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Merge Oil and Gas: subsidiary is characterizing a conventional oil and gas resource in Northern Israel pursuant to an exclusive exploratory license from the government of Israel. Afek’s initial exploration program includes physical testing, exploratory drilling and analysis. The Company believes, based on its preliminary analysis and interpretation of existing seismic and other geological data, that its license area contains significant quantities of conventional oil and gas.
We holds a U.S. Bureau of Land Management Research, Demonstration and Development lease to develop oil shale on federal lands in the Piceance Basin of Colorado. Based on U.S. Geological Service data and our own field work, we estimate that there are approximately 10 billion barrels of oil equivalent in place within our 5,120 acre preferential lease right area. Our plan for commercial operations targets approximately 20 percent of the available resource. Genie Oil and Gas holds a minority stake in AMSO, which is a joint venture with Total, SA, the world’s fifth largest integrated oil and gas E&P company.