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:

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).

Copyright Business Wire 2010