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IDT Corporation (NYSE: IDT; IDT.C) today said that it has closed on the
previously announced deal under which Total, the fifth largest
international integrated oil and gas company, acquired a fifty percent
interest in IDT’s American Shale Oil, LLC (AMSO) subsidiary. The
prospective deal was initially announced by both companies on January
14, 2009.
“Total’s considerable expertise in unconventional fuels and large scale
oil and gas development will be an important asset going forward,” said
Claude Pupkin, President of AMSO. “Together, we will vigorously pursue
environmentally responsible approaches to developing this vitally
important national resource. Our efforts could allow oil shale to make
an important contribution to satisfy the world’s growing energy demand.”
AMSO is one of three holders of 10-year leases granted by the U.S.
Bureau of Land Management to assess, test and demonstrate the potential
for commercial shale oil production in western Colorado. Once AMSO has
demonstrated that its technology is economically viable and
environmentally acceptable, it will have the opportunity to expand its
lease to 5,120 acres for commercial development. The rights covered by
the commercial preference lease are estimated to contain multi billion
barrels of recoverable shale oil.
Currently, AMSO is undertaking site characterization work on its
leasehold in Western Colorado.
About AMSO
American Shale Oil, LLC (AMSO), (www.amso.net)
a subsidiary of IDT Corporation (www.idt.net),
is one of three companies holding a U.S. Bureau of Land Management oil
shale research, development and demonstration lease of government-owned
lands in the Piceance Basin in northwest Colorado.
AMSO’s mission is to develop its proprietary technology into a
commercially viable and environmentally sound method of producing
commercial quantities of shale oil by using in-situ extraction processes.
About IDT Corporation
IDT
Corporation (www.idt.net)
is a consumer-focused multinational holding company. 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.
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with 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.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.
IDT Corporation
Investor Relations:
Bill
Ulrey, 973-438-3838
or
Synapse PR
Media
Inquiries:
Gil Nielsen, 610-704-6622
