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ISRAMCO, INC. ACQUIRES AND EXERCISES 8.8 MILLION ISRAMCO LIMITED PARTNERSHIP WARRANTS IN ISRAEL

 ISRAMCO, INC. ACQUIRES AND EXERCISES 8.8 MILLION ISRAMCO LIMITED
 PARTNERSHIP WARRANTS IN ISRAEL
 NEW YORK, Oct. 5 /PRNewswire/ -- Isramco, Inc. (NASDAQ: ISRL) reported today that it had acquired and exercised 8,887,797 warrants for a like number of units in the Isramco Limited Partnership, a drilling fund traded publicly on the Tel Aviv Stock Exchange. Isramco, Inc., through a wholly owned subsidiary, is the general partner for the limited partnership. The cost of the exercise was approximately $750,000. These units are marketable securities.
 In making the announcement, Dr. Elmaleh said that Isramco was joined in the investment by Jerusalem Oil Exploration, Ltd. (JOEL), the company's largest shareholder, and Paz Oil Exploration, Ltd. After the exercise, Isramco owns approximately 2 percent, Paz owns approximately 4 percent, and JOEL owns approximately 9.1 percent of the limited partnership.
 "A total of $11,253,604 was raised by the warrant exercise for the limited partnership's activities which are the exploration for oil in Israel. The Isramco Limited Partnership now has approximately $22.5 million in funds.
 The exercise will permit the partnership to participate for its working interest, which is approximately 70 percent, in the planned drilling of a well offshore of Israel in the Mediterranean, in addition to the Bessor No. 1 onshore, which will begin drilling as soon as the rig which has been contracted for, is available," Dr. Elmaleh said.
 -0- 10/5/92
 /CONTACT: Dr. Joseph Elmaleh, chairman, of Isramco, Inc., 212-888-0200, or John Swanson of Swanson Communications, Inc., 212-683-4890, for Isramco, Inc./
 (ISRL) CO: Isramco, Inc. ST: New York IN: OIL SU:


KD-OS -- NY033 -- 6488 10/05/92 10:23 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
Words:276
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