SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report: June 8, 1999
ISRAMCO, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12500 13-3145265
(State or Other Jurisdiction Commission File IRS Employer
of Incorporation) Number) Identification No.)
Delaware 0-12500 13-3145265
(State or Other Jurisdiction Commission File IRS Employer
of Incorporation) Number) Identification No.)
1770 St. James Place, Houston, Texas 7705 Suite 607
(Address of Principal Executive Offices)
713-621-3882
(Registrant's Telephone Number, including Area Code)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS
Isramco, Inc. (hereinafter, the "Company") intends to exercise its rights
to purchase participation units of Isramco Negev II Limited Partnership, an
Israeli entity (the "Partnership), being offered in a rights offering to the
Partnership's existing unit holders ("Rights Offering"). The Company intends to
purchase the entirety of the participation units which it is entitled to
purchase in the Rights Offering for an aggregate purchase price of approximately
$600,000. The participation units being offered in the Rights Offering are
identical, in all material respects, to the participation units currently
outstanding. The Company currently holds 2.27% of the issued Partnership units
and a wholly-owned subsidiary of the Company, Isramco Oil and Gas Ltd. ("IOG"),
which serves as the general partner for the Partnership (the "General Partner"),
holds an additional 0.0758% of the Partnership units. If any existing unit
holder elects not to exercise its rights, the Company may purchase, on the open
market, additional rights beyond those rights which it intends to exercise in
the Rights Offering, thereby increasing its percentage interest of the issued
partnership units.
The Partnership was formed in 1989 for the purpose of acquiring from the
Company certain of the Company's working interests. The Partnership is currently
the largest holder of working interests in the Med Licenses and the Yam Ashdod
Carveout Venture. From its formation in 1989 through 1994, the Partnership
raised approximately $123 million from the public in Israel. Isramco Management
(1988) Ltd., a wholly-owned subsidiary of the Company, serves as the nominee
holder of Partnership units held by public investors in Israel. Currently, the
Partnership has available approximately $56 million. The Rights Offering seeks
to raise up to $25,000,000.
SIGNATURE
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.
Date: June 8, 1999 Isramco, Inc.
By: /s/ Haim Tsuff
Haim Tsuff
Chairman of the Board
