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Isramco, Inc. and its subsidiaries engage in the acquisition, exploration, operation, and development of oil and gas properties in the United States and Israel. It holds a participation interest in two long-term offshore leases and serves as an operator of one lease; and holds a participation interest in an offshore license and serves as the operator in Israel. The company, through its wholly-owned subsidiaries, engages in oil and gas exploration and production in the United States. It owns working interests in oil and gas wells in Louisiana, Texas, Oklahoma, and Wyoming. As of December 31, 2004, the company had approximately 140,000 net barrels of proved developed producing oil and 2,011 million cubic feet of proved developed producing natural gas. Isramco also holds interests in real estate properties in Israel. In addition, the company owns and leases a luxury cruise liner. Isramco was formed in 1982 and is based in Houston, Texas.