By OGJ editors
HOUSTON, Nov. 20 -- Isramco Inc., Houston, agreed to buy certain oil and gas properties in Texas and New Mexico from Five States Energy Co. LLC, Dallas, for $100 million. Closing is scheduled for Jan. 20, 2007.
The properties include 660 producing oil and gas wells. Net income from the properties during the first 7 months of 2006 was $11 million. Isramco said its share of estimated proved developed reserves include 2 million bbl of oil and 28 bcf of gas.
Isramco has exploration off Israel through Isramco Negev 2 LP. In the US, Isramco's wholly owned subsidiary, Jay Petroleum LLC, owns various interests in oil and gas wells in Louisiana, Texas, Oklahoma, and Wyoming.
