Magma goes forward with HS Orka shares addition

In Iceland, Magma Energy Corp. subsidiary, Magma Energy Sweden A.B. closed the final portion of a previously announced deal to acquire additional shares of Iceland’s HS Orka hf. Magma Sweden now holds a 98.53% interest in the geothermal company. In the latest transaction, Magma Sweden acquired 14.32% of HS Orka’s outstanding shares from Geysir Green Energy ehf by assuming a bond with the municipality of Reykjanesbaer. HS Orka also released its audited financial and operating results for the six months ended June 30, 2010. The company’s results from operating activities were 70% higher than the same period last year. However, HS Orka reported a net loss of $18.2 million for the six months.