Genie Energy Announces Extension of Exchange Offer and Waiver of the Minimum Condition

Genie Energy (NYSE: GNE) announced that the expiration date for itspending exchange offer of up to 8,750,000 shares of Class B Common Stock forshares of Series 2012-A Preferred Stock on a one for one basis, has beenextended to Tuesday, September 25, 2012 at 5:00 p.m., New York City time. Onthe expiration date, all validly tendered shares of Genie Class B Common Stocknot previously withdrawn will be accepted for exchange pursuant to the termsof the exchange offer. Genie also announced that it is waiving the conditionthat in order to consummate the offer to exchange at least 4,375,000 shares ofClass B Common Stock be tendered and not properly withdrawn in the exchangeoffer. The Company intends to list the newly issued preferred stock on theNYSE or, depending on the volume of shares issued in the exchangeoffer, another securities exchange or in the over-the-counter market.