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.

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