Newark, NJ – October 31, 2011: Genie Energy (NYSE: GNE) Class B common stock began trading ‘regular way’ on the New York Stock Exchange today after being spun-off from parent company IDT Corporation (NYSE: IDT). IDT distributed Genie shares to its common stockholders at close of business on October 28th.

Genie Energy is comprised of IDT Energy, a retail energy provider, and Genie Oil and Gas, which develops the Company’s unconventional energy initiatives, including ongoing oil shale development projects in Colorado and Israel. IDT mailed information statements to all IDT stockholders of record as of the October 21st record date.

Howard Jonas, who serves as Chairman of the Board of both Genie Energy and IDT said, “Genie Energy holds tremendous promise. Its retail energy side is growing at a healthy pace, while our pioneering work on energy extraction technologies from unconventional resources will ultimately make liquid transportation fuels considerably more secure, accessible and affordable on a global scale.”