ISRAMCO, INC. Reports First Quarter Results

                 ISRAMCO, INC. Reports First Quarter Results

PR Newswire

HOUSTON, May 10, 2013

HOUSTON, May 10, 2013 /PRNewswire/ --ISRAMCO, INC. (NASDAQ: ISRL) reported
today that first quarter 2013 revenues were $11,452,000, compared to
$11,464,000 for the first quarter of 2012. The largest components of revenue
in the first quarter of 2013 were oil and gas sales, which decreased by
approximately 17% when compared to same period of 2012 due to lower prices
received for crude oil and NGLs and a decrease in crude oil sales volumes. The
decrease was offset by revenues from production services of $2,704,000.

The Company reported net loss of $509,000, or $(0.19) per share, for the first
quarter 2013 compared to net income of $1,542,000, or $0.57 per share, for the
same period in 2012. This decrease was primarily due to net gain of $3,650,000
on sale of our investment in shares of Jerusalem Oil Exploration Ltd, ("JOEL")
a related party in 2012, lower crude oil and NGLs sales revenues as a result
of the decrease in crude oil and NGLs prices and oil production volumes which
were partially offset by increase in revenues from well service activities,
and net loss on derivative contracts recorded in 2012.

On March 31, 2013 the Tamar Field began its first sales ofnaturalgas and the
impact to the Company will occur during the second quarter.The Company owns
a1.5375% (2.7375% after payout)overriding royalty interest intheTamar
Field, which is a significant gas fieldlocated in
theEasternMediterraneanand operated by Noble Energy, Inc.

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 per share
                                          income)
                                          For the Three Months Ended March 31,
                                          2013              2012
STATEMENT OF OPERATIONS DATA
Revenues                                  $11,452           $11,464
Total operating expenses                  10,673            9,538
Operating income                          779               1,926
Net income (loss)                         (509)             1,542
Earnings (loss) per share – basic and     (0.19)            0.57
diluted
CASH FLOW DATA
Net cash provided by operating activities 1,913             5,460
Net cash provided by (used in) investing  (4,937)           1,020
activities
Net cash provided by (used in) financing  3,083             (7,465)
activities
                                          March 31,         December 31,

                                          2013              2012
BALANCE SHEET DATA
Current assets                            $ 18,895         $ 17,386
Total assets                              156,310           153,958
Total liabilities                         138,004           135,143
Total shareholders' equity                18,306            18,815

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
2012, 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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