Genie Considering Alternatives for Oil Shale in Israel

Genie Energy Ltd.,a leading independent retail energy provider and a developer of unconventional energy projects, said that on September 2, 2014, the Jerusalem District Committee for Planning and Building voted to decline to issue Israel Energy Initiatives, Ltd. (IEI) a permit to build and operate an oil shale pilot drilling project in Israel's Shfela region.

IEI, a majority owned subsidiary of Genie Energy, Ltd., holds an exclusive Shale Oil Exploration and Production License awarded in 2008 by the Israeli Ministry of National Infrastructures.

The Company said in a statement released today that it is disappointed by the Committee's decision and is currently evaluating options to determine the best course of action to move forward to exploit the valuable resource covered by IEI's exploration license.