Exploration and production firm Isramco has closed the acquisition of oil and gas producing properties located in the US states of Texas, Colorado, New Mexico, Utah and Oklahoma, for a total consideration of approximately $102.9 million.
The transaction is effective January 1, 2008. This is Isramco’s second major acquisition in 12 months, having previously acquired oil and gas properties for a total consideration of approximately $92 million.
The acquisition includes mainly operated oil and gas properties in approximately 40 fields in the East Texas, Texas Gulf Coast, Permian, Anadarko and San Juan basins.
Based on a third party reserve report on the newly acquired acreage, total net proved developed reserves are approximately 3.3 million barrels of oil and 18 billion cubic feet of natural gas.