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American Shale Oil, LLC (AMSO), a subsidiary of IDT Corporation (NYSE:
IDT, IDT.C), announced today that it has entered into a technical
cooperation agreement with oilfield services company Schlumberger
Technology Corporation (Schlumberger).
AMSO and Schlumberger will jointly explore improved methods to
characterize oil shale resources within AMSO‘s
federal lease site.
AMSO holds a Research Development and Demonstration (RD&D) lease from
the U.S. Bureau of Land Management for a 160-acre parcel of federal land
in northwestern Colorado‘s oil-shale rich
Piceance Basin. Upon demonstration of an economically viable,
environmentally acceptable extraction process, AMSO has a preference
right to acquire a 5,120-acre commercial lease.
“We are extremely pleased to be working with
Schlumberger, the world‘s premier oil services
company, to better understand our resources. This partnership advances
IDT‘s larger effort to help America win our
energy independence. We are working for the day when American consumers
can count on adequate supplies of domestically produced, affordable fuel
for our cars, trucks and home furnaces,“ said
Howard Jonas, IDT‘s Chairman and AMSO‘s
CEO.
Under the agreement, AMSO will supply Schlumberger‘s
research subsidiary, Schlumberger-Doll Research, with drilled core
samples from AMSO‘s lease site. Schlumberger
will analyze the samples to develop improved methods to estimate rock
properties.
“USGS geologic studies estimate that AMSO‘s
commercial lease preference right land could contain ten billion barrels
of shale oil, approximately half of which is expected to be recoverable.
Jointly with Schlumberger, we will comprehensively characterize the
details of the oil shale at our site,“ said
Dr. Alan K. Burnham, AMSO‘s Chief Technology
Officer. “This will help AMSO design the most
environmentally friendly and effective extraction process.“
About AMSO
American Shale Oil, LLC (AMSO), a subsidiary of IDT Corporation, is one
of three companies holding a U.S. Bureau of Land Management oil shale
research, development and demonstration lease of government-owned lands
in the Piceance Basin in northwest Colorado.
AMSO‘s mission is to develop its proprietary
technology into a commercially viable and environmentally sound method
of producing commercial quantities of shale oil by using in-situ
extraction processes. AMSO has developed a multi-phase plan from the
initial pilot stage through commercial conversion of the BLM lease.
IDT Corporation
IDT
Corporation (www.idt.net)
is a multinational holding company with subsidiaries spanning several
industries including: IDT Telecom,
which provides telecommunications services to consumers and businesses,
including prepaid and rechargeable calling cards, local, long distance
and wireless phone services, wholesale carrier services, and a range of
voice over Internet protocol (VoIP) communications services; IDT
Energy (www.idtenergy.com),
which operates an Energy Services Company (ESCO) in New York State; IDT
Carmel, which manages receivables portfolios and collections; Zedge
(www.zedge.net),
which provides a web-based, worldwide destination for free,
user-generated mobile content distribution and sharing; American
Shale Oil Corporation (AMSO) (www.amso.net),
which manages IDT’s U.S. oil shale research and development initiative,
and IDT Capital, whose portfolio
of companies includes IDT Spectrum
(www.idtspectrum.com),
CTM Media Group (www.ctmmediagroup.com),
and IDW Publishing (www.idwpublishing.com).
IDT Corporation’s Class B Common Stock and Common Stock trade on the New
York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.
In this press release, all statements 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, including, but not limited to, those described in our
most recent report on SEC Form 10-K (under the heading “Management‘s
Discussion and Analysis of Financial Condition and Results of Operations“),
which may be revised or supplemented in subsequent reports on SEC Forms
10-Q and 8-K.These factors include, but are not limited to, the
following: potential declines in prices for our products and services;
our ability to maintain and grow our retail telecommunications services,
particularly our prepaid calling card business; availability of
termination capacity; financial stability of our customers; our ability
to maintain carrier agreements with foreign carriers; effectiveness of
our marketing and distribution efforts; increased competition,
particularly from regional bell operating companies; our ability to
manage our growth; competitiveness of our Winstar subsidiary; impact of
government regulation; our ability to obtain telecommunications products
or services required for our products and services; and general economic
conditions, particularly in the telecommunications markets.We
are under no obligation, and expressly disclaim any obligation, to
update the forward-looking statements in this press release, whether as
a result of new information, future events or otherwise.
IDT, Investor Relations
Bill Ulrey, 973-438-3838
OR
AMSO,
LLC
Gil Nielsen, 610-704-6622
