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Genie Energy (GNE) Stock Spikes in Pre-Market Trading on Israel Oil Discovery

NEW YORK (TheStreet) -- Genie Energy (GNE - Get Report) stock is gaining by 12.36% to $12 in pre-market trading on Thursday, after the company confirmed it has found massive oil reserves in the Golan Heights, Fox News reports.

The quality and quantity of oil will not be apparent until the oil is extracted, which could be a while from now, according to Fox News.

Syria's ongoing civil war, which is occurring near the potential oil feed, also could complicate development, Fox News adds.

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"We are talking about a strata which is 350 meters thick and what is important is the thickness and the porosity," the company's chief geologist, Yuval Bartov, told Fox News. "On average in the world, strata are 20-30 meters thick, so this is ten times as large as that, so we are talking about significant quantities. The important thing is to know the oil is in the rock and that's what we now know."

Genie Energy, based in Newark, NJ, operates as a retail energy provider and a...