Genie Energy Corporation (Genie) a division of IDT Corporation (NYSE: IDT, IDT.C), today announced the formation of its Strategic Advisory Board.

The Board will advise Genie’s 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.

“I am thrilled to be working together with this team of luminaries from industry, science and public service to realize Genie’s vision of commercial shale oil production,” said Genie Chairman Wes Perry. “We are drawn together by a common conviction that oil shale development will fundamentally alter the global market for liquid fuels and thereby enhance the strategic and economic security of the United States, Israel and other democracies around the world.”

Members of the Genie Strategic Advisory Board consists of:
      Alan K. Burnham, PhD – Chief Technology Officer, American Shale Oil, LLC.; Research scientist at Lawrence Livermore National Laboratory for over 30 years;
 
Dick Cheney – 46th Vice President of the United States. Former President and CEO of Halliburton Company, and U.S. Secretary of Defense;
 
Wes Perry – Chairman of the Board, Genie Energy. Founder and CEO of E.G.L. Resources, an energy exploration and development company;
 
Allan Sass, PhD – Former President and CEO of Occidental Oil Shale, a subsidiary of Occidental Petroleum;
 
Michael Steinhardt – Principal Manager, Steinhardt Management LLC. Renowned hedge fund investor and founder Steinhardt, Fine, Berkowitz & Co., and noted philanthropist;
 
Stephen M. Trauber – Vice Chairman and Global Head; Energy Investment Banking Group, UBS Investment Bank;
 
Harold Vinegar, PhD – Former Chief Scientist - Royal Dutch Shell.

The Board’s activities will be coordinated by Jim Courter, Vice Chairman of IDT Corporation. Mr. Courter was formerly CEO of IDT, Chairman of the Defense Base Closure and Realignment Commission under Presidents George H.W. Bush and Bill Clinton, and a six-term member of the U.S. House of Representatives from New Jersey.

Alan Sass, former President and CEO of Occidental Oil Shale, said, “At Oxy, we produced hundreds of thousands of barrels of oil from America’s vast oil shale reserves. Genie’s innovative scientific and technological approaches bring these opportunities to a whole new level and significantly enhance the prospects for environmentally and commercially viable oil shale production.”

About IDT Corporation:

IDT Corporation ( www.idt.net ) 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).

Copyright Business Wire 2010