Genie Energy Releases 2nd Quarter Results

IDT Energy

Genie Energy released its second quarter 2013 results this week.

Claude Pupkin, Genie Energy’s CEO, said, “IDT Energy achieved strong revenue growth year over year even as gross margin, EBITDA and income from operations came in lower than we had anticipated. At Genie Oil and Gas, we continue to make progress in our projects. At Afek, our oil and gas project in the Golan Heights, we plan to begin a series of geophysical tests to evaluate the resource during the third quarter, and undertake an exploratory drilling program beginning in mid-2014. In Colorado, AMSO, LLC has embarked on an intensive program to identify, design, evaluate and test an alternative heating system after the down-hole electric heater failed earlier this year during pilot test operations. The alternative heater development process will be thorough and deliberate. This is an essential step on the road to a successful pilot test.”

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