PetroTx Finds Oil and Gas In Sealed Dead Sea Well, Also Looking At Texas Properties

November 5, 2018

 

PetroTx says it has temporary approval to produce and sell oil from the Dead Sea.

The Israel-based company, headed by former Noble executives Colin Sinclair, Doug Smith and Ken Stanley, said Sunday the release of excess pressure from the sealed Tzuk Tadmor well yielded 500 barrels and may produce more.

The company also told an Israeli newspaper that it’s looking to raise more than $21 million in a bond sale and rights offering for the purchase of three natural gas properties, two under development in Texas and one in Mississippi.

The Mississippi property has 45 billion cubic feet of gas and 87,000 barrels of oil and the Texas properties have 5.7 billion cubic feet of gas and 41,000 barrels of oil, PetroTx said.