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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Isramco, Inc.    ISRL

ISRAMCO, INC.

(ISRL)
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ISRAMCO INC : Other Events, Financial Statements and Exhibits (form 8-K)

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02/11/2019 | 04:36pm EDT

Item 8.01. Other Events

On February 1, 2019, Isramco, Inc. (the "Company") received an evaluation summary (the "CGA Evaluation Summary") prepared by Cawley, Gillespie and Associates, Inc. ("CGA"), a third-party petroleum consulting firm that provides the Company with reports concerning its proved reserves in the United States. The CGA Evaluation Summary provides estimates of certain proved developed producing reserves and forecasts of economics attributable to the Company and certain of its subsidiaries as of December 31, 2018.

The Company has additionally prepared related unaudited estimates of its proved reserves and forecasts of economics attributable to the Company as of December 31, 2018 (the "Company Estimate Report"). The estimates of proved reserves and the estimated forecasts of economics attributable to the Company set forth in the Company Estimate Report were prepared by the Company's internal engineering and financial staff and have not been prepared, audited, or reviewed by an independent petroleum engineer or accountant. Although the Company believes its internal estimates of proved reserves and forecasts of economics attributable to the Company set forth in the Company Estimate Report are prepared on a basis consistent with the methodology employed by CGA, the proved reserves estimates and forecasts of economics attributable to the Company as of December 31, 2018 of CGA could deviate from the range of the Company's internal estimates.

There are numerous uncertainties inherent in estimating the quantities of proved reserves and projecting future rates of production. Further, the volumes considered to be commercially recoverable fluctuate with changes in prices and operating costs. Reserve estimates are inherently imprecise and estimates of new discoveries are more imprecise than those of currently producing oil and natural gas properties. Accordingly, these estimates are expected to change as additional information becomes available in the future.

The foregoing descriptions of the CGA Evaluation Summary and the Company Estimate Report as set forth in this Item 8.01 are summaries only and are qualified in all respects by the CGA Evaluation Summary and the Company Estimate Report, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2 and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits




(d)    Exhibits:



  10.1   Evaluation Summary as of December 31, 2018 from Cawley, Gillespie &
       Associates, Inc.




  10.2   Company Estimate Report as of December 31, 2018

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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