Several hundred microearthquakes with local magnitudes ranging between -4 and -2 were recorded during hydraulic stimulation experiments at the hot dry rock demonstration site, Fenton Hill, New Mexico. These events are probably caused by shear failure induced by high pore fluid pressures. Since the event locations seem to cluster in a narrow band near the hydrolic fracture, we were able to use microseismic techniques to locate the hydraulic fracture and monitor its growth. We calculate the minimum pore pressure increase necessary to induce rock failure using a simple model of slippage on preexisting fractures. By comparing a pore pressure distribution, calculated using a one-dimensional diffusion model with the distribution of event foci, we demonstrate that high pressures are a probable cause for these microearthquakes. Stress drops for these microearthquakes, calculated from spectral parameters, increased by a factor of 3 during the course of the experiment. The stress drop increase correlates with a migration of seismic activity away from the injection well bore, which suggests relatively low in situ shear stresses near the well bore caused by strain release in this region during previous pressurizations.