director, Geothermal Technologies Office, U.S. Department of Energy. “We have the demonstrated superhot rock platform which includes well construction, drilling, and stimulation to substantially increase the power capacity of engineered geothermal systems. This allows our projects to drill fewer wells, use less water, and minimize surface footprint to drive down capital and compete on cost with natural gas,” said Sriram Vasantharajan, Chief Executive Officer of Mazama Energy. “We expect our first commercial project at Newberry, to achieve $4,500 to $4,950 per kilowatt initial development cost and inform a tangible pathway to $3,200 per kilowatt as the technology scales. Each milestone strengthens the pathway to cost-competitive baseload superhot rock geothermal power at scale.”   About Mazama Energy Mazama Energy is a geothermal developer that has differentiated technology to deliver and scale superhot rock geothermal. In 2025 Mazama achieved the highest temperature in an engineered geothermal system, 629 °F (331°C), at Newberry, Oregon, unlocking the potential to generate significantly more energy from fewer wells, use less land, water and capital, and thereby, lower the cost of power. By integrating advanced drilling technologies, reservoir development, diagnostics, and heat-harvesting technologies, Mazama is building a robust platform to make superhot rock geothermal a scalable source of carbon free, reliable and affordable power worldwide. For more information, visit <a href="https://www.globenewswire.com/Tracker?data=-1M_pPJNIQ6P_U3RApVPklEIe9lBqcQiXE5hwzw4j0l3xm2HyJmS3U-W7BfH_EkVJp2fn84ufvD-_Tgy4ocgBu6xT00C7h1GbrWhwHoZVO8aT2_12izRALiEDIdAn-sYfbFiUetegX4njSzBR8k6uPY0OHkMJnnIL5G6UKHEa3trbhfALQWh1cdCt5m8Uso4bhwqM9spDqlXq2qzGQ8vlfYQlMhOm78QvgVKQkvsDFyMmulzHf14r-672qi9cF0FBga2pI6gkZXdX0XDbQrW5pKSnAk0NJ2Kwgg328v80sqPXMby1nybx7Q6hnwN2dI2" rel="nofollow" target="_blank" title="mazamaenergy.com">mazamaenergy.com</a>    Media Contact Chase Kupinsky <a href="https://www.globenewswire.com/Tracker?data=Z04swhjCR8g90NX0Xs4PKQjJc4-fHnJQ30t8OGHOirynPDH3ncVRLdmSliDJGJhIKmDIBKiisb5F-BytWjK9tW80PSx0fQpzOwhjmfEzH6tO5Dud_SnZuvRUp49UX5ZQ" rel="nofollow" target="_blank" title="chase@teamsilverline.com">chase@teamsilverline.com</a>  <img alt="" src='https://ml.globenewswire.com/media/YTc3YzgxYmUtODI4My00MWM3LTgyMDgtM2I2ZDRkYWM2NjdlLTEzMTgzNTktMjAyNi0wOS0wMS1lbg==/tiny/Mazama-Energy.png' referrerpolicy='no-referrer-when-downgrade' />

Mazama Energy Superhot Rock Drilling Performance Milestone Signals a Turning Point for Engineered Geothermal System Economics

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