Laboratory measurements of the complex electrical resistivity characteristics of more than 120 oil shale samples from Saterdal #1 corehole, Piceance Creek Basin, Colorado, indicate the following: (1) The presence of kerogen in wet Green River Formation marls increases their d.c. resistivities from about 300 ohm-m to more than 105 ohm-m, makes them isotropic, and causes a substantial frequency dependence. (2) Microanisotropy coefficient increases with water content from about 2 to as much as 200. The effect seems to be due to an extreme porosity and/or permeability anisotropy, involving a drop in longitudinal resistivity from about 108 ohm-m for dry samples to as low as 105 ohm-m for wet ones, while transverse resistivities stay relatively constant at about 108 ohm-m. (3) Intermediate grade oil shales show the most extreme anisotropy effect; both very rich and very lean oil shales are more nearly isotropic. (4) Both wet and dry oil shales show a pronounced frequency effect for frequencies >10Hz, and may make good IP targets.