Genie Energy Launches Drilling Services Company in Israel
Jan 10, 2017, 09:15 ET
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.
SOURCE Genie Energy Ltd.