Genie Energy Corporation (Genie Energy), a division of IDT Corporation
(NYSE: IDT, IDT.C), today announced that Rupert Murdoch and Gene Renna
have joined its Strategic Advisory Board.
K. Rupert Murdoch is the founder, Chairman of the Board, and CEO of News
Corporation, one of the world’s largest diversified media companies.
News Corporation’s holdings include Fox Entertainment, Dow Jones and
Company, the New York Post, HarperCollins and significant media assets
on six continents.
Mr. Murdoch commented: ‘I believe Genie Energy’s technologies and vast
shale oil licenses have real potential to spur a global, geo-political
paradigm shift by moving a major portion of new oil production to
America, Israel and other western-oriented democracies.’
Eugene A. Renna, currently a director of Ryder System, Inc., served as
Executive Vice President and a member of its Exxon Mobil’s Board of
Directors before retiring in 2002. He was President and Chief Operating
Officer of Mobil Corporation, and a member of its Board of Directors,
until the time of its merger with Exxon Corporation in 1999. As
President and Chief Operating Officer of Mobil, Mr. Renna was
responsible for overseeing all of its global exploration and production,
marketing and refining, and chemicals and technology business activities.
Genie’s Strategic Advisory Board will advise management on strategic,
financial, operational and public policy matters related to Genie’s
shale oil ventures: AMSO, a joint venture with Total, S.A. to develop
oil shale on a federal leasehold in Northwestern Colorado, and Israel
Energy Initiatives Ltd (IEI), which holds an exclusive Shale Oil
Exploration and Production License covering 238 square miles in the
Shfela basin region in Israel.
‘Rupert Murdoch and Gene Renna obviously bring vast experience and
immeasurable value to the Genie Strategic Advisory Board. Their
legendary accomplishments and eminent characters speak for themselves,’
said Genie Energy Chairman Wes Perry. ‘Their decision to join Genie’s
Strategic Advisory Board speaks to the fundamental importance and
urgency of our mission to rebalance global energy production markets. I
join the other Board members in welcoming them and look forward to
working with them.’
About IDT Corporation:
is a consumer services company with operations primarily in the
telecommunications and energy industries.IDT Corporation’s Class
B Common Stock and Common Stock trade on the New York Stock Exchange
under the ticker symbols IDT and IDT.C, respectively.Genie
Energy is a subsidiary of IDT Corporation and is currently comprised of
IDT’s interests in IDT Energy, American Shale Oil, LLC (AMSO), and
Israel Energy Initiatives (IEI).