Final project report of natural state modeling effort for The Geysers geothermal field, California. Initial models examined the liquid-dominated state of the system, based on geologic constraints and calibrated to match observed whole rock delta-O18 isotope alteration. These models demonstrated that the early system was of generally low permeability (around 10{sup -12} m{sup 2}), with good hydraulic connectivity at depth (along the intrusive contact) and an intact caprock. Later effort in the project was directed at development of a two-phase, supercritical flow simulation package (EOS1sc) to accompany the Tough2 flow simulator. Geysers models made using this package show that ''simmering'', or the transient migration of vapor bubbles through the hydrothermal system, is the dominant transition state as the system progresses to vapor-dominated. Such a system is highly variable in space and time, making the rock record more difficult to interpret, since pressure-temperature indicators likely reflect only local, short duration conditions.