Genie Energy Finds Significant Oil, Gas Resources in Northern Israel

Genie Energy has found significant quantities of oil and gas within its exploratory license area in northern Israel.

The company said Thursday that it does not yet have sufficient evidence to determine whether this or any part of the resource can be technically or economically produced. The resource does not constitute proved, probable or possible reserves.

The resource is present at multiple strata and in some of the explored portion of the license area is up to 350 meters thick – a finding consistent with the company's geological model. “We remain optimistic given the results to date,” said Howard Jonas, Chairman and Chief Executive Officer of Genie Energy. “In term of quantity, our log results indicate that this could be a significant find if analogous conditions are present over a significant portion of the license area. We are now working diligently to determine the production costs and total quantity of the resource.”

Genie has completed drilling two exploratory wells within its license area and begun drilling a third pursuant to a ten well exploratory program.