Isramco Picks Up Barnett Shale Acreage

Isramco, Inc. said Tuesday that it has entered into a Purchase and Sale Agreement ("Agreement") with Delek Energy US, Inc. ("Delek") and McCommons Oil Company ("McCommons"). Pursuant to the Agreement dated October 19, 2006, Isramco (through its fully own subsidiary Jay Petroleum LLC ("Jay") and Delek each acquired from McCommons 50% Working Interests in 2,780 non-producing Barnett Shale acreages in Wise County Texas. Jay and Delek each paid $1.2 million for these rights.

In addition, Jay Management LLC, another Isramco subsidiary, and Delek entered into a Joint operating Agreement as of such date pursuant to which Jay Management will serve as operator of the acreages.

A 3D seismic survey of the area and two exploratory gas wells are currently planned and, based on the results thereof, additional drillings will be considered.


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