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

                         For the month of February, 1997



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

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

            575 Madison Avenue, New York, New York 10022     Suite 1006
            -----------------------------------------------------------
                          (Address of principal executive offices)

                                  212-605-0417
                                ---------------
                               (Telephone number)

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


                                                                           

<PAGE>



Item 2.  Acquisition of Assets
         ---------------------


     The Company on February 5, 1997  acquired  for $1.2  million an interest in
Jay  Petroleum  LLC. The Company (i)  pursuant to a letter  agreement (a copy of
which is attached  hereto as Exhibit A) paid to NIR  Resources  Inc.  the sum of
$677,500 for its 50% Membership Interest before recovery of contributions in Jay
Petroleum LLC which  interest for profit  allocation  purposes  reduces to 37.5%
after recovery of capital contribution;  and (ii) pursuant to a letter agreement
(a copy of which is attached  hereto as Exhibit B) paid to  Stonewall  Resources
LLC the sum of  $363,750  for its 25%  Membership  Interest  before  recovery of
contributions in Jay Petroleum LLC which interest for profit allocation purposes
reduces to 18.75% after recovery of capital  contributions.  (NIR Resources Inc.
is a wholly owned  subsidiary of Naphtha  Israel  Petroleum  Corp.  Ltd.  Naphta
Israel  Petroleum Corp. Ltd. owns  approximately  36.5% of the Company's  common
stock and  warrants.)  Mr. Yossi Levy,  the Branch Manager for the Israel Branch
Office of the Company is the General  Manager of Naphtha Israel  Petroleum Corp.
Ltd. Mr.  Youval Ran, the President of the Company is also a director of Naphtha
Israel  Petroleum Corp. Ltd. In addition,  officers and directors of the Company
are associates of officers and directors of Naphtha Israel Petroleum Corp. Ltd.

     In  addition,  the  Company  made a $132,640  capital  contribution  to Jay
Petroleum  LLC and  received  from Jay  Resources  Corp.  pursuant to a separate
agreement  (a copy of which is attached  hereto as Exhibit C) a 7.9%  Membership
Interest in Jay  Petroleum  LLC which  interest  increases to an  allocation  of
profits percentage of 13.81% after recovery of capital contributions.  The total
capital  contribution  made  by the  members  to Jay  Petroleum  LLC to  date is
$846,000.

     In  connection  with this  acquisition  the Company  received a Fair Market
Value  Letter  from  the  firm of  Albrecht  and  Associates  Inc.,  independent
petroleum  engineers,  with regard to (i) the oil and gas properties held by Jay
Petroleum LLC and (ii) the interest in Jay Petroleum LLC acquired by the Company
from NIR  Resources  Inc.  and  Stonewall  Resources  LLC. The Fair Market Value
Letter was based in part upon  reserve  evaluation  and net  income  projections
prepared by Riseden Services Inc.,  independent  petroleum engineers.  A copy of
the Fair Market Value Letter dated January 27, 1997 and the Riseden Report dated
January 16, 1997 are attached hereto as Exhibit D and Exhibit E, respectfully.

     In the  aggregate  the Company  holds an 82.9%  Membership  Interest in Jay
Petroleum  LLC.  The  Company's  share of  profits  before  recovery  of capital
contribution  in Jay  Petroleum  LLC is 82.9%  and  after  recovery  of  capital
contribution the allocation of profit participation will be reduced to 70.06%.

     The membership of Jay Petroleum LLC is comprised of the Company which holds
an 82.9% Membership  Interest,  Jay Resources  Corporation  which holds a 10.65%
Membership  Interest  and  Jay  Natural  Resources  Inc.  which  holds  a  6.45%
Membership  Interest,  all of which  interests are subject to  adjustment  after
recovery of capital contributions.


                                      - 2 -
                               

<PAGE>



     Jay  Petroleum  LLC  has  entered  into a  Management  Agreement  with  Jay
Management  Company LLC, a newly formed Texas limited  liability company for the
purpose of operating  certain oil and gas interests and managing certain oil and
gas  interests  owned or to be  acquired  by Jay  Petroleum  LLC.  For a capital
contribution  of  $350.00  the  Company  has  acquired  a 35%  interest  in  Jay
Management Company LLC. Pursuant to the Management Agreement (a copy of which is
attached  hereto as Exhibit  F), Jay  Petroleum  LLC will pay to Jay  Management
Company LLC a management fee of $12,500 per month.  The Management  Company will
also receive all payments to Operator for  operations  pursuant to the Operating
Agreement for the contract  wells.  The term of the Management  Agreement is for
ten (10) years,  unless  terminated by either party on not less than one hundred
eighty (180) days notice.

     The designated  Manager of Jay Petroleum LLC is Dr. Reuven Hollo. Dr. Hollo
will receive a Management fee of $5,000 per month. Dr. Hollo is also the Manager
of Jay  Management  Company  LLC,  as  well  as the  controlling  Member  in Jay
Resources Corp. and Jay Natural Resources, Inc.

     Jay  Petroleum  LLC owns both  operated and  non-operated  varying  working
interests in over fifty (50) oil and gas wells in the United States. Independent
estimates of the reserves held by Jay Petroleum LLC, which are located in Texas,
Oklahoma,  Wyoming,  Louisiana  and New Mexico  are  approximately  120,000  net
barrels of proven developed producing oil reserves;  2 billion net cubic feet of
proven developed  producing natural gas reserves;  220,000 net barrels of proven
non-producing   oil   reserves;   and,  3  billion  net  cubic  feet  of  proven
non-producing natural gas reserves.

     The  acquisition  of the  interests  in Jay  Petroleum  LLC, as well as the
capital  contribution  made by the Company to Jay  Petroleum LLC was made out of
working capital funds available to the Company.

     On February 13, 1997 Jay Petroleum LLC acquired from Snyder Oil Corporation
of Fort Worth, Texas, various operated and non-operated interests in oil and gas
wells  in  Louisiana,  Texas  and  Wyoming  for a  cost  of  $3.1  million.  The
acquisition was financed primarily with bank financing obtained by Jay Petroleum
LLC  through a $10 million  Master Note  Facility  with  Comerica  Bank - Texas,
Houston,  Texas.  The Company is not a borrower or  guarantor  under this Master
Note Facility.

     Based on outside reserve engineering  reports,  the newly acquired reserves
consist of approximately  160,000 net barrels of proven developed  producing oil
reserves;  2.8 billion  cubic feet of proven  developed  producing gas reserves;
11,000 net barrels of proven  non-producing  oil reserves;  and, 1.1 billion net
cubic feet of proven non-producing gas reserves.



                                      - 3 -
                               

<PAGE>


     After the completion of the Snyder Oil  Corporation  transaction,  based on
outside  reserve  engineering  reports,  Jay Petroleum LLC will have average net
daily  production of 133 barrels of oil per day (BOPD) and 1,800  thousand cubic
feet of gas per day (MCFD)  through the  development  of proven  behind pipe and
proven undeveloped  reserves which Jay Petroleum LLC has in its possession,  net
daily production could potentially increase to 200 BOPD and 2,400 MCFD of gas.

     Financial  statements  relating to the interests acquired by the Company in
Jay Petroleum LLC and the interests in oil and gas acquired by Jay Petroleum LLC
shall be filed for the  periods  specified  in Rule  3-05(b) to  Regulation  S-X
within sixty (60) days after the date of this report.

Item 7.  Exhibits
         --------

         Exhibit A - Letter Agreement with NIR Resources Inc.;
         Exhibit B - Letter Agreement with Stonewall Resources LLC;
         Exhibit C - Agreement  with Jay Resources  Corp.;
         Exhibit D - Fair Market Value Letter prepared by Albrecht and
                     Associates Inc. dated January 27, 1997;
         Exhibit E - Riseden Engineering Report dated January 16, 1997;
         Exhibit F - Management Agreement between Jay Petroleum LLC and Jay
                     Management Company LLC.

                                   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)


February 14, 1997                        By:  /S/  HAIM TSUFF
-----------------                            ----------------------------------
    (date)                                   Haim Tsuff
                                             Chairman of the Board


                                      - 4 -
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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

                         For the month of February, 1997

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

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

            575 Madison Avenue, New York, New York 10022     Suite 1006
            -----------------------------------------------------------
                          (Address of principal executive offices)

                                  212-605-0417
                                ---------------
                               (Telephone number)

              0-12500                                  13-3145265
         ------------------                         -----------------
         Commission File No.                        IRS Employer ID No.
Item 2.  Acquisition of Assets
         ---------------------

     The Company on February 5, 1997  acquired  for $1.2  million an interest in
Jay  Petroleum  LLC. The Company (i)  pursuant to a letter  agreement (a copy of
which is attached  hereto as Exhibit A) paid to NIR  Resources  Inc.  the sum of
$677,500 for its 50% Membership Interest before recovery of contributions in Jay
Petroleum LLC which  interest for profit  allocation  purposes  reduces to 37.5%
after recovery of capital contribution;  and (ii) pursuant to a letter agreement
(a copy of which is attached  hereto as Exhibit B) paid to  Stonewall  Resources
LLC the sum of  $363,750  for its 25%  Membership  Interest  before  recovery of
contributions in Jay Petroleum LLC which interest for profit allocation purposes
reduces to 18.75% after recovery of capital  contributions.  (NIR Resources Inc.
is a wholly owned  subsidiary of Naphtha  Israel  Petroleum  Corp.  Ltd.  Naphta
Israel  Petroleum Corp. Ltd. owns  approximately  36.5% of the Company's  common
stock and  warrants.)  Mr. Yossi Levy,  the Branch Manager for the Israel Branch
Office of the Company is the General  Manager of Naphtha Israel  Petroleum Corp.
Ltd. Mr.  Youval Ran, the President of the Company is also a director of Naphtha
Israel  Petroleum Corp. Ltd. In addition,  officers and directors of the Company
are associates of officers and directors of Naphtha Israel Petroleum Corp. Ltd.

     In  addition,  the  Company  made a $132,640  capital  contribution  to Jay
Petroleum  LLC and  received  from Jay  Resources  Corp.  pursuant to a separate
agreement  (a copy of which is attached  hereto as Exhibit C) a 7.9%  Membership
Interest in Jay  Petroleum  LLC which  interest  increases to an  allocation  of
profits percentage of 13.81% after recovery of capital contributions.  The total
capital  contribution  made  by the  members  to Jay  Petroleum  LLC to  date is
$846,000.

     In  connection  with this  acquisition  the Company  received a Fair Market
Value  Letter  from  the  firm of  Albrecht  and  Associates  Inc.,  independent
petroleum  engineers,  with regard to (i) the oil and gas properties held by Jay
Petroleum LLC and (ii) the interest in Jay Petroleum LLC acquired by the Company
from NIR  Resources  Inc.  and  Stonewall  Resources  LLC. The Fair Market Value
Letter was based in part upon  reserve  evaluation  and net  income  projections
prepared by Riseden Services Inc.,  independent  petroleum engineers.  A copy of
the Fair Market Value Letter dated January 27, 1997 and the Riseden Report dated
January 16, 1997 are attached hereto as Exhibit D and Exhibit E, respectfully.

     In the  aggregate  the Company  holds an 82.9%  Membership  Interest in Jay
Petroleum  LLC.  The  Company's  share of  profits  before  recovery  of capital
contribution  in Jay  Petroleum  LLC is 82.9%  and  after  recovery  of  capital
contribution the allocation of profit participation will be reduced to 70.06%.

     The membership of Jay Petroleum LLC is comprised of the Company which holds
an 82.9% Membership  Interest,  Jay Resources  Corporation  which holds a 10.65%
Membership  Interest  and  Jay  Natural  Resources  Inc.  which  holds  a  6.45%
Membership  Interest,  all of which  interests are subject to  adjustment  after
recovery of capital contributions.

                                      - 2 -
Jay  Petroleum  LLC  has  entered  into a  Management  Agreement  with  Jay
Management  Company LLC, a newly formed Texas limited  liability company for the
purpose of operating  certain oil and gas interests and managing certain oil and
gas  interests  owned or to be  acquired  by Jay  Petroleum  LLC.  For a capital
contribution  of  $350.00  the  Company  has  acquired  a 35%  interest  in  Jay
Management Company LLC. Pursuant to the Management Agreement (a copy of which is
attached  hereto as Exhibit  F), Jay  Petroleum  LLC will pay to Jay  Management
Company LLC a management fee of $12,500 per month.  The Management  Company will
also receive all payments to Operator for  operations  pursuant to the Operating
Agreement for the contract  wells.  The term of the Management  Agreement is for
ten (10) years,  unless  terminated by either party on not less than one hundred
eighty (180) days notice.

     The designated  Manager of Jay Petroleum LLC is Dr. Reuven Hollo. Dr. Hollo
will receive a Management fee of $5,000 per month. Dr. Hollo is also the Manager
of Jay  Management  Company  LLC,  as  well  as the  controlling  Member  in Jay
Resources Corp. and Jay Natural Resources, Inc.

     Jay  Petroleum  LLC owns both  operated and  non-operated  varying  working
interests in over fifty (50) oil and gas wells in the United States. Independent
estimates of the reserves held by Jay Petroleum LLC, which are located in Texas,
Oklahoma,  Wyoming,  Louisiana  and New Mexico  are  approximately  120,000  net
barrels of proven developed producing oil reserves;  2 billion net cubic feet of
proven developed  producing natural gas reserves;  220,000 net barrels of proven
non-producing   oil   reserves;   and,  3  billion  net  cubic  feet  of  proven
non-producing natural gas reserves.

     The  acquisition  of the  interests  in Jay  Petroleum  LLC, as well as the
capital  contribution  made by the Company to Jay  Petroleum LLC was made out of
working capital funds available to the Company.

     On February 13, 1997 Jay Petroleum LLC acquired from Snyder Oil Corporation
of Fort Worth, Texas, various operated and non-operated interests in oil and gas
wells  in  Louisiana,  Texas  and  Wyoming  for a  cost  of  $3.1  million.  The
acquisition was financed primarily with bank financing obtained by Jay Petroleum
LLC  through a $10 million  Master Note  Facility  with  Comerica  Bank - Texas,
Houston,  Texas.  The Company is not a borrower or  guarantor  under this Master
Note Facility.

     Based on outside reserve engineering  reports,  the newly acquired reserves
consist of approximately  160,000 net barrels of proven developed  producing oil
reserves;  2.8 billion  cubic feet of proven  developed  producing gas reserves;
11,000 net barrels of proven  non-producing  oil reserves;  and, 1.1 billion net
cubic feet of proven non-producing gas reserves.

                                      - 3 -
After the completion of the Snyder Oil  Corporation  transaction,  based on
outside  reserve  engineering  reports,  Jay Petroleum LLC will have average net
daily  production of 133 barrels of oil per day (BOPD) and 1,800  thousand cubic
feet of gas per day (MCFD)  through the  development  of proven  behind pipe and
proven undeveloped  reserves which Jay Petroleum LLC has in its possession,  net
daily production could potentially increase to 200 BOPD and 2,400 MCFD of gas.

     Financial  statements  relating to the interests acquired by the Company in
Jay Petroleum LLC and the interests in oil and gas acquired by Jay Petroleum LLC
shall be filed for the  periods  specified  in Rule  3-05(b) to  Regulation  S-X
within sixty (60) days after the date of this report.

Item 7.  Exhibits
         --------

         Exhibit A - Letter Agreement with NIR Resources Inc.;
         Exhibit B - Letter Agreement with Stonewall Resources LLC;
         Exhibit C - Agreement  with Jay Resources  Corp.;
         Exhibit D - Fair Market Value Letter prepared by Albrecht and
                     Associates Inc. dated January 27, 1997;
         Exhibit E - Riseden Engineering Report dated January 16, 1997;
         Exhibit F - Management Agreement between Jay Petroleum LLC and Jay
                     Management Company LLC.

                                   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)

February 14, 1997                        By:  /S/  HAIM TSUFF
-----------------                            ----------------------------------
    (date)                                   Haim Tsuff
                                             Chairman of the Board

                                      - 4 -