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Isramco, Inc.- Special Investigative Committee Final Report

         Isramco, Inc.- Special Investigative Committee Final Report

PR Newswire

HOUSTON, Feb. 6, 2013

HOUSTON, Feb. 6, 2013 /PRNewswire/ -- Isramco Inc. (Nasdaq: ISRL) announced
that on January 7, 2013, the Special Investigative Committee of the Board of
Directors ("SIC") of lsramco, Inc. presented their final report of the
conclusions and results of the fourteen-month investigation into the
allegations made by Mr. Dennis Holifield, its former Vice President and
General Counsel, to the Securities and Exchange Commission (the "SEC") and
others. The SIC engaged the services of Mr. Mark Glasser and Ms. Tracy LeRoy
of the law firm of Sidley Austin LLP to act as investigators. Mr. Glasser
and Ms. LeRoy were given full access to company information, records and
employees. Through the use of a forensic computer specialist they reviewed
over nine thousand emails. They reviewed other electronically stored records,
files and paper documents, including banking, audit, financial, legal and
litigation records. They interviewed employees, ex-employees, directors,
ex-directors, vendors and third parties. After a thorough investigation into
each of Mr. Holifield's allegations, that included numerous claims of illegal
and even criminal conduct, the SIC determined that Mr. Holifield 's
allegations are not supported by any available documentary evidence or by
any statements made by former or current Isramco, Inc. directors, management,
or employees interviewed by the SIC or its counsel. The SIC also determined
that the Company has not engaged in wrongdoing of any sort, including any
unlawful or unethical business practices, nor have they had any lapses in
financial controls or any governance issues that require redress or reform.

The company appreciates the hard work and diligence of the Special
Investigative Committee and its investigators of the law firm of Sidley Austin
LLP.

SOURCE Isramco, Inc.

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