The Securities and Exchange Commission today announced the filing of registration statements by commercial interests wishing to sell stock to finance the exploration, development and production of oil and gas in Israel.
Pan-Israel Oil Co., of the Republic of Panama, filed a registration statement today seeking registration of American voting trust certificates for 1, 000, 000 shares of common capital stock, one cent par, to be offered for public sale “as a speculation. ” The company was organized under the Panama corporation law for the purpose of seeking and developing gas and oil in Israel.
The company has outstanding 4,192,000 shares, of which 3, 892, 000 shares were issued to the so-called Buckley-Newkirk groups in exchange for the assignment to the company of licenses granted by the Petroleum Commissioner of Israel for the exploration and development of certain petroleum interests in Israel. The Pantepec Oil Company of Caracas, Venezuela, has entered into an agreement with Pan-Israel for drilling operations.
Another registration statement was filed today by the Mediterranean Corp., Inc. , of the Republic of Panama, seeking registration of the same number of shares as Pan-Israel and for the same purpose. The Mediterranean Petroleum Corp. has also issued a major portion of its outstanding shares to the so-called Buckley Newkirk groups and has a drilling arrangement with Pantepec of Venezuela.
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