Good morning, and welcome to Genie Energy's Fourth Quarter and Full-year 2016 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation by Genie Energy's management, there will be an opportunity to ask questions. [Operator Instructions] In its presentation, Genie Energy's management team will discuss financial and operational results for the three and twelve month period ended December 31, 2016. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC. Genie Energy assumes no obligation, either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. During their remarks, management may make reference to adjusted EBITDA, which is a non-GAAP measure. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that Genie Energy's adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy's or the relevant segment's core operating results. Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, gross profit, income or loss from operations, cash flow from operating activities, net income or loss, basic and diluted earnings or loss per share or other measures of liquidity and financial performance prepared in accordance with GAAP. The Genie Energy earnings release including a reconciliation of adjusted EBITDA to net income is available on the Investor Relations page of the Genie Energy Corporation website, www.genie.com. The earnings release has also been filed on a Form 8-K with the SEC. Please note this event is being recorded. I will now turn the conference over to Michael Stein, Genie Energy's Chief Operating Officer and the CEO of Genie Retail Energy. Please go ahead, Mr. Stein.

Thank you, operator. Welcome to Genie Energy's fourth quarter and full-year 2016 earnings conference call. On today's call, we will review operational and financial results for the three and 12-months ended December 31, 2016. I will lead off the call with an update on operational progress at Genie Retail Energy. After conclusion of my remarks, Geoff Rochwarger, Genie Energy's Vice Chairman and CEO of Genie E&P will review our Afek operations in Israel. Finally, Avi Goldin, our Chief Financial Officer, will discuss the quarter's financial results. At the conclusion of Avi's remarks, we will take your questions. Turning now to Genie Retail Energy. I'm excited to announce that 2016 was our most profitable year in more than five years. Avi will provide the details for our financial performance, but Genie's adjusted EBITDA was $3.1 million for the quarter and approximately $27.3 million for the year. Operationally, we had one of our most productive years since inception. Taking into account, our acquisition of Town Square Energy in November, we grew meters and RCEs entered five new geographic markets and added at the Town Square Energy brand. In addition to growing our core REP business, our commercial brokerage business adversely turned to profit for the first time since it was acquired in 2013. [Diversity] (Ph) contributed $200,000 in adjusted EBITDA and we expect that the contribution will increase in 2017. We have also restructured our network marketing division and renamed it [Diversity Pro] (Ph) to focus our partners on bringing more than this to diversity. Lastly, we set the stage for a successful solar business. In 2016, we were still investing into business and building a solid pipeline to serve large commercial customers, but we expect to see a contribution from this unit in 2017. As this is the first call since…

Thank you Michael over the past 18 months Afek our oil and gas exportation subsidiary operating in Northern Israel has completed five exploratory wells and well flow test at two of those wells in the Southern and Eastern portion of our license area, we allow the Sheik Ali Fort. Results today confirm key aspect of our understanding of the regions geology and demonstrate that there are significant quantities of organics that have partially matured primarily heavy oil and bitumen at depths of between 1300 meters. The resources substantial billions of barrels of oil equivalent in place; however, it is not commercially viable given current and forecasted market conditions and other constraints. Based on the results and subsequent analysis from the prior completed wells and the two subsequent well flow test, we’ve reprocess raw seismic data that was originally acquisition in the 1980 for the region North of the Sheik Ali Fort. Utilizing the fully subsurface net generated from our analysis. We have also send all the data to an independent geophysical firm for their opinion. The data suggest that the source rock present throughout our drilling field in the South, likely extended North of the Sheik Ali Fort: however, in the North the source rock begin approximately 700 meters further below the surface then in the South. The initial debt and the associated increases in pressuring heat are key drivers of maturation of organics. Under the right conditions and with sufficient geological time 700 meters of additional depth could be more than sufficient to have converted the partially mature resources we identify that the relatively shallow debts in the south into the live crude that we are seeking. Accordingly we intend drill our next well NES-10 in the Northern portion of our license area to confirm that the potential source…

Thank you, Geoff, and thanks to everyone listening and for joining us this morning. My remarks cover our financial results for the first quarter and full-year 2016, the three and 12-month period ended December 30, 2016 except or indicated otherwise all comparisons in my remarks are to the results of the corresponding period in 2015. Consisting with my approach in prior quarters, our focus on the year-over-year comparisons when discussed into quarter's results rather than on comparisons to the prior quarter, in order to remove the consideration the seasonal fluctuations that are characteristic of our retail energy business. Overall this is very productive quarter for Genie Energy. Genie Retail Energy delivered strong financial results including significant increases in revenue, income from operations and adjusted EBITDA, while our Afek subsidiaries successfully controlled expenses and while preparing for the drilling of the next well. As in prior quarters, Genie Retail and Genie Energy's consolidated revenue, cost of revenue and gross profit. As Michael mentioned, at the close of the acquisition announce for Energy in November including separations in our results for November and December. Genie Retail's revenue on sales of electricity decreased to $41 million and $37.5 million in year-ago quarter. The revenue increase reflects an increasing kilowatt hours sold as a result of higher per meter consumption and then increase in meter served partially offset by lower revenue per kilowatt hours sold. For the full-year 2016, revenue from electricity sales increased to $179.5 million from a $170.3 million in 2015. Gas revenue increased to $10.1 million compared to $7.3 million in the fourth quarter of 2015. Increases in [term sold] and revenue per term offset a slight decline in the meter shares. Full-year 2016, gas revenue decreased to $31 million and $40.8 million reflecting declines in both term sold and average…