Tuesday, May 21 2013 6:18 AM EDT2013-05-21 10:18:45 GMT
Authorities said a 15-year-old girl may be facing charges after driving without a license and losing control of a car in a crash that left a 10-year-old girl dead Monday afternoon. The crash happened onMore >>
Authorities said a 15-year-old may be facing charges after driving without a license and losing control of a car in a crash that left a 10-year-old dead.More >>
Monday, May 20 2013 11:48 PM EDT2013-05-21 03:48:15 GMT
A woman has been arrested after she allegedly locked her four young daughters out of their home for days at a time.A witness told police that the four girls, ages 7, 5, 3 and 1, had been in the same dirtyMore >>
A woman has been arrested after she allegedly locked her four young daughters out of their home for days at a time.More >>
Monday, May 20 2013 11:45 PM EDT2013-05-21 03:45:38 GMT
A widespread power outage has affected a large portion of Ascension Parish. Small portions of neighboring parishes are also affected. As of 5:40 p.m., the Entergy website reported 20,981 homes andMore >>
A widespread power outage affected a large portion of Ascension Parish and part of EBR Parish Monday. More >>
Tuesday, May 21 2013 2:42 PM EDT2013-05-21 18:42:15 GMT
Residents in tornado-stricken Moore, OK, await news on missing love ones Tuesday, a day after a massive tornado devastated the city, killing at least 51. Rescuers worked all night, with particular attentionMore >>
The tornado, with winds up to 200 mph, cut a 20-mile stretch as wide as two miles through the Oklahoma City metro area. The medical examiner's office reported 24 people died, including nine children. More >>
Tuesday, May 21 2013 10:36 AM EDT2013-05-21 14:36:49 GMT
(RNN) – A day after long track tornadoes devastated Shawnee and Edmond, OK, another round has begun near Oklahoma City.KOCO broadcast a slow rotating cloud that slowly extended down towards the groundMore >>
Dozens of people have died after a second day of tornadoes twisted through Oklahoma, this time taking aim at the town of Moore, south of Oklahoma City.More >>
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SOURCE Isramco, Inc.
HOUSTON, March 15, 2013 /PRNewswire/ -- Isramco, Inc. (Nasdaq: ISRL) reported today revenues for the fourth quarter ended December 31, 2012 of $13,383,000 compared to revenues of $11,574,000 for the fourth quarter a year ago. The company reported a net loss of $652,000, or ($0.24) per share, for the fourth quarter of 2012 compared to a net loss of $4,308,000, or ($1.59) per share for the same quarter a year earlier.
Full year, revenues from oil and gas sales were $40,402,000 in 2012, compared to $44,228,000 in 2011. The net income for 2012 was $2,221,000 or $0.82, per share compared to a net income of $7,381,000 or $2.72 per share in 2011.
This decrease in net income was primarily due to a lower net gain on sales of marketable securities, lower natural gas and natural gas liquids ("NGLs") sales revenues as a result of a decrease in natural gas and NGLs prices, and a decrease in production volumes of natural gas and NGLs. These decreases were partially offset by an increase in revenues from its well servicing activities, a net gain on derivative contracts, and lower taxes and interest expenses.
On February 2012 the Company sold all of its investment in a company called Jerusalem Oil Exploration Ltd ("JOEL"). The realized gain from this transaction amounted to $3,650,000. In 2011, the company had a realized gain of $15,910,000 from the sale of its investment in shares of MediaMind Ltd.
Upon closing its Israel branch, the company has retained certain rights to royalty interests in several offshore properties. Those interests include an overriding royalty interest of 1.5375% in the Tamar field that will increase to 2.7375% after payout. The company has attained a third party reserve report from independent petroleum engineers dated March 14, 2013. The report estimates that by reason of its ownership in the Tamar Royalty, Isramco has proven undeveloped reserves in these at an estimated amount of 165.9 billion cubic feet of natural gas and 0.2 billion barrels of condensate. The reports indicated that no commercial oil deposits were included as reserves.
During 2012, gas supply contracts for sales of natural gas have been executed with large industrial customers located in Israel. It is anticipated that gas deliveries under such contracts should begin by the second quarter of 2013. Although the supply contracts are each subject to certain conditions; the major conditions to one contract with one large company has already been fulfilled. The amount of proceeds received from the production of the natural gas will be determined by the timing of production and the price determined at the time of sale. Isramco does not control many of the factors that affect payments received (time of production, price received, time of sale, and costs incurred) including if or when payment will occur. Isramco has also disclosed other risk factors regarding to the Tamar Royalty and its other business on its Form 10-K. These factors make it difficult to accurately predict the future amounts of proceeds it will receive.
The number of outstanding shares was 2,717,691 on December 31, 2012 and 2011.
The Company's financial statement information is summarized below:
(In thousands, except for per share income)
For the Three Months Ended December 31,
For the Year Ended December 31,
STATEMENT OF OPERATIONS DATA
Total operating expenses
Operating income (loss)
Net income (loss) attributable to Isramco
Earnings (loss) per share – basic and diluted
CASH FLOW DATA
Net cash provided by operating activities
Net cash provided by (used in) investing activities
Net cash used in financing activities
BALANCE SHEET DATA
Total shareholders' equity
ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON THE COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE "FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE-HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 2012, ITS QUARTERLY REPORTS ON FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS IN ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS RELEASE.