Genie Energy believes that competition and ceaseless innovation are required to meet the world’s growing demand for affordable, environmentally sustainable and reliable sources of energy.

Genie Energy (NYSE: GNE, GNEPRA) believes that competition and ceaseless innovation are required to meet the world’s growing demand for affordable, environmentally sustainable and reliable sources of energy.

Genie Energy is comprised of IDT Energy and majority holdings in Genie Oil and Gas (GOGAS) and its subsidiaries.

IDT Energy is a retail energy provider (REP) supplying electricity and natural gas to residential and small business customers in the Northeastern United States.
Genie Oil and Gas (GOGAS) is pioneering technologies to produce clean and affordable transportation fuels from the world’s abundant oil shales and other fuel resources.

Genie Energy (NYSE: GNE, GNEPRA), said today that the government of Israel has awarded its subsidiary, Genie Israel Oil and Gas, Ltd., an exclusive petroleum exploration license covering 396.5 square kilometers in the Southern portion of the Golan Heights.

Genie Energy is currently developing two oil shale projects – one in Israel’s Shfela Basin and the other in Colorado’s Piceance Basin. The Company believes, based on its preliminary analysis and interpretation of existing geological data, that the newly issued license area may contain significant quantities of conventional oil and gas in relatively tight formations, the development of which would entail significantly different technical approaches and project timelines than the other projects. Genie Energy intends to conduct an exploration program to further investigate the size and quality of the resource in the new license area.