Representatives from IDT Corp. (NYSE: IDT, IDT.C) and its joint venture subsidiary, American Shale Oil LLC (AMSO), rang the opening bell at the New York Stock Exchange on Monday, June 28 to bring attention to the company’s turn-around and growth prospects in the Piceance Basin.

IDT, which posted a net loss of $155.4 million in fiscal 2009, has generated $12.8 million in net income through the first nine months of its 2010 fiscal year while generating $47.5 million in net cash from operating activities.

AMSO, a joint venture formed between IDT and France oil giant Total, and is one of four companies holding leases granted by the federal Bureau of Land Management to research, develop and demonstrate in-situ shale oil extraction processes on federal lands in Western Colorado.

Total and IDT will jointly develop a research and demonstration program to produce and commercialize shale oil utilizing a new in-situ technology on AMSO's leasehold in western Colorado. Total agreed to provide a majority of the funding during the research, development and demonstration (RD&D) phase of the project, and technical assistance throughout the life of the project.

AMSO will manage operations during the RD&D phase of the project. Total will assume management responsibilities during the subsequent commercial phase.

The two companies agreed to the joint venture in January 2009. The deal closed in March 2009.

IDT Corp. is a consumer services company with operations primarily in the telecommunications and energy industries.