Glacier Partners Exclusive Financial Advisor To Magma Energy In Its Purchase Of A Further 32% Interest In Icelandic Geothermal Energy Producer HS Orka

NEW YORK and REYKJAVIK, Iceland, Dec. 14 /PRNewswire/ -- Glacier Partners Corp., a corporate advisory firm focused on the geothermal energy and seafood sectors, in conjunction with its Icelandic affiliate, Capacent Glacier, today announced they have served as financial advisors to Magma Energy Corp. (TSX: MXY) in its purchase of 32.32% of Icelandic geothermal company HS Orka from Reykjavik Energy and the municipalities of Sandgerdi and Hafnarfjordur.  The previously announced purchase gives Magma a 40.94% direct interest in HS Orka and an option to acquire an additional stake in HS Orka by making a capital infusion of $15 million into HS Orka prior to November, 2011.  A further agreement to purchase a 2.16% stake in HS Orka is expected to close in March, 2010.

These transactions are significant as they are the first major foreign direct investment into Iceland since the bank crash in October of 2008.  Glacier Partners and its Icelandic affiliate Capacent Glacier played an instrumental role in advising Magma, providing the company with financial analysis, transaction structuring, and leading the negotiations with numerous stakeholders including the government of Iceland, Reykjavik Energy and two other municipalities.  Glacier Partners also collaborated with Mannvit Engineering to provide Magma with an independent report on HS Orka's geothermal resources.

Magnus Bjarnason CEO of Glacier Partners and Capacent Glacier said that "this transaction confirms our position as a leading advisor to the geothermal industry and to foreign firms investing in Iceland."

About Glacier Partners

Glacier Partners is a specialized advisory firm focused on bringing value to Geothermal Energy and Seafood industry clients.  The firm maintains strategic alliances with major Nordic consulting group Capacent, through their Capacent Glacier joint-venture in Iceland, and with energy focused investment bank Pritchard Capital Partners in the U.S.   www.glacierpartnerscorp.com

About Magma Energy Corp.

Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. Magma has 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.