Israel stocks lower at close of trade; TA 35 down 0.18%
- ByInvesting.com
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Isramco, Inc., an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas properties located onshore in the United States and offshore Israel. It operates in two segments, Oil and Gas Exploration and Production; and Production Services. The Oil and Gas Exploration and Production segment owns working interests in oil and gas wells in Louisiana, Texas, New Mexico, Oklahoma, Wyoming, Utah, and Colorado; and operates approximately 422 producing wells located primarily in Texas and New Mexico. It also has overriding royalty interests in the Tamar Field located in offshore Israel. This segment sells its oil and natural gas to independent marketers, oil and natural gas companies, and gas pipeline companies. The Production Services segment operates a fleet of production servicing rigs and trucks that provide a range of production services, including completion of newly-drilled wells; maintenance and workover of existing wells; fluid transportation; and related oilfield services, as well as plugging and abandonment of wells to oil and gas exploration and production companies. As of December 31, 2018, the company had estimated total proved oil, natural gas reserves, and natural gas liquids, which include approximately 40,267 thousand barrels (MBbls) of oil equivalent comprising 2,125 MBbls of oil; 223,915 million cubic feet of natural gas; and 823 MBbls of natural gas liquids, as well as 33 production servicing rigs primarily in Texas and New Mexico. Isramco, Inc. was founded in 1982 and is based in Houston, Texas.