VANCOUVER, May 13 /PRNewswire-FirstCall/ – Magma Energy Corp. (“Magma”) (TSX: MXY) and Plutonic Power Corporation (“Plutonic”) (TSX: PCC) today announced the completion of the merger of
Magma and Plutonic pursuant to a plan of arrangement (the
“Arrangement”). As previously announced, the Arrangement was approved
by the Supreme Court of British Columbia on May 9, 2011.

Pursuant to the Arrangement, Magma has acquired all of the outstanding
shares of Plutonic on the basis of 2.38 common shares of Magma and Cdn.
$0.0001 in cash for each Plutonic common share. In addition, all of
the outstanding stock options to purchase Plutonic common shares are
now exercisable for common shares of Magma in accordance with the same
exchange ratio.

In connection with the Arrangement, Magma will change its name to
“Alterra Power Corp.” and its common shares will, subject to receipt of
final approval of the Toronto Stock Exchange (“TSX”), trade on the TSX
under the symbol “AXY”. For trading purposes, the change of name and
trading symbol are expected to become effective, subject to TSX
approval, as of the commencement of trading on May 18, 2011.

Subject to TSX confirmation, Plutonic common shares are expected to be
delisted from trading on the TSX as of the close of business on May 17,
2011.

About Magma Energy Corp.

Magma Energy Corp. is a geothermal power company which owns and operates
198 MW of geothermal energy projects while actively exploring for and
developing new projects. Magma has an extensive portfolio of
properties throughout the western United States, Iceland, South America
and Italy, including one operating power plant in Nevada and two in
Iceland.

About Plutonic Power Corp.

Plutonic Power identifies, develops and operates clean power projects in
a safe reliable and efficient manner. Plutonic Power strives to be a
Canadian-based leader in clean power. Plutonic’s principal operating
facilities are the Toba Montrose Hydroelectric Project and the Dokie
Wind Farm. These assets are held in partnership with GE Energy
Financial Services of which Plutonic is the managing and operating
partner. For more information, visit www.plutonic.ca

The TSX Exchange does not accept responsibility for the adequacy or
accuracy of this release.

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, including the expected date of the change of Magma’s name
and trading symbol and the expected date for the delisting of Plutonic
common shares.

These statements are subject to a number of risks and uncertainties.
Actual results may differ materially from results contemplated by the
forward-looking statements. When relying on forward-looking statements
to make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and should not place undue
reliance on such forward-looking statements. Plutonic and Magma,
respectively, do not undertake to update any forward looking
statements, oral or written, made by itself or on its behalf.

SOURCE Plutonic Power Corporation