Wed, Dec 17, 2014, 8:16 PM EST - U.S. Markets closed

Recent

% | $
Quotes you view appear here for quick access.

Genie Energy Ltd. Message Board

  • footmdrph@gmail.com footmdrph Apr 19, 2013 8:40 AM Flag

    It's official. Gne to join genie Mongolia to explore and then begin ( in futre) commercial oil production in Mongolia

    Genie Energy (NYSE: GNE, GNEPRA) said today that its subsidiary, Genie Oil Shale Mongolia, LLC (Genie Mongolia), and the Petroleum Authority of Mongolia (PAM) have entered into an exclusive oil shale development agreement to explore and evaluate the commercial potential of oil shale resources on a 34,470 km(2) area in Central Mongolia.

    The five year agreement calls for Genie Mongolia to explore, identify and characterize the oil shale resource in the exclusive survey area and to conduct a pilot test using in-situ technology on appropriate oil shale deposits. Genie may seek to proceed to commercial development via a production sharing agreement in accordance with Mongolian law. To date, Genie Energy is the only recipient of an exclusive oil shale survey contract in Mongolia.

    "We started evaluating Mongolia's oil shale deposits after signing a joint survey agreement in 2012, and are very pleased to continue that work under this new agreement. Our geological team has located a world-class resource and will now identify the most advantageous areas for future commercial development," said Claude Pupkin, CEO of Genie Energy.

    O. Erdenebulgan, Mongolia's Vice Minister of Mining, said, "Utilizing Mongolia's extensive oil shale reserves to reduce our dependence on imported oil is a strategic priority for the Government. We have been impressed by Genie's commitment to Mongolia. They have the appropriate technical expertise to produce oil and gas from oil shale in an environmentally sensitive manner. We look forward to continuing to work with their team."

    Michael Jonas, Executive Vice President of Genie Oil & Gas, added, "We share the PAM's goal of reducing Mongolia's dependence on energy imports and developing an export industry that can meet the growing regional demand. Genie Mongolia looks forward to working with the PAM to successfully develop Mongolia's abundant oil shale resources and achieve these goals."

    About Genie Oil Shale Mongolia, LLC.:

    Genie Oil Shale Mongolia, LLC, (GOSM) is an unconventional oil and gas exploration company operating in Mongolia. GOSM is owned by Genie Oil and Gas, a subsidiary of Genie Energy Ltd. (NYSE: GNE, GNEPRA).

    Sentiment: Strong Buy

    SortNewest  |  Oldest  |  Most Replied Expand all replies
 
GNE
6.09-0.01(-0.16%)Dec 17 4:06 PMEST

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.
Oracle Corporation
NYSEWed, Dec 17, 2014 4:02 PM EST
Volcano Corporation
NasdaqGSWed, Dec 17, 2014 4:00 PM EST
Kellogg Company
NYSEWed, Dec 17, 2014 4:02 PM EST