2009-08-17-2008-04-01-2008-04-01

Acquired assets including participation in Israeli Isramco Negev 2 and Inoc Dead Sea partnerships.

Israel-based IOC-Israel Oil Co. Ltd., a subsidiary of Naphtha Israel Petroleum Corp. Ltd., has acquired all of the Israel assets of Houston-based Isramco Inc. (Nasdaq: ISRL) for approximately $13.6 million. The sale represents Isramco's exit from operated assets in Israel which comprised an insignificant component of its overall operations. It continues to hold working interests offshore Israel. The company now focuses on operations in the U.S., holding assets in Louisiana, Texas, Oklahoma and Wyoming. The assets include participation units in the Israeli oil and gas limited partnerships Isramco Negev 2 and Inoc Dead Sea. The sale transferred all operating activities including employees and fixed assets. Isramco used proceeds to pay debt related to the acquisition from U.S.-based Five States Co. LLC in March 2007.