Genie Energy Ltd. Completes Exchange Offer

  Genie Energy Ltd. Completes Exchange Offer

Business Wire

NEWARK, N.J. -- March 6, 2013

Genie Energy Ltd., (NYSE: GNE) announced the expiration of its previously
disclosed exchange offer of shares of its Class B Common Stock for shares of
Series 2012-A Preferred Stock on a one-for-one basis.

The exchange offer expired, as scheduled, at 5:00 p.m., EDT, on Tuesday, March
5, 2013. All shares that were validly tendered and not properly withdrawn have
been accepted by Genie for exchange.

American Stock Transfer & Trust Company LLC, the exchange agent for the offer,
has advised Genie that, based on the preliminary results of the exchange
offer, 313,376 shares of Class B Common Stock were tendered and not withdrawn
(including 83,609 shares tendered using the procedures for guaranteed
delivery), representing approximately 1.6% of the total outstanding shares of
Class B Common Stock. These amounts are preliminary and subject to
verification by the exchange agent. Genie expects to announce final results on
or about March 11, 2013.

After the results have been verified, the exchange agent will issue the shares
of the Series 2012-A Preferred Stock in exchange for the shares of Class B
Common Stock accepted in the exchange offer.

ABOUT GENIE ENERGY LTD.

Genie Energy Ltd. (NYSE: GNE, GNEPRA) is comprised of IDT Energy and Genie Oil
and Gas (GOGAS). IDT Energy is a retail energy provider supplying electricity
and natural gas to residential and small business customers in the
Northeastern United States. GOGAS is pioneering technologies to produce clean
and affordable transportation fuels from the world's abundant oil shale and
other unconventional fuel resources. GOGAS resource development projects
include in-situ oil shale projects in Colorado and Israel and a conventional
oil exploration program in Israel. For more information, visit www.genie.com.

Contact:

Genie Energy Investor Relations
Bill Ulrey, 973-438-3848
invest@genie.com
 
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