Magma Energy: Announcement by the Icelandic Government

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Magma Energy Corp. is responding to comments that have been made by the government of Iceland at a recent press conference. Magma understands that the government has announced its intention to establish a committee respecting foreign investment into Icelandic energy companies. The government has also advised HS Orka that it has not made a decision on Magma's purchase of further shares in HS Orka.

The transaction to acquire Geysir Green Energy's remaining interest in HS Orka is the third in a series of transactions. Each transaction has been reviewed by the Committee on Foreign Investment established by the government of Iceland. The reviews have confirmed that the transactions are permitted by the provisions of the Act on Foreign Investment established by the government of Iceland. Magma is confident that the proposed transaction is in accordance with the laws of Iceland and intends to co-operate fully with the government.

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 a significant interest in two in Iceland.

Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604.646.1882, Email:
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