The shareholders of Plutonic Power Corporation and Magma Energy have approved the previously-announced plan under which Magma agreed to buy Plutonic.

Magma Energy Corp., a Vancouver-based geothermal power developer, previously agreed to buy Vancouver-based Plutonic Power Corp. for C$190 million in stock to diversify its renewable energy capabilities.

The new company is to be named Alterra Power Corp. Plutonic will be a subsidiary.

When the share-swap deal was announced, Magma was trading at C$1.20 a share, making the deal worth C$190 million. The company’s share value has dropped since then, giving the deal a C$148 million value, the Vancouver Sun reported.

Magma said in a statement that Plutonic investors will receive 2.38 of its shares for every Plutonic share held.

Plutonic operates hydroelectric plants and wind farms and recently-announced plans to acquire three photovoltaic solar projects from First Solar Inc.

29 apr. 2011 – Magma Energy Corp., a Vancouver-based geothermal power developer, … CTG receives final approvals for Nepal’s 750-MW West Seti hydropower project …. Governor Replacement Parts – New and Factory Reconditioned.

VANCOUVER, BRITISH COLUMBIA, May 14 (MARKET WIRE) —
(All amounts in US dollars unless otherwise stated and all production
figures are approximate)

Magma Energy Corp. (TSX: MXY) today reported its financial and operating
results for the third quarter ended March 31, 2010. The Company also
provided an update on its operations. This earnings release should be
read in conjunction with the Company’s MD&A, unaudited Financial
Statements and Notes to Financial Statements for the corresponding period
along with the audited consolidated Financial Statements, the related
MD&A, and the Annual Information Form for the year ended June 30, 2009.
This information is available on the Company’s website at
http://www.magmaenergycorp.com and has been posted on SEDAR at http://www.sedar.com.

Commenting on today’s announcement, Ross Beaty, Chairman and CEO, said,
“Magma Energy continued to build its global geothermal power
business in the third quarter of fiscal 2010. We acquired an additional
5.24% interest in Iceland’s HS Orka in March and May which increased
Magma’s total power generation to 94 MW and our geothermal resources to
827 MW, continued our expansion efforts at our Soda Lake operation in
Nevada, and were awarded the 100,000 hectare Pellado exploration
concession and the 4,000 hectare Maule exploitation concession in Chile.
We began new drilling programs in Chile, Iceland and Nevada and I expect
we will continue to increase our geothermal production and our in-ground
resources during the balance of 2010.”
Corporate Financial Results
(expressed in thousands of dollars, except for per share amounts)

—————————————————————————
For the For the For the
Three Three Nine For the
Months Months Months Year
Ended Ended Ended Ended
March 31, March 31, March 31, June 30,
2010 2009 2010 2009
—————————————————————————
Total revenue $ 1,295 $ 1,926 $ 3,709 $ 4,485
—————————————————————————
Cost of energy production 878 1,444 2,538 3,003
—————————————————————————
Gross profit 417 482 1,171 1,482
—————————————————————————
Expenses 2,379 1,176 6,505 4,966
—————————————————————————
Other income (expenses) 1,406 11 (2,850) (976)
————————————————————————— income tax recovery (expense) 698 – 412 –
————————————————————————— income (loss) for the period 142 (683) (7,772) (4,460)
—————————————————————————
EBITDA 815 (336) (743) (2,599)
—————————————————————————
Earnings (loss) per share (basic and
diluted) 0.00 0.00 (0.03) (0.03)
—————————————————————————
Total assets 219,560 42,251 219,560 43,780
—————————————————————————
Total liabilities 63,012 4,409 63,012 4,582
—————————————————————————
Cash and cash equivalents 40,517 11,564 40,517 4,483
—————————————————————————
Working capital (deficiency) 31,711 10,346 31,711 1,883
—————————————————————————

HS Orka Financial Results
(expressed in thousands of dollars and reconciled with Canadian GAAP)

Summary financial information with respect to the operation of HS Orka, on
a 100% basis, is as follows:

—————————————————————————
For the Three Months For the Year Ended
Ended March 31, 2010 December 31, 2009
—————————————————————————
Total revenue 14,170 49,834
—————————————————————————
Cost of energy production (9,706) (35,521)
—————————————————————————
Gross profit 4,464 14,313
—————————————————————————
Expenses (250) (2,941)
—————————————————————————
Other income (expenses) 7,611 46,314
—————————————————————————
Income tax recovery (expense) (2,212) (7,408)
—————————————————————————
Income (loss) for the period(i) 9,613 50,278
—————————————————————————
EBITDA 5,813 19,142
—————————————————————————
Total assets 335,636 318,534
—————————————————————————
Total liabilities 208,911 217,813
—————————————————————————
Cash and cash equivalents 2,092 1,218
—————————————————————————
Working capital (deficiency) 19,323 (26,984)
—————————————————————————
(i) Magma’s share of equity income (loss) was $3.6 million for the quarter
ended March 31, 2010 and ($1.9 million) for the quarter ended December
31, 2009.
For the third quarter ended March 31, 2010, Magma reported net income
of $142,000 ($0.00 per share), including the Company’s share of HS Orka’s
net income of $3.60 million. The Soda Lake operation earned revenues of
$1.29 million, gross profit of $417,000 and net income of $72,000 after
deducting non-cash and other related expenses.

On a cash basis for the quarter ended March 31, 2010, the Company spent
$2.0 million on operating activities and $13.1 million on investing
activities, including investments of $7.1 million to acquire an
additional interest in HS Orka, $2.8 million to acquire and explore the
Company’s portfolio of exploration projects and $2.2 million on the Soda
Lake expansion. At March 31, 2010, Magma had cash and cash equivalents of
$40.5 million, working capital of $31.7 million, and long-term debt with
a fair value at quarter end of $51.0 million.

For the quarter ended March 31, 2010, HS Orka generated revenues of
$14.17 million, gross profit of $4.46 million, net income from operations
of $4.24 million, other income, net of other expenses, of $7.59 million,
and income of $9.61 million, net of taxes of $2.21 million. EBITDA for
the period was $5.72 million.

On an annualized basis, HS Orka’s revenues for the quarter represent a
14% increase over revenues earned in fiscal 2009. Approximately 46% of HS
Orka’s revenues are sold under purchase power agreements with prices
indexed to the price of aluminum, resulting in higher revenues as
aluminum prices increase.

HS Orka Operations

The 100 MW Reykjanes and the 75 MW Svartsengi power plants as well as the
150 MW Svartsengi district heating system produced as expected during the
quarter. The recent volcanic eruptions in Iceland have had no impact on
HS Orka operations.

Three share purchases from Geysir Green Energy and HS Orka’s treasury
since the end of the second quarter resulted in Magma’s ownership rising
to 46.18%. The purchases were financed from cash on hand. Efforts to
increase ownership in HS Orka are on-going.

HS Orka is the largest privately owned energy company in Iceland
supplying 9% of the country’s electrical output. Expansion plans for an
additional 230 MW are well advanced and construction is progressing at
the aluminum smelter where the power is expected be sold. Power contracts
are currently being negotiated and the transmission line has been
approved. HS Orka has 175 MW of Reserves and 640 MW of Resources as
defined by the Geothermal Reporting Code.

Magma’s investment in HS Orka and, consequently, in Iceland’s energy
industry, is a significant part of the Company’s strategic plans for
growth. To support these plans and Magma’s other global projects, Magma
opened a new Iceland office during the quarter staffed with an
exceptionally experienced team of geothermal experts.

Soda Lake Operation

The Soda Lake operation produced as expected during the quarter with
interruptions due to the Phase 1 expansion program, which is designed to
boost production from 11 MW to 23 MW, and a half-day interruption on
February 22 due to a fire that damaged one of the operation’s ten turbine
units. Damage from the fire will be covered by insurance subject to a
$500,000 deductable.

As part of the field optimization program, well 45A-33 was successfully
connected to the plant in late April 2010 and commissioning is underway.
This is the first new well that has been connected to the plant in over
17 years and represents one of the hottest pumped wells in the world with
one of the industry’s deepest setting depths at over 2,000 feet. The new
well, along with additional improvements resulting from recent plant
refurbishments are expected to add several MW to the facility’s output
and will increase Soda Lake’s revenues and profitability in the future.
Current production at Soda Lake is 13.5 MW, up from 11 MW in the previous
quarter. Deep well 41B-33, which was drilled in 2009, will be used as an
injection well. Magma expects to confirm the remaining Soda Lake capacity
increase to 23 MW after mid-year 2010. To date, $14 million has been
expended of the original $18.2 million Phase 1 budget.

During the quarter, a Geothermal Reporting Code estimate was prepared for
Soda Lake with GeothermEx acting as the Qualified Person. The recent
field optimization study resulted in a comprehensive data set that was
used for the reservoir estimate. Proved Reserves of 20 MW and Indicated
Resources of 41 MW have now been established for the property. This
compares with a previous P90 estimate of the geothermal reservoir’s gross
generation capacity of 29 MW.

Exploration Activities

In January 2010, Magma was awarded an exploration permit for the 100,000
hectare Pellado property. Subsequent to the quarter end, Magma received a
50 MW exploitation permit for the 4,000 hectare Laguna de Maule property
which adjoins the Pellado property. The exploitation permit will allow
Magma to proceed directly to construction of a Phase 1 operating plant
once a drilling program, infrastructure, permitting and other work have
been completed. The two properties comprise the Mariposa Geothermal
Resource (“Mariposa”) that is estimated to contain an Inferred
Resource of 320 MW of electrical generation capacity, as defined by the
Geothermal Reporting Code. Mariposa is located within 25 kilometers of
two hydro power plants and associated transmission lines that are in
development. Road construction for all-season access began in September
2009 and drilling of the first of four slim holes commenced in March
2010. The 2010 slim hole program, plus related work, is expected to be
completed by December at a cost of $15 million.

During the quarter, Magma commenced a drilling program on the Desert
Queen property in Nevada. To date, four temperature gradient holes have
been drilled and the results are presently being evaluated. A drilling
program on the McCoy property in Nevada is currently planned. In May, the
Company added geothermal holdings to its Desert Queen and Granite Springs
properties.

In Peru, Magma acquired the mining rights to the San Pedro and Crucero
properties consisting of 1,600 hectares. Exploration programs on all of
Magma’s Peruvian properties will commence upon the award of geothermal
rights, which are pending. In April, Magma’s joint venture with Ram Power
on two Nicaraguan concessions was terminated.

Mr. Beaty concluded, “Magma is rapidly building itself into a large
global geothermal power company, with its active programs in Nevada,
Chile and Iceland. We have an outstanding team of geothermal experts, a
healthy balance sheet and an excellent property portfolio which should
deliver continuing good results during the rest of 2010.”

About Magma Energy Corp.

Magma Energy Corp. is a 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 an interest in two other operating power plants in Iceland.

Magma Energy will host a conference call to discuss financial and
operating results on Monday, May 17, 2010 at 10:00 am ET (7:00 am PT).
North American participants dial 1-877-240-9772, International
participants dial 1-416-340-8527, and Switzerland and United Kingdom
participants dial 00-800-9559-6849. For participants from the UAE, please
contact athompson@magmaenergycorp.com for instructions. The call will
also be broadcast live on the Internet at
http://www.investorcalendar.com/IC/CEPage.asp?ID=154644. Listeners may
also gain access by logging on at http://www.magmaenergycorp.com. The call will
be available for replay for one week after the call by dialing
1-416-695-5800/1-800-408-3053 (for International and North American
callers) and entering replay pin number 5174721.

Cautionary Note regarding Forward-Looking Statements and Information

This news release contains certain “forward-looking
information” within the meaning of Canadian securities laws, which
may include, but is not limited to, statements with respect to future
events or future performance, management’s expectations regarding our
growth, results of operations, revenues, requirements for capital, future
demand for and prices of electricity, business prospects and
opportunities, exploration and development, geothermal resources,
recoverable geothermal energy or energy generation capacities. Such
forward-looking information reflects management’s current beliefs and is
based on information currently available to management.

In addition, it is worthy of note that the financial results of HS Orka
represent the first operating year of the company in its present form. As
such, future results could differ materially from those reported or
anticipated. Accordingly, prospective investors should not place undue
reliance on the current reported financial results. Other than as
required by applicable securities laws, we assume no obligation to update
or revise such forward-looking information to reflect new events or
circumstances.

A number of known and unknown risks, uncertainties and other factors, may
cause our actual results or performance to materially differ from any
future results or performance expressed or implied by the forward-looking
information. The forward-looking information is based upon what
management believes to be reasonable assumptions, including, but not
limited to, assumptions about: the success and timely completion of
planned exploration and expansion programs, the growth rate in net
electricity consumption; support and demand for non-hydroelectric
renewables; government initiatives to support the development of
renewable energy generation; the accuracy of reserve estimation
methodology and analysis used to estimate the quantity of potentially
recoverable thermal energy; geological, geophysical, geochemical and
other conditions at our properties; the reliability of technical data,
including extrapolated temperature gradient, geophysical and geochemical
surveys and geothermometer calculations; capital expenditure estimates;
availability of capital to fund exploration, development and expansion
programs; and general economic conditions. Forward-looking information
and statements are also based upon the assumption that none of the
identified risk factors that could cause actual results to differ
materially from the forward-looking information and statements will occur.

There can be no assurance that the forward-looking information will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
prospective investors should not place undue reliance on forward-looking
information. Other than as required by applicable securities laws, we
assume no obligation to update or revise such forward-looking information
to reflect new events or circumstances.

Contacts:
Magma Energy Corp.
Alison Thompson
Vice President, Corporate Relations
604.646.1882
athompson@magmaenergycorp.com
http://www.magmaenergycorp.com

Copyright 2010, Market Wire, All rights reserved.

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In this way we have same corp whit many names and kids what make all is necesary to bring prfit to banks and death to the people.

We let the people now to reserch and think what is best for them.

All Unite we can make the Bank Corps to be down and make our life to be good.

EXPECT US!