IDT Corporation to Acquire a Controlling Interest in EGL Oil Shale LLC

R&D Effort to Unlock America's Vast Untapped Unconventional Fuel
Reserves
NEWARK, N.J. & MIDLAND, Texas--(Business Wire)--IDT Corporation (IDT) and EGL Oil Shale, LLC (EGL) announced today
that IDT has signed a binding Letter of Intent to acquire a 75%
interest in EGL. EGL is one of three holders of 10-year leases granted
by the US Bureau of Land Management (BLM) to research, test and
demonstrate the potential for commercial oil shale production in
Western Colorado. This area is estimated to contain the world's
richest oil shale reserve, with 1.2 trillion barrels of potentially
recoverable oil. The 10-year lease affords EGL the opportunity to
demonstrate its innovative oil shale recovery technology in the field.
The other holders of similar leases in Colorado are Royal Dutch Shell
and Chevron. Proceeds from IDT's investment will be used to fund EGL's
Research, Development and Demonstration plan. Once EGL demonstrates
the economic and environmental viability of its technology, it will
have the opportunity to expand its lease to 5,120 acres for commercial
development.

IDT's investment in EGL is part of a broader strategic initiative
to significantly expand its operations in the energy sector. Claude
Pupkin, SVP of Corporate Development, stated: "We believe that EGL
represents a great strategic fit as it combines oil & gas expertise,
an entrepreneurial spirit and an innovative approach to the oil shale
opportunity."

Oil shale is a mineral that contains a solid hydrocarbon that
requires heating to high temperatures to produce oil and gas. Past
efforts to commercialize oil shale in Colorado were based upon mining
and surface processing methods. EGL's approach is to recover the shale
oil underground without mining by using modern oil and gas drilling,
completion and recovery technologies not available to earlier
developers. Following an environmental assessment, EGL's process was
given a finding of No Significant Impact by the BLM. The transaction
may be subject to applicable regulatory approvals.

"We are extremely pleased to be working with IDT, a company that
shares our values and approach to solving the energy challenges facing
our country and the world," said Wes Perry, EGL's President. "EGL's
mission is to be a good steward of the asset, providing for an energy
independent America in an environmentally conscious manner."

Howard Jonas, Chairman of IDT Corporation, stated: "We are
extremely excited to join forces with EGL in this effort. A successful
development of this resource will help break our country's dependence
on imported oil, greatly improving our national security while making
a significant contribution to the US economy."

About EGL

E.G.L. Oil Shale, LLC is a subsidiary of EGL Resources, Inc., a
privately owned independent oil & gas company with operations in the
southwestern United States. EGL Resources is a working alliance of
petroleum geologists, geophysicists, engineers, management and
property operating professionals based in Midland, Texas.

About IDT

IDT Corporation is an innovative and opportunity seeking
multinational holding company with operations that span various
industries. Through its Telecom subsidiary, IDT provides
telecommunications services worldwide to the retail and wholesale
markets. IDT Energy operates an Energy Services Company (ESCO) in New
York State. IDT's Capital division incubates newer businesses, and the
Company's Spectrum subsidiary holds its spectrum license assets. IDT
Telecom provides retail and wholesale telecommunications services and
products, including pre-paid and rechargeable calling cards, consumer
local, long distance, and wireless phone services, and wholesale
carrier services. Under the Net2Phone brand name, the Company also
provides a range of voice over Internet protocol (VoIP) communications
services. IDT Capital's operations include receivables portfolio
management and collection, ethnic food distribution, brochure
distribution, Internet Mobile Group, Net2Phone Ventures and other
initiatives. 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 with 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. All forward-looking statements and risk factors included in this
document are made as of the date hereof, based on information
available to IDT as of the date thereof, and IDT assumes no obligation
to update any forward-looking statements or risk factors.

IDT Corporation
Michael Rapaport, 973-438-4408
Investor Relations
or
Michael Glassner, 973-438-3553
Corporate Communications
or
EGL Oil Shale, LLC
W. Wesley Perry, 432-687-6560
President, EGL

Copyright Business Wire 2008