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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 May, 1996
ISRAMCO, INC.
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(Exact name of registrant as specified in charter)
Delaware
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(State of Incorporation)
800 Fifth Avenue, New York, New York 10021 Suite 21-D
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(Address of principal executive offices)
212-888-0200
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(Telephone number)
0-12500 13-3145265
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Commission File No. IRS Employer ID No.
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Item 5. Other Events.
A. Mr. Haim Tsuff, a resident of the Netherlands, has been
named Chairman of the Board of Directors of Isramco, Inc. replacing Dr. Joseph
Elmaleh, who resigned in April, 1996. Mr. Tsuff has been a director of
Isramco, Inc. since January 8, 1996 and served as Chairman of the Board of
Passport, Ltd. a public company whose shares are traded on the Tel Aviv Stock
Exchange, and a Director of Isramco Oil & Gas, Ltd., a wholly owned subsidiary
of Isramco, Inc.
In addition, Daniel Avner, a resident of Frankfurt, Germany,
has become a member of Isramco's Board of Directors, filling the vacancy caused
by the resignation of Dr. Elmaeleh.
B. The litigation commenced in Israel in December, 1990
against Tyfoon Contractors, Ltd. (the "Diving Contractors for the Negev 2
Venture") and others including the Company in connection with an accident which
occurred on January 28, 1990 at the Yam well site, has been settled along with
the 1995 claim by the National Insurance Institute. The Plaintiff, together
with the National Insurance Institure will receive an amount of $1,875,000 from
all parties involved. The insurance company of the Defendants will pay the
entire settlement amount except for approximately $21,000. The Company's share
of the uncovered settlement amount is approximately $600.
Item 7. Exhibits.
None
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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)
May 6, 1996 By: /s/ Danny Toledano
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(date) Danny Toledano
President
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