Genie Energy Ltd., (NYSE: GNE) 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 two divisions: IDT Energy and Genie Oil and Gas
Founded in 2004, IDT Energy has grown to become the largest independent residential energy service provider (REP) in New York State. In 2010, IDT Energy entered deregulated markets in New Jersey and Pennsylvania, and entered is fourth state, Maryland, in 2012. The key to IDT Energy’s success is its commitment to consumer choice. IDT Energy offers flexible rate plans without the commitment of contracts, up-front deposits, sign up fees, early termination fees or cancellation penalties.
For more information, visit IDT Energy.
Genie Oil and Gas (GOGAS)
GOGAS is a resource and technology development company focused on producing clean and affordable transportation fuels from the world’s abundant kerogen-based oil shales and other oil and gas resources.
We are leveraging our technical expertise to access unconventional resources on a scale sufficient to materially contribute to the energy security and long term prosperity of the countries in which we operate.
In all of our projects, we are investing heavily to develop environmentally sustainable technologies that will help to preserve the quality of ground water, reduce carbon emissions, and minimize impacts on local landscapes.
GOGAS contains Genie Energy’s majority interests in several early stage oil and gas initiatives:
American Shale Oil, LLC (AMSO) which holds a U.S. Bureau of Land Management Research, Demonstration and Development lease to develop oil shale on federal lands in the Piceance Basin of Colorado. Based on U.S. Geological Service data and our own field work, we estimate that there are approximately 10 billion barrels of oil equivalent in place within our 5,120 acre preferential lease right area, and our plan for commercial operations targets approximately 20 percent of the available resource. AMSO is a 50/50 joint venture with Total, SA, the world’s fifth largest integrated oil and gas E&P company.
Through its Genie Israel Holdings subsidiary, GOGAS holds two resource development licenses in Israel:
Israel Energy Initiatives (IEI) holds an exclusive Shale Oil Exploration and Production license in the Shfela region of Israel. There are an estimated 40 billion barrels of oil equivalent in place within IEI’s 238 square kilometer license area. Under the terms of the license, IEI is obliged to conduct a comprehensive geological reconnaissance study and a subsequent pilot test. The pilot test is intended to demonstrate that IEI’s in-situ conversion process is technologically feasible, economically viable and environmentally responsible.
Genie Israel Holdings also holds an exclusive petroleum exploration license covering 396.5 square kilometers in the Southern portion of the Golan Heights. The Company believes, based on its preliminary analysis and interpretation of existing seismic and other geological data, that the newly issued license area may contain significant quantities of conventional oil and gas in relatively tight formations. The Company is conducting an initial exploration program to evaluate its preliminary hypothesis including geophysical testing, drilling and analysis .