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 Earliest Reported Events January 19, 1998




                                  ISRAMCO, INC.
                -------------------------------------------------
               (Exact name of registrant as specified in charter)

                                    Delaware
                             -----------------------
                            (State of Incorporation)

         1770 St. James Place, Houston, Texas 77056     Suite 607
         --------------------------------------------------------
                    (Address of principal executive offices)

                                  713-621-3882
                                ----------------
                               (Telephone number)

            0-12500                                   13-3145265
       -------------------                        ------------------
       Commission File No.                        IRS Employer ID No.


                       
<PAGE>


Item 5.  Other Material Events
         ---------------------

     The Company, as the operator of the Shederot license,  announced on January
19,  1998 that the Gurim 1 well was spud within the  license  area.  The Gevim 1
well is planned for a total depth of approximately 14,715 feet and the estimated
cost of the drilling is $6.3 million  including  production  tests. The drilling
activity should take between 3 to 4 months. The Company's share of the estimated
cost for drilling, including production tests, is approximately $63,270.


Item 7.  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.

                                           Isramco, Inc.
                                           (registrant)


  January 21, 1998                          By:  /s/  HAIM TSUFF
  ----------------                               -------------------------------
    (date)                                       Haim Tsuff
                                                 Chairman of the Board


                                      - 2 -
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{"company-data": {"conformed-name": "ISRAMCO INC", "cik": "0000719209", "assigned-sic": "1311", "irs-number": "133145265", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-12500", "film-number": "98514054"}, "business-address": {"street1": "1770 ST JAMES PL", "street2": "STE 1006", "city": "HOUSTON", "state": "TX", "zip": "77056", "phone": "2126050417"}}
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 Earliest Reported Events January 19, 1998

                                  ISRAMCO, INC.
                -------------------------------------------------
               (Exact name of registrant as specified in charter)

                                    Delaware
                             -----------------------
                            (State of Incorporation)

         1770 St. James Place, Houston, Texas 77056     Suite 607
         --------------------------------------------------------
                    (Address of principal executive offices)

                                  713-621-3882
                                ----------------
                               (Telephone number)

            0-12500                                   13-3145265
       -------------------                        ------------------
       Commission File No.                        IRS Employer ID No.
Item 5.  Other Material Events
         ---------------------

     The Company, as the operator of the Shederot license,  announced on January
19,  1998 that the Gurim 1 well was spud within the  license  area.  The Gevim 1
well is planned for a total depth of approximately 14,715 feet and the estimated
cost of the drilling is $6.3 million  including  production  tests. The drilling
activity should take between 3 to 4 months. The Company's share of the estimated
cost for drilling, including production tests, is approximately $63,270.

Item 7.  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.

                                           Isramco, Inc.
                                           (registrant)

  January 21, 1998                          By:  /s/  HAIM TSUFF
  ----------------                               -------------------------------
    (date)                                       Haim Tsuff
                                                 Chairman of the Board

                                      - 2 -