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Genie Energy Begins Trading on NYSE

IDT Completes Spin-Off of Genie Energy to Stockholders

Genie Energy (NYSE: GNE) Class B common stock began trading ‘regular
way’ on the New York Stock Exchange today after being spun-off from
parent company IDT Corporation (NYSE: IDT). IDT distributed Genie shares
to its common stockholders at close of business on October 28th.

Genie Energy is comprised of IDT Energy, a retail energy provider, and
Genie Oil and Gas, which develops the Company’s unconventional energy
initiatives, including ongoing oil shale development projects in
Colorado and Israel. IDT mailed information statements to all IDT
stockholders of record as of the October 21st record date.

Howard Jonas, who serves as Chairman of the Board of both Genie Energy
and IDT said, “Genie Energy holds tremendous promise. Its retail energy
side is growing at a healthy pace, while our pioneering work on energy
extraction technologies from unconventional resources will ultimately
make liquid transportation fuels considerably more secure, accessible
and affordable on a global scale.”

About Genie Energy Ltd.:

Energy Ltd.
, (NYSE: GNE) is comprised of IDT Energy and Genie Oil
and Gas. IDT Energy is a retail energy provider supplying electricity
and natural gas to residential and small business customers in New York,
Pennsylvania and New Jersey. Genie Oil and Gas (GOGAS) pioneers
technologies to produce clean transportation fuels from the world’s
abundant unconventional fuel resources. Its unconventional energy
development projects include oil shale initiatives in Colorado and
Israel. For more information, visit

About IDT Corporation:

(NYSE: IDT) through its IDT Telecom division, provides
telecommunications and financial services. IDT Telecom’s retail products
allow people to communicate and share financial resources around the
world while its carrier services business is a global leader in
wholesale voice termination. IDT also holds majority interests in Fabrix
– a platform for efficient video storage and processing, Zedge – a
distribution channel for mobile device related personalization content,
and intellectual property pertaining to computer-to-computer
communications. For more information, visit

In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use
the words “believe,” “anticipate,” “expect,” “plan,” “intend,”
“estimate, “target” and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995.
While these forward-looking statements
represent our current judgment of what may happen in the future, actual
results may differ materially from the results expressed or implied by
these statements due to numerous important factors, including, but not
limited to, those described in our most recent report on SEC Form 10-K
(under the headings “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”), which may
be revised or supplemented in subsequent reports on SEC Forms 10-Q and
We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or

Genie Investor Relations
Corporation Investor Relations
Bill Ulrey, 973-438-3838