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 March 17, 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
         ---------------------

     An  arbitration   proceeding  commenced  before  the  American  Arbitration
Association by Reuven Hollo, Jay Resources  Corporation,  Jay Natural  Resources
Inc.,  Jay Petroleum LLC and Jay  Management  Company LLC, as Claimants  against
Isramco,  Inc., NIR Resources Inc., Jay Petroleum LLC and Jay Management Company
LLC, as Respondents,  identified by Case No. 70 T 198 00227 97 has been resolved
pursuant to a  Settlement  Agreement  and  Release,  a copy of which is attached
hereto as Exhibit A. The  Claimants  are  hereinafter  referred to as the "Hollo
Group" and the Respondents are hereinafter referred to as the "Isramco Group".

     Pursuant to the terms of the  Settlement  Agreement and Release,  the Hollo
Group has  agreed to  assign  all of their  right,  title  and  interest  in Jay
Petroleum LLC and Jay  Management  Company LLC  including,  without  limitation,
their  complete  ownership  interest  and any and all  rights  to  undistributed
profits to Isramco,  Inc. in consideration  for Isramco,  Inc. (i) paying to Jay
Resources  Corporation and Jay Natural Resources Inc. the sum of $255,000,  (ii)
agreeing to assume any tax  liabilities or tax burdens  arising solely from such
undistributed  profits, and (iii) agreeing to assume a debt of $69,754 reflected
as an accounts  receivable  of Jay Resources  Corporation  owed to Jay Petroleum
LLC.

     In  addition,  the  Isramco  Group has  agreed to use their  best  efforts,
without  cost,  to effect a removal  of the Hollo  Group as a  guarantor  and/or
co-maker of any loan of Jay Petroleum LLC and/or Jay Management Company LLC.

     The effective date of the Settlement Agreement is December 31, 1997.

     As a result of the  Settlement  Agreement and Release,  Isramco,  Inc. will
increase its membership interest in Jay Petroleum LLC to 100% and its membership
interest in Jay Management Company LLC to 65%.

     The above  description of the Settlement  Agreement and Release is intended
solely to summarize  the salient  provisions  of the  Settlement  Agreement  and
Release.  The  Settlement  Agreement  and Release  attached  hereto as Exhibit A
should be read in its entirety for a complete  statement of all of the terms and
conditions of said Agreement.

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

     Exhibit A - Settlement Agreement and Release.

                                   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)

    March 25, 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": "98573882"}, "business-address": {"street1": "1770 ST JAMES PL", "street2": "STE 607", "city": "HOUSTON", "state": "TX", "zip": "77056", "phone": "7136213882"}, "mail-address": {"street1": "1770 ST JAMES PLACE", "street2": "SUITE 607", "city": "HOUSTON", "state": "TX", "zip": "77056"}}
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 March 17, 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
         ---------------------

     An  arbitration   proceeding  commenced  before  the  American  Arbitration
Association by Reuven Hollo, Jay Resources  Corporation,  Jay Natural  Resources
Inc.,  Jay Petroleum LLC and Jay  Management  Company LLC, as Claimants  against
Isramco,  Inc., NIR Resources Inc., Jay Petroleum LLC and Jay Management Company
LLC, as Respondents,  identified by Case No. 70 T 198 00227 97 has been resolved
pursuant to a  Settlement  Agreement  and  Release,  a copy of which is attached
hereto as Exhibit A. The  Claimants  are  hereinafter  referred to as the "Hollo
Group" and the Respondents are hereinafter referred to as the "Isramco Group".

     Pursuant to the terms of the  Settlement  Agreement and Release,  the Hollo
Group has  agreed to  assign  all of their  right,  title  and  interest  in Jay
Petroleum LLC and Jay  Management  Company LLC  including,  without  limitation,
their  complete  ownership  interest  and any and all  rights  to  undistributed
profits to Isramco,  Inc. in consideration  for Isramco,  Inc. (i) paying to Jay
Resources  Corporation and Jay Natural Resources Inc. the sum of $255,000,  (ii)
agreeing to assume any tax  liabilities or tax burdens  arising solely from such
undistributed  profits, and (iii) agreeing to assume a debt of $69,754 reflected
as an accounts  receivable  of Jay Resources  Corporation  owed to Jay Petroleum
LLC.

     In  addition,  the  Isramco  Group has  agreed to use their  best  efforts,
without  cost,  to effect a removal  of the Hollo  Group as a  guarantor  and/or
co-maker of any loan of Jay Petroleum LLC and/or Jay Management Company LLC.

     The effective date of the Settlement Agreement is December 31, 1997.

     As a result of the  Settlement  Agreement and Release,  Isramco,  Inc. will
increase its membership interest in Jay Petroleum LLC to 100% and its membership
interest in Jay Management Company LLC to 65%.

     The above  description of the Settlement  Agreement and Release is intended
solely to summarize  the salient  provisions  of the  Settlement  Agreement  and
Release.  The  Settlement  Agreement  and Release  attached  hereto as Exhibit A
should be read in its entirety for a complete  statement of all of the terms and
conditions of said Agreement.

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

     Exhibit A - Settlement Agreement and Release.

                                   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)

    March 25, 1998                       By:  /s/  Haim Tsuff
    --------------                          ------------------------------------
       (date)                               Haim Tsuff, Chairman of the Board

                                      - 2 -