Genie Energy Ltd. Series 2012-A Preferred Stock To Begin Trading On NYSE

Genie Energy Ltd., (NYSE: GNE) said today that the New York Stock Exchange has informed the Company that its Series 2012-A Preferred Stock (CUSIP# 372284 307) will be listed beginning tomorrow, Wednesday, October 24, 2012. The NYSE listing symbol will be GNEPRA.

The listing follows the completion of the exchange offer of shares of Genie’s Class B Common Stock for shares of Series 2012-A Preferred Stock on a one-for-one basis.

American Stock Transfer and Trust Company LLC, the exchange agent for the exchange offer, has advised Genie that 1,604,591 shares of Class B Common Stock were validly tendered and not withdrawn, representing approximately 7.5% of the total outstanding shares of Class B Common Stock.

All shares that were validly tendered and not withdrawn were accepted for exchange. On October 17, 2012, the exchange agent issued the shares of Preferred Stock in exchange for all shares of Class B Common Stock accepted in the exchange offer.

Immediately following the exchange of the shares, Genie had 19,810,469 shares of Class B Common Stock and 1,604,591 shares of Preferred Stock outstanding as well as 1,574,326 shares of Class A Common Stock outstanding. Class A Common Stock is not publicly traded.

ABOUT GENIE ENERGY LTD.

Genie Energy Ltd. (NYSE: GNE) is comprised of IDT Energy and Genie Oil and Gas (GOGAS). IDT Energy is a retail energy provider supplying electricity and natural gas to residential and small business customers in the Northeastern United States. GOGAS is pioneering technologies to produce clean and affordable transportation fuels from the world's abundant oil shale and other unconventional fuel resources. GOGAS resource development projects include oil shale initiatives in Colorado and Israel. For more information, visit www.genie.com.

Copyright Business Wire 2010

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