NEWARK, N.J. and JERUSALEM, Jan. 10,
2017 /PRNewswire/ -- Genie Energy Ltd., (NYSE: GNE,
GNEPRA) announced today that it is establishing Atid Drilling Ltd.,
(Atid), an on-shore drilling services venture based in
Israel. Atid will pursue drilling opportunities for clients
in a variety of fields including oil and gas exploration, water
resource development and mineral exploration.
Atid has executed a binding MOU to purchase a drilling rig and
associated drilling equipment. The rig has successfully
drilled five exploratory oil and gas wells in the Golan Heights
over the past two years and recently completed a water well that is
geared to help farmers in the Golan who are coping with an extended
drought.
Atid anticipates partnering with international drilling services
experts, including Rainmaker Ltd., a partnership of North American
oil and gas drilling service providers based in Western
Canada. Rainmaker specializes in the management and execution
and completion of oil and gas drilling projects and its focus has
expanded over the last four years to include exploration and
development of water resources in several countries in the
Middle East. The engineers and
staff at Rainmaker draw from decades of project management
experience and expertise to assist their clients' global
operations.
Geoff Rochwarger, who will serve
as Atid's CEO, said, "Atid will provide drilling services to meet
the growing demand of clients in diverse industries in the region.
We are excited by the market opportunity and have been encouraged
by the enthusiasm with which prospective clients have greeted
Atid's anticipated launch."
"Atid will bring together an experienced operations team,
international partners who will provide additional technical
expertise in the planning and execution of projects, and a high
capability drilling rig based in Israel and equipped to operate at depths up to
2000 meters," Mr. Rochwarger concluded.
Atid is expected to spud its first exploration well in early
March for Afek Oil and Gas, the Genie Energy subsidiary that is
conducting an oil and gas exploratory program in the Golan
Heights.
Forward Looking Statements:
All statements above that are not purely about historical
facts, including, but not limited to, those in which we use the
words "believe," "anticipate," "expect," "plan," "intend,"
"estimate," "target" and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. While these forward-looking statements
represent our current judgment of what may happen in the future,
actual results may differ materially from the results expressed or
implied by these statements due to numerous important factors.
Genie Energy Ltd.'s filings with the SEC provide detailed
information on such statements and risks, and should be consulted
along with this release. To the extent permitted under applicable
law, Genie Energy Ltd., assumes no obligation to update any
forward-looking statements.
About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE, GNEPRA) operates two primary
businesses - Genie Retail Energy (GRE) and Genie Oil and Gas
(GOGAS). GRE operates retail energy provider, brokerage and
marketing services. GRE's retail energy provider businesses
market electricity and natural gas to residential and small
business customers primarily in the Eastern United States.
GOGAS, through its Afek Oil & Gas subsidiary, is conducting an
oil and gas exploration project in Northern Israel pursuant to an exclusive
exploration license issued by the government of Israel, along with other smaller
operations. For more information, visit www.genie.com.
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SOURCE Genie Energy Ltd.