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MAGMA POWER CO. ACQUIRES STRATEGICALLY LOCATED SALTON SEA GEOTHERMAL ACREAGE FROM FREEPORT MCMORAN RESOURCE PARTNERS

 SAN DIEGO, Oct. 18 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) today announced that it has acquired from Freeport McMoRan Resource Partners approximately 17,000 acres of geothermal leaseholds at the Salton Sea Known Geothermal Resource Area (KGRA) in Southern California's Imperial Valley.
 This acquisition, coupled with Magma's existing leasehold acreage at the Salton Sea and the Geothermal acreage purchased from Unocal in March of this year, will enable Magma to manage the Salton Sea reservoir as a single unit. In addition to being highly productive, the Salton Sea KGRA is strategically located near the major Southern California markets of Los Angeles and San Diego. Magma Power also owns geothermal leases on three other KGRAs in the Imperial Valley.
 Magma Power plans to submit proposals for new geothermal power projects on the Salton Sea reservoir in response to Requests for Bids (RFBs) issued on Aug. 11 by Southern California Edison and San Diego Gas & Electric Co. The RFBs, issued under the California Public Utility Commission's Biennial Resource Plan Update, set aside 275 MW of new generating capacity from renewable energy sources such as geothermal.
 "This additional acreage significantly enhances our ability to develop new geothermal projects at the Salton Sea under the BRPU," stated Paul M. Pankratz, Magma chairman and chief executive officer. "We are especially well-positioned to bid on the new generating capacity scheduled to come on stream in Southern California beginning in 1997. This new acreage includes several prime geothermal properties, as well as potential sites for future geothermal plants and facilities."
 Magma Power Co. operates seven geothermal power plants in Southern California on geothermal leasehold and fee interests held by the company, and holds additional geothermal leasehold interests in other parts of California and Nevada.
 -0- 10/18/93
 /CONTACT: Wallace C. Dieckmann, CFO, of Magma Power, 619-622-7800/
 (MGMA)


CO: Magma Power Co.; Freeport McMoRan Resource Partners ST: California IN: OIL SU: TNM

JL -- NYON1 -- 3156 10/18/93 08:01 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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