Skip to main content

ISRAMCO, INC. ANNOUNCES COMPLETION OF MERGER

Written by Customer Service on . Posted in Public Companies.

HOUSTON, TX , Oct. 25, 2019 (GLOBE NEWSWIRE) — Isramco, Inc. (NASDAQ CM: ISRL) (“Isramco” or the “Company”), announced today the completion of the merger (the “Merger”) contemplated by the previously announced Agreement and Plan of Merger, dated as of May 20, 2019 (the “Merger Agreement”), by and among the Company, Naphtha Israel Petroleum Corporation Ltd. (“Naphtha”), Naphtha Holding Ltd. (“NHL”), I.O.C. – Israel Oil Company, LTD. (“IOC”) and Naphtha US Oil, Inc. (“Merger Sub” and, together with Naphtha, NHL and IOC, the “Naphtha Group”).
The Merger, originally announced on May 20, 2019, was approved by the Company’s stockholders at a special meeting held on October 22, 2019. Under the terms of the Merger Agreement, Isramco stockholders receive US $121.40 per share of Company common stock.As a result of the Merger, Isramco became an indirect wholly owned subsidiary of Naphtha and the Company’s common stock has ceased trading and will be delisted from the NASDAQ Capital Market.Duff & Phelps, LLC served as the sole financial advisor to the special committee of the Company’s Board of Directors and Norton Rose Fulbright US LLP served as U.S. legal counsel to the special committee. Baker Botts L.L.P. served as U.S. legal counsel to Naphtha Group.About NaphthaNaphtha is an Israeli public company, whose shares are listed for trading on the Tel-Aviv Stock Exchange (TLV:NFTA). Naphtha engages primarily, through its subsidiaries, in exploration, development and production of oil & gas: offshore Israel and onshore U.S. Naphtha also is engaged in the field of commercial real-estate and hotel management, in Israel and in Europe.About IsramcoIsramco, Inc. is an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas properties located onshore in the United States and ownership of various royalty interests in oil and gas concessions located offshore Israel. The Company also operates a well service company that provides well maintenance, workover services, well completion and recompletion services and production services company that provides a full range of onshore production services U.S. oil and gas producers and a transportation company providing transport of liquefied petroleum products.FOR FURTHER INFORMATION:
Isramco, Inc.
Attn: Co-Chief Executive Officer / Chief Financial Officer
1001 West Loop South, Suite 750, Houston, Texas 77027
www.isramcousa.com or (713) 621-3882

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.