UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 31, 2006
ISRAMCO, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-12500 13-3145265
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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11767 KATY FREEWAY, HOUSTON, TX 77079
(Address of principal executive offices, including Zip Code)
713-621-3882
(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On December 31, 2006, Isramco Inc. (the "Company") and Chesny Estates
Ltd., a British Virgin Islands corporation ("Chesny") entered into a certain
Share Purchase and Sale Agreement, dated as of December 31, 2006 (the "Purchase
Agreement"), pursuant to which the Company sold to Chesny all of the outstanding
share capital of the Magic I Cruise Line Corp, ("Magic"), a British Virgin
Islands corporation and a wholly owned subsidiary of the Company, for a purchase
price of approximately $2.7 million (the "Purchase Price"), which is subject to
adjustment as specified in the Purchase Agreement.
The Company's decision to sell its holdings in Magic is primarily
attributable to the Company's decision to focus principally on the oil and gas
business. The Company disclosed in a Current Report on Form 8-K, filed on
November 22, 2006, that it entered into an agreement to purchase certain oil and
gas properties located in Texas and New Mexico for a purchase price of $100
million (which purchase price is subject to adjustment).
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements.
None.
(b) Pro Forma Financial Information
None.
(c) Exhibits:
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: JANAURY 8, 2007 ISRAMCO, INC.
By: /s/ Haim Tsuff
Haim Tsuff
Chief Executive Officer