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 August 31, 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 5. Other Material Events
-----------------------------

     A. The  Company  announced  September  8,  1997 that it had  acquired  from
Equital Ltd. (an  affiliated  company  formerly  known as Pass-port  Ltd.) a 50%
participation  in a joint venture that holds the following two permits  offshore
of the Congo for $2.7 million: (1) the Marine III Exploration permit which has a
term of four years with an extension right of three years;  and, (2) the Tilapia
Exploitation  permit to develop the Tilapia Field, which has a term of ten years
with an extension right of five years.

     The joint  venture  holds 100% of the rights under the  production  sharing
contract  for the  Tilapia  permit  and 50% of the  rights  with  regard  to the
production  sharing contract in the Marine III permit.  The other participant in
the joint venture is Naphtha Israel  Petroleum  Corp.  Ltd.,  37.4% owner of the
Company.  Work programs for the two permits are being  prepared by the operator,
Naphtha Congo Ltd., a wholly owned  subsidiary of Naphtha Israel Petroleum Corp.
Ltd.

     Oil was discovered  within the area of the Tilapia  Exploitation  Permit in
the Tilapia Marine-I  exploration  well drilled by the previous  operator of the
permit, to a total depth of 5,018 feet. The well tested 2,040 barrels of oil per
day from a 31 foot thick  sandstone  reservoir,  at a depth of 3,874  feet.  The
discovery  well is  located  8.5  nautical  miles  north of the  Point  Indienne
productive oil field and less than one mile from the shore line.

     The Marine III Exploration  Permit covers an area of approximately  236,000
acres and is located in shallow water, 0-80 feet deep, along the coast. No wells
have yet been drilled on this permit.  The area of the two permits is covered by
a dense grid of two dimensional seismic lines.

                                      - 2 -
                                                                                

<PAGE>



     The  joint  venture's  rights in the  production  sharing  contract  on the
Tilapia permit is subject to a 12.5% carried  interest after payout of the joint
venture's  investment  costs not  including  the purchase  price.  The Company's
participation  in the joint venture is subject to an 8% carried  interest  after
payout in its rights  regarding the production  sharing  contract on the Tilapia
permit.

     "Payout"  means all of the  interest by the  Company in the Tilapia  permit
(excluding the purchase price paid by the Company to Equital Ltd.).  The Company
received a fair  market  valuation  of the two  permits  from  Forrest A. Garb &
Assoc., Inc., petroleum consultants, Dallas, Texas.

     The Agreement by and among Naphtha Congo Ltd., Equital Ltd. and the Company
dated September 4, 1997 is attached hereto as Exhibit A.

     B. The Company  entered into a Consulting  Agreement  with a company  which
employs Daniel Avner,  President,  for the period  commencing  July 28, 1997 and
continuing  up to and July 31,  1998  providing  for a monthly  compensation  of
$7,500.  The entire agreement is attached hereto as Exhibit A. 


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

          Exhibit A - Agreement by and among  Naphtha  Congo Ltd.,  Equital Ltd.
                      and Isramco, Inc.

          Exhibit B - Consulting Agreement with Romulas Investment Ltd.

                                      - 3 -
                                                                               

<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)


September 9, 1997                  By:  /s/ Haim Tsuff
-----------------                     ------------------------------------------
     (Date)                           Haim Tsuff
                                      Chairman of the Board


                                      - 4 -
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 5532}]
{"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": "97680616"}, "business-address": {"street1": "575 MADISON AVENUE", "street2": "SUITE 1006", "city": "NEW YORK", "state": "NY", "zip": "10022", "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 August 31, 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 5. Other Material Events
-----------------------------

     A. The  Company  announced  September  8,  1997 that it had  acquired  from
Equital Ltd. (an  affiliated  company  formerly  known as Pass-port  Ltd.) a 50%
participation  in a joint venture that holds the following two permits  offshore
of the Congo for $2.7 million: (1) the Marine III Exploration permit which has a
term of four years with an extension right of three years;  and, (2) the Tilapia
Exploitation  permit to develop the Tilapia Field, which has a term of ten years
with an extension right of five years.

     The joint  venture  holds 100% of the rights under the  production  sharing
contract  for the  Tilapia  permit  and 50% of the  rights  with  regard  to the
production  sharing contract in the Marine III permit.  The other participant in
the joint venture is Naphtha Israel  Petroleum  Corp.  Ltd.,  37.4% owner of the
Company.  Work programs for the two permits are being  prepared by the operator,
Naphtha Congo Ltd., a wholly owned  subsidiary of Naphtha Israel Petroleum Corp.
Ltd.

     Oil was discovered  within the area of the Tilapia  Exploitation  Permit in
the Tilapia Marine-I  exploration  well drilled by the previous  operator of the
permit, to a total depth of 5,018 feet. The well tested 2,040 barrels of oil per
day from a 31 foot thick  sandstone  reservoir,  at a depth of 3,874  feet.  The
discovery  well is  located  8.5  nautical  miles  north of the  Point  Indienne
productive oil field and less than one mile from the shore line.

     The Marine III Exploration  Permit covers an area of approximately  236,000
acres and is located in shallow water, 0-80 feet deep, along the coast. No wells
have yet been drilled on this permit.  The area of the two permits is covered by
a dense grid of two dimensional seismic lines.

                                      - 2 -
The  joint  venture's  rights in the  production  sharing  contract  on the
Tilapia permit is subject to a 12.5% carried  interest after payout of the joint
venture's  investment  costs not  including  the purchase  price.  The Company's
participation  in the joint venture is subject to an 8% carried  interest  after
payout in its rights  regarding the production  sharing  contract on the Tilapia
permit.

     "Payout"  means all of the  interest by the  Company in the Tilapia  permit
(excluding the purchase price paid by the Company to Equital Ltd.).  The Company
received a fair  market  valuation  of the two  permits  from  Forrest A. Garb &
Assoc., Inc., petroleum consultants, Dallas, Texas.

     The Agreement by and among Naphtha Congo Ltd., Equital Ltd. and the Company
dated September 4, 1997 is attached hereto as Exhibit A.

     B. The Company  entered into a Consulting  Agreement  with a company  which
employs Daniel Avner,  President,  for the period  commencing  July 28, 1997 and
continuing  up to and July 31,  1998  providing  for a monthly  compensation  of
$7,500.  The entire agreement is attached hereto as Exhibit A. 

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

          Exhibit A - Agreement by and among  Naphtha  Congo Ltd.,  Equital Ltd.
                      and Isramco, Inc.

          Exhibit B - Consulting Agreement with Romulas Investment Ltd.

                                      - 3 -
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)

September 9, 1997                  By:  /s/ Haim Tsuff
-----------------                     ------------------------------------------
     (Date)                           Haim Tsuff
                                      Chairman of the Board

                                      - 4 -