Magma Energy: Closing Of Over-Allotment Option

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Magma Energy Corp. ("Magma") announced in connection with the initial public offering (the "Offering") of Magma which closed on July 7, 2009, the closing of the exercise of the over-allotment option for 6,933,334 common shares from its treasury at a price of Cdn.$1.50 per share, for gross proceeds of Cdn.$10,400,001.00. Magma has now completed the distribution of its common shares under the Offering.

As of July 20, 2009 Magma has 236,892,002 issued and outstanding common shares.

A syndicate of underwriters, co-led by Raymond James Ltd. and Cormark Securities Inc., managed the Offering. The other members of the syndicate were Canaccord Capital Corporation, National Bank Financial Inc., Dundee Securities Corporation, Jacob & Company Securities Inc. and Wellington West Capital Markets Inc.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ''U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Magma Energy Corp. in any jurisdiction.

About Magma Energy Corp.

Magma Energy Corp. is a geothermal power company which is actively engaged in operating, developing, exploring and acquiring geothermal energy projects. We currently have one operating power generation plant (the Soda Lake Operation in Nevada), and an extensive portfolio of exploration properties throughout the western United States, Chile, Argentina and Peru.

For further information please contact:
Andrea Zaradic, Vice President, Corporate Development
Magma Energy Corp.
Phone: 604.646.1874

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