Schlumberger and AMSO Sign Technical Cooperation Agreement

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.

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