Genie Energy, Ltd., (NYSE: GNE, GNEPRA) today announced that leading Colorado oil and gas entrepreneur Kevin P. Kauffman will join its Strategic Advisory Board.
Colorado oil and gas entrepreneur Kevin P. Kauffman has joined the Strategic Advisory Board of Genie Energy, a developer of unconventional liquid fuels. (Photo: Business Wire)
Mr. Kauffman, 56, founded Denver-based K.P. Kauffman Company, Inc., (KPK) in 1984 and serves as it Chairman, Chief Executive Officer and President. KPK is a privately held, vertically integrated, independent oil and gas exploration, production, drilling, well-service and transportation company with operations in the Rocky Mountain States. KPK owns and operates 1,300 producing oil and gas wells on a mineral estate of over 100,000 acres containing a substantial inventory of proved undeveloped vertical and horizontal drilling locations in the Bakken, Pierre, and Niobrara shale and conventional cretaceous tight sands. “Genie Energy is pioneering new technologies that could significantly accelerate progress toward energy independence for the United States, Israel, and our other allies around the world. I am honored to join Genie’s Strategic Advisory Board and look forward to working with my Board colleagues on this important and promising effort,” Mr. Kauffman said. Howard Jonas, Chairman of Genie Energy, said, “I’m very pleased that Kevin will be joining Genie’s Strategic Advisory Board. His entrepreneurial spirit and experience building one of the most successful U.S. oil and gas independents will prove invaluable to us as we move forward with our unconventional energy development projects.” Genie’s Strategic Advisory Board consults with Genie Energy’s management on strategic, financial, operational, and public policy matters related to its Genie Oil and Gas division. Genie Oil and Gas includes both a 50% interest in AMSO, LLC, a joint venture with Total, S.A. to develop oil shale on a federal leasehold in Northwestern Colorado, and Israel Energy Initiatives, Ltd., which holds an exclusive Shale Oil Exploration and Production License covering 238 square miles in the Shfela basin region in Israel.
In trading on Thursday, shares of Genie Energy Ltd.'s Series 2012-A Preferred Stock were yielding above the 9% mark based on its quarterly dividend (annualized to $0.6376), with shares changing hands as low as $7.01 on the day. As of last close, GNE.