Isramco Inc., Houston, will become an indirect, wholly owned subsidiary of Naphtha Israel Petroleum Corp. Ltd. under a definitive merger agreement based on a cash purchase of Isramco shares.
Isramco owns onshore oil and gas interests in Louisiana, Texas, New Mexico, Oklahoma, Wyoming, Utah, and Colorado and operates 422 wells, mostly in Texas and Louisiana. It also holds a small interest in Tamar gas field offshore Israel.
Its average production last year was 3,750 boe/d of oil and gas, of which 2,570 boe/d was related to the Tamar interest.
Isramco also owns onshore well and production services firms and products-transport company.
Naphtha is an Israeli public company with interests in oil and gas as well as commercial real estate and hotel management in Israel and Europe.
