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 December 10, 1997




                                  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
        ---------------------

     A. The Board of Directors of Isramco,  Inc. has been  increased to five (5)
members and Dr.  Linda  Canina has been elected as a new director of the Company
to  serve  for a term of one (1)  year or  until  the  next  Annual  Meeting  of
Shareholders.  Dr.  Canina is a  Professor  of Finance  at  Cornell  University,
Ithaca, New York. Dr. Canina is also visiting Assistant  Professor of Finance at
the Recanati School of Business in Tel Aviv, Israel.

     B. The Company has entered into an Amendment  of the  Consulting  Agreement
between  Goodrich Global L.T.D.  B.V. and Isramco,  Inc. to provide (i) that the
Agreement  be  extended  for a term of three (3) years  through May 31, 2001 and
thereafter,  (ii) be  automatically  extended for an additional three (3) years,
unless  terminated by the Company on ninety (90) days' prior written  notice.  A
copy of the Amendment to the Consulting  Agreement is attached hereto as Exhibit
A. Goodrich Global L.T.D.  B.V. is a company owned and controlled by Haim Tsuff,
the Chairman and Chief Executive Officer of Isramco, Inc.

     C. The Board of  Directors  has  designated  Haim Tsuff and Daniel Avner as
members of its Audit  Committee  and has  designated  Daniel Avner and Dr. Avihu
Ginzburg as members of the Company's Stock Option Committee.

     D. The Company  effective as of December  15, 1997 has  formally  moved its
executive offices from 575 Madison Avenue, New York, New York 10022 to:

                               Isramco, Inc.
                               1770 St. James Place
                               Suite 607
                               Houston, Texas 77056

     The new telephone number and fax number of the Company is:

                     Tel (713) 621 3882 / Fax (713) 621 3988


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

     Exhibit A - Amendment to Consulting  Agreement  between  Isramco,  Inc. and
Goodrich Global L.T.D. B.V.

                                      - 2 -
                                                                                

<PAGE>


                                   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)


December 18, 1997                        By: /s/  Haim Tsuff
-----------------                           ------------------------------------
    (date)                                  Haim Tsuff
                                            Chairman of the Board


                                      - 3 -
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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

               Date of Earliest Reported Events December 10, 1997

                                  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
        ---------------------

     A. The Board of Directors of Isramco,  Inc. has been  increased to five (5)
members and Dr.  Linda  Canina has been elected as a new director of the Company
to  serve  for a term of one (1)  year or  until  the  next  Annual  Meeting  of
Shareholders.  Dr.  Canina is a  Professor  of Finance  at  Cornell  University,
Ithaca, New York. Dr. Canina is also visiting Assistant  Professor of Finance at
the Recanati School of Business in Tel Aviv, Israel.

     B. The Company has entered into an Amendment  of the  Consulting  Agreement
between  Goodrich Global L.T.D.  B.V. and Isramco,  Inc. to provide (i) that the
Agreement  be  extended  for a term of three (3) years  through May 31, 2001 and
thereafter,  (ii) be  automatically  extended for an additional three (3) years,
unless  terminated by the Company on ninety (90) days' prior written  notice.  A
copy of the Amendment to the Consulting  Agreement is attached hereto as Exhibit
A. Goodrich Global L.T.D.  B.V. is a company owned and controlled by Haim Tsuff,
the Chairman and Chief Executive Officer of Isramco, Inc.

     C. The Board of  Directors  has  designated  Haim Tsuff and Daniel Avner as
members of its Audit  Committee  and has  designated  Daniel Avner and Dr. Avihu
Ginzburg as members of the Company's Stock Option Committee.

     D. The Company  effective as of December  15, 1997 has  formally  moved its
executive offices from 575 Madison Avenue, New York, New York 10022 to:

                               Isramco, Inc.
                               1770 St. James Place
                               Suite 607
                               Houston, Texas 77056

     The new telephone number and fax number of the Company is:

                     Tel (713) 621 3882 / Fax (713) 621 3988

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

     Exhibit A - Amendment to Consulting  Agreement  between  Isramco,  Inc. and
Goodrich Global L.T.D. B.V.

                                      - 2 -
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)

December 18, 1997                        By: /s/  Haim Tsuff
-----------------                           ------------------------------------
    (date)                                  Haim Tsuff
                                            Chairman of the Board

                                      - 3 -