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ISRAMCO, INC. Reports Third Quarter Results



                 ISRAMCO, INC. Reports Third Quarter Results

PR Newswire

HOUSTON, Nov. 9, 2012

HOUSTON, Nov. 9, 2012 /PRNewswire/ -- ISRAMCO, INC. (Nasdaq: ISRL) reported
today that third quarter 2012 revenues were $12,755,000, compared to
$11,177,000 in the third quarter of 2011, an increase of approximately 14.1%.
Our oil and gas revenues decreased by approximately 10% when compared to the
same period of 2011 due to lower prices and volumes produced for natural gas
and natural gas liquids ("NGLs"). The lower revenues from natural gas and NGLs
were partially offset by an increase in crude oil production volumes. The
revenues from well service operations totaled $2,617,000 and caused an
increase in total revenues in the third quarter of 2012.

The Company reported a net loss attributable to Isramco of $(1,159,000) or
$(0.43) per share for the third quarter of 2012 compared to net income
attributable to Isramco of $14,694,000 or $5.41 per share for the same period
in 2011. This decrease was primarily due to net gain on sale of our investment
in shares of Media Mind Ltd of $15,910,000 in 2011, net loss from derivative
contracts in 2012 compared to a net gain in 2011, and decreased revenues from
natural gas and natural gas liquids sales as compared to the third quarter of
2011. The decrease was partially offset by an increase in revenues from well
service activities and a decrease in income taxes.

The Company reported net income of $2,873,000, or $1.06 per share, for the
nine months ended September 30, 2012, as compared to a net income of
$11,689,000, or $4.30 per share, for the comparable nine month period in 2011.
This decrease was primarily due to the net gain of $3,650,000 on sale of our
investment in shares of Jerusalem Oil Exploration Ltd as compared to the net
gain on sale of investment in shares of Media Mind Ltd in 2011 in the amount
of $15,910,000, lower natural gas and NGLs sales revenues as a result of the
decrease in natural gas and NGLs prices and volumes, decrease in gains on
derivative contracts which were partially offset by an increase in revenues
from well service activities, lower taxes and interest expenses in nine months
ended September, 2012.

There are currently 2,717,691 shares of Common Stock issued and outstanding.

Isramco's unaudited quarterly results are summarized below (in thousands
except for shares outstanding and per share amounts):

                         For the Three Months Ended For the Nine Months  Ended
                         September 30,              September 30,
                         2012          2011         2012          2011
STATEMENT OF
OPERATIONS DATA
Revenues                 $12,755       $11,177      $37,047       $34,074
Total operating expenses 11,538        9,294        31,639        29,552
Operating income         1,217         1,883        5,408         4,522
Net income (loss)
attributable to          (1,159)       14,694       2,873         11,689
Isramco
Earnings (loss) per
share – basic            (0.43)        5.41         1.06          4.30
and diluted
CASH FLOW DATA
Net cash provided by
operating                                           14,156        4,632
        activities
Net cash provided by
(used in)                                           (6,891)       4,564
        investing
activities
Net cash used in
financing                                           (7,249)       (10,065)
        activities
                                                    September 30, December 31,

                                                    2012          2011
BALANCE SHEET DATA
Current assets                                      $  15,846     $  13,077
Total assets                                        153,460       151,907
Total liabilities                                   134,082       133,359
Total shareholders'                                 19,378        18,548
equity

 

FORWARD-LOOKING STATEMENTS

ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE
BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON
THE COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE
"FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE-HARBOR
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH
FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND
OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND
UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR
2011, ITS QUARTERLY REPORTS ON FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. THE
COMPANY IS NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS IN
ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS
RELEASE.

SOURCE ISRAMCO, INC.

Contact: Edy Francis, Chief Financial Officer, +1-713-621-3882,
edyf@isramco-jay.com
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