Isramco soars on closed acquisition of oil and gas properties for $103M
Shares of Isramco, Inc. (Nasdaq:ISRL) are rocketing this morning after the developer of oil and gas properties in the United States and Israel reported after Wednesday’s close that it closed the acquisition of oil and gas producing properties in roughly 40 fields in East Texas, Texas Gulf Coast, Permian, Anadarko and San Juan Basins for $102.9 million.
The Houston, Texas-based firm noted that net daily production from the properties is approximately 600 Barrels of oil and 3.5 MMCF.
Shares spiked 31%, or $9.62, to $40.68 at 10:50 a.m. ET. For detailed price information and recent news stories about Isramco, click ISRL.
