Abstract: The present invention is directed to the extraction of energy values from l shale containing considerable concentrations of calcium carbonate in an efficient manner. The volatiles are separated from the oil shale in a retorting zone of a fluidized bed where the temperature and the concentration of oxygen are maintained at sufficiently low levels so that the volatiles are extracted from the oil shale with minimal combustion of the volatiles and with minimal calcination of the calcium carbonate. These gaseous volatiles and the calcium carbonate flow from the retorting zone into a freeboard combustion zone where the volatiles are burned in the presence of excess air. In this zone the calcination of the calcium carbonate occurs but at the expense of less BTU's than would be required by the calcination reaction in the event both the retorting and combustion steps took place simultaneously. The heat values in the products of combustion are satisfactorily recovered in a suitable heat exchange system.