IDT Aquires Contoling Interest in EGL Oil Shale

If you needed more proof that IDT was looking outside of Telecom for it's future, today's news that IDT has aquired a 75% stake in EGL Oil should solidify IDT's strategy intentions.

EGL, a subsidiary of the private oil and gas company EGL Resources Inc., is 1 of 3 companies with a 10-year lease granted by the U.S. Bureau of Land Management to explore the potential for commercial oil shale production in western Colorado.

The financial details of this transaction have yet to be released.