How often does it happen that a foreign company owns gas and oil wells in the US? Isramco to buy 660 Texas oil wellsSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


How often does it happen that a foreign company owns gas and oil wells in the US? Isramco to buy 660 Texas oil wells

17 November 2006 at 11:23:02 AM

Maybe this happens more often that I know. But it caught my eye.

Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L), a subsidiary of JOEL Jerusalem Oil Exploration Ltd. (TASE: JOEL), controlled by Jacob Maiman, today signed a contract to buy 660 oil and gas wells in Texas and New Mexico from Five States Energy Company LLC for $100 million.

The wells have $420 million in potential revenue over 20-30 years, on the basis of the potential production of two million barrels of oil, 28 billion cubic feet of natural gas and 1.6 million barrels of oil and gas byproducts, and assuming a price of $60 per barrel of oil, $50 per barrel of oil byproducts, and the current price for natural gas.

Isramco Oil and Gas CEO Yossi Levy says that the wells’ current output is 13,000 barrels of oil, 9,000 barrels of byproducts and 170 million cubic feet of natural gas a month. At this level of production, the wells are expected to generate a profit of $11 million in January-July 2006.

Isramco will finance 15% the acquisition from its shareholders’ equity, out of which $3 million has already been transferred to the seller. The company is negotiating with a Houston bank for the rest of the money. The company said the deal is scheduled to be closed on January 20, 2007, subject to due diligence.

Update from Jan 21, 2007-Isramco pulls out of the deal.

     Views: 635 
Latest Blog Post by salon -Did we elect a monarch? Bah to the Constitution? Trump and the Ukraine

 You! Leave a Comment! You Know you Want To!
You must be a registered member to comment on the blog.
Your first post is held pending approval to make sure you're not a spammer bot

 Not registered? Or you can login!

LOGON - Name:Password:

New poster comments are moderated, meaning they won't show up until approved... or not.  Be patient-we have lives outside this blog, so it might take awhile You want to be rude? totally stupid? inappropriate? Racist? Bigoted? Flame war baiter? Your post may be deleted. Spammers or people posting pretend interest comments but really wanting to hawk their latest book or sell stuff or govt propaganda flacks won't see their posts published. Comments do not necessarily reflect the viewpoint of the site owner(salon).
If you have a problem with logging in or registering, please speak up right away. Love your comments. Oh, except spammers
More on commenting

Click Here for Main Page

Today Is  
Saturday, September 21, 2019

Latest Posts

Did we elect a monarch? Bah to the Constitution? Trump and the Ukraine
salon 9/21/2019

Trump Snorting Adderroll -Podcast interview with Noel Casler who worked on The Apprentice
salon 9/19/2019

Time to Lock Up Ivanka Trump? She used a personal email account to send govt emails
salon 9/18/2019

Corey Lewandowski Is Just a Flat Out Liar
salon 9/18/2019

Not Ever Voting for Unethical Trump-but I'm not a fan of Biden
salon 9/15/2019

New in Trump's Swampy Government- Emuluments Case Back On
salon 9/15/2019

More Blog Headlines


salon > Quick update on this, via Pacer-Click on pic to see larger (Turk Case Update- Telephone Conference Hearing Set for March 8 2019 )

salon > Lance Been awhile. Send me an email at with the names of who you're talking about, above. Also, the newspaper editor is no longer local, ie officed here, but the paper is run.... (What Happened to Jerry Jacene? )

LanceHall > I'd love to see the Hotel Guest books and see if Jacene's name shows up long before he officially *found* the tracks.  I'd like to know if the Visitor's Bureau has emails wit.... (What Happened to Jerry Jacene? )

LanceHall > I see the land or that part of it is now in the hands of Glen Rose's own Corky Underwood. Is Jacene still involved?   I had already informed the Visitor Bureau manager (who's.... (What Happened to Jerry Jacene? )

Home | Blog Home | About | News | Piazza | Calendar | Audio/Video/Open Rec | Search
Write!  |profile | quotes |
top Daily | top Weekly |top Month | top Year | Top All! | archives | subscribe RSS