SOURCE: Genie Energy

Genie Energy

February 17, 2015 08:00 ET

Genie Energy Subsidiary Spuds First Exploratory Well in Northern Israel

NEWARK, NJ--(Marketwired - February 17, 2015) - Genie Energy Ltd., (NYSE: GNE) (NYSE: GNEPRA), an oil and gas exploration company and retail energy provider, today said that its Afek subsidiary has spudded its first exploratory well in the Golan Heights region of Northern Israel. The well is expected to be drilled to a depth of 1,000 meters.

"We are exploring an important potential natural resource that could lead to energy independence for Israel and provide a source of long term employment and prosperity," said Genie Energy's Chairman and CEO Howard Jonas. "If our thesis is correct, our license area may hold billions of barrels of oil."

Geoff Rochwarger, Genie's Vice Chairman and CEO of Afek, said, "We have worked closely with the Northern District council and all relevant authorities and to develop an exploratory drilling program that is respectful of the environment and that addresses the concerns of local residents. We look forward to building on this cooperative approach in the months ahead."

In April of 2013, the government of Israel awarded Afek an exclusive petroleum exploratory license covering 396.5 square kilometers in the southern portion of the Golan Heights. In July of 2014, the Northern District Committee for Planning and Building voted to approve Afek's application and issued permits for a ten-well, three year oil and gas exploration program.

About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE) (NYSE: GNEPRA) is comprised of Genie Retail Energy (GRE) and Genie Oil and Gas (GOGAS). GRE operates retail energy providers and energy brokerage and marketing services. GRE's retail energy provider businesses market electricity and natural gas to residential and small business customers primarily in the Eastern United States. GOGAS is an oil and gas exploration company with exploration and demonstration projects located in Israel, Mongolia and Colorado. For more information, visit www.genie.com.

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Contact Information

  • Contact:
    Genie Energy Investor Relations
    Bill Ulrey
    P: (973) 438-3848
    E-mail: invest@genie.com