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ISRAMCO REPORTS ON NEW RIGHTS OFFERING BY ISRAMCO-NEGEV LIMITED PARTNERSHIP

 ISRAMCO REPORTS ON NEW RIGHTS OFFERING
 BY ISRAMCO-NEGEV LIMITED PARTNERSHIP
 NEW YORK, March 25 /PRNewswire/ -- Isramco, Inc. (NASDAQ: ISRL) reported today that it had participated in the underwriting of a $6.7 million rights issue for the Isramco-Negev Limited Partnership which is expected to be offered to the public in Israel in the near future. Jerusalem Oil Exploration, Ltd. and Oil Exploration of Paz, Ltd. also are underwriters of the issue.
 In making the announcement, Dr. Joseph Elmaleh, chairman, said that Isramco, Inc. had agreed to transfer certain working interests to the limited partnership in return for cash and overriding royalties. The transfer of interests is subject to final approval by the Israeli oil commissioner who has given his approval in principle.
 Elmaleh said, "This transfer increases Isramco's overriding royalty interest from the limited partnership. In addition, Isramco continues to hold overriding royalties from other participants in the program. The interests which are being transferred to the limited partnership are those which Isramco has gained from the forfeiture by the H.E.I. group. Isramco will continue to hold a 1.0043 percent working interest in the active programs. Thus, by maintaining the same working interest, Isramco's interests remain by and large the same as in the past without an increase in its share of the costs of the program. Furthermore, Isramco is considering enlarging the offshore program, subject to financing being available."
 -0- 3/25/92
 /CONTACT: David Malkin, corporate secretary of Isramco, 212-486-8615, or John Swanson of Swanson Communications, 212-683-4890, for Isramco/
 (ISRL) CO: Isramco, Inc. ST: New York IN: OIL SU: OFR


CK-OS -- NY035 -- 1503 03/25/92 12:04 EST
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Publication:PR Newswire
Date:Mar 25, 1992
Words:274
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