Isramco Acquires Working Interests in Barnett Shale Play

Isramco says that Jay Petroleum LLC, a wholly owned subsidiary, purchased from Ness Energy International Inc., an oil and gas company based in Texas, 15% working interests in certain Barnett Shale acreage in Parker County, north central Texas, for a purchase price of $2.1 million.

In addition, under the agreement Jay Petroleum has the right to participate for up to 40% working interest in any well that will be drilled by Ness in shallower formations from the surface to the top of the Barnett Shale. About 80 locations for new development wells have been so far identified in this acreage based on 3D seismic survey.

Isramco's CEO, Haim Tsuff said, "We are excited about this opportunity to be part of the development of gas wells in the Barnett Shale together with an American gas and oil company."