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Press release from CNW Group

Magma Issues Shares - Completes Obligation For HS Orka Purchase

Wednesday, December 22, 2010

Magma Issues Shares - Completes Obligation For HS Orka Purchase19:03 EST Wednesday, December 22, 2010VANCOUVER, Dec. 22 /CNW/ - Magma Energy Corp. (TSX: MXY) advises that it has issued 24,808,569 shares to a subsidiary of Geysir Green Energy ehf ("GGE") pursuant to the conversion of the subscription receipt issued to GGE as part of the consideration paid by Magma Energy Sweden A.B. ("Magma") for the acquisition of its 98.53% interest in HS Orka hf.  Magma's obligations to GGE under the share purchase agreement are now complete.About Magma Energy Corp.Magma Energy Corp. is a global geothermal power company which operates, develops, explores and acquires geothermal energy projects.  We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and two in Iceland. For further information: Alison Thompson, Vice President, Corporate Relations Magma Energy Corp. Phone: 604.646.1882 Email: athompson@magmaenergycorp.com