Genie Energy Declares 4Q12 Dividend on Preferred Stock

NEWARK, N.J.--(BUSINESS WIRE)--Genie Energy Ltd., (NYSE: GNE, GNEPRA) today declared a pro-rated quarterly cash dividend of $0.1317 per share of Series 2012-A Preferred Stock for the fourth quarter of its 2012 fiscal year, the three months ended December 31, 2012.

The quarterly dividend will be paid on February 15, 2013 to stockholders of record of Genie Energy Ltd. Series 2012-A Preferred Stock as of the close of business on February 5, 2013. The ex-dividend date is February 1, 2013.

The dividend amount of $0.1317 represents the quarterly dividend of $0.1594 pro-rated to the proportion of the days that remained in the fourth quarter following the October 17, 2012 issuance of the Genie Energy Series 2012-A Preferred shares.

For tax purposes, the $0.1317 per share distribution will be treated as a return of capital and not as a dividend.

As disclosed in connection with Genie’s issuance of the offer to exchange, currently Genie Energy does not intend to pay a dividend to holders of its Class A or Class B Common Stock.

About Genie Energy Ltd.:

Genie Energy Ltd (NYSE: GNE) is comprised of IDT Energy and Genie Oil and Gas (GOGAS). IDT Energy is a retail energy provider (REP) 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 shales and other unconventional fuel resources. GOGAS resource development projects include oil shale initiatives in Colorado and Israel. For more information, visit www.genie.com.