Profile: Isramco Inc (ISRL.OQ)
12 Dec 2013
Isramco, Inc. (Isramco), incorporated in 1982, together with its subsidiaries, is an independent oil and natural gas company. The Company is engaged in the exploration, development and production of oil and natural gas properties located onshore in the United States and off shore Israel and operates a well service company that provides well maintenance and workover services, well completion and recompletion services. As of December 31, 2011, the Company’s estimated total proved oil, natural gas reserves and natural gas liquids were approximately 34,990 thousand barrels of oil equivalent, consisting of 3,234 thousand barrels of oil, and 179,155 million cubic feet of natural gas and 1,896 thousand barrels of natural gas liquids.
The Company, through its wholly owned subsidiaries, is engaged in oil and gas exploration, developing, production and operation of wells in the United States and the operation of a well service company. It owns varying working interests in oil and gas wells in Louisiana, Texas, New Mexico, Oklahoma, Wyoming, Utah and Colorado and serves as operator of approximately 589 wells located mainly in Texas and New Mexico. In August 2011, Isramco created a new subsidiary and in October began operation of a well service company. The Company began the operations by acquiring five well services rigs and related equipment.
During January - March 2012, the Tamar Consortium executed gas supply contracts for sales of natural gas to five separate industrial customers located in Israel and to the Israel Electricity Company. The Company also has an interest in a separate area of the Eastern Mediterranean. The Company’s participation interest of the Med Yavne Lease is 0.7052 %. It also holds an overriding royalty interest in the Med Yavne Lease of 0.1% before payout and 1.3% after payout.
Suite 810, 2425 West Loop South
HOUSTON TX 77027