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Isramco Posts 4Q Profit On Oil, Gas Sales

HOUSTON (AP) ¿ Oil and gas company Isramco Inc. said Monday it posted a fourth-quarter profit compared with a loss in the year-ago period.

Houston-based Isramco reported net income for the the three months ended Dec. 31 of nearly $8.6 million, or $3.15 per share. That compared with a loss of nearly $5.2 million, or $1.91 per share, in the previous year's fourth quarter.

Revenue rose 9 percent to $7.7 million from almost $7.1 million.

For the full year, Isramco's profit was $3.2 million, or $1.19 per share, compared with a full-year loss of $6.4 million, or $2.36 per share, in 2007. Revenue from oil and gas sales more than doubled to nearly $52.2 million from nearly $22.8 million in 2007.

A company news release did not comment on Isramco's fourth-quarter results. But the release said its 2008 profit rose primarily because of newly acquired oil and gas properties, as well as higher oil and gas prices and gains on derivative contracts.

Shares of Isramco fell $1.34, or about 3.2 percent, to $40.50 in midday trading Monday.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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