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
IDT Energy
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 pioneering technologies to produce clean and affordable transportation fuels from the world’s abundant supply of oil shales and other fuel resources.
GOGAS seeks to leverage its technical expertise to access resources on a scale sufficient to materially contribute to the energy independence and long term prosperity of the countries in which it operates.
GOGAS contains interests in two oil shale development initiatives:
American Shale Oil, LLC (AMSO)
American Shale Oil, LLC (AMSO)
Israel Energy Initiatives (IEI)
Israel Energy Initiatives (IEI)
American Shale Oil, LLC (AMSO) 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 its own field work, AMSO estimates that there are approximately 10 billion barrels of oil equivalent in place within its 5,120 acre preferential lease right area. Its 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.
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.
In these projects, GOGAS is investing heavily to develop and deploy environmentally sustainable approaches to oil shale development. AMSO and IEI are pioneering new techniques and technologies to preserve the quality of ground water, reduce carbon emissions, and minimize impacts on their respective local landscapes.
Genie Oil and Gas also includes Genie Energy’s interest in Genie Israel Oil and Gas, Ltd. In February of 2013, Genie Israel Oil and Gas, Ltd., was granted an exclusive petroleum exploration license by the government of Israel covering 396.5 square kilometers in the Southern portion of the Golan Heights.
