HOUSTON, Aug. 9, 2011 /PRNewswire/ -- ISRAMCO, INC. (Nasdaq: ISRL) reported today that second quarter 2011 revenues were $11,747,000, compared to $9,527,000 in the second quarter of 2010, an increase of approximately 23.3%. The largest components of revenue in the second quarter of 2011 were oil and gas sales, which increased by approximately 23% when compared to same period of 2010, due to higher natural gas, oil and condensate and natural gas liquids ("NGLs") commodity prices.

The Company reported net income of $1,301,000 or $0.48 per share for the second quarter of 2011 compared to net income of $966,000 or $0.36 per share for the same period in 2010. The increase in net income was primarily attributable to a $2,220,000 increase in revenues. This was partially offset by a $1,556,000 increase in lease operating expenses, transportation and taxes.

The Company reported a net loss of ($3,005,000), or ($1.11) per share, for the six months ended June 30, 2011, as compared to a net income of $2,323,000, or $0.85 per share, for the comparable six month period in 2010. This decrease was primarily due to the impact of derivatives and higher lease-operating expenses which were partially offset by higher natural gas, oil and NGLs sales revenues, due to higher oil and NGLs prices and lower depreciation depletion and amortization expenses.

There are currently 2,717,691 shares of Common Stock issued and outstanding.

Isramco's unaudited quarterly results are summarized below (in thousands except for shares outstanding and per share amounts):




                                  For the Three       For the Six Months
                                      Months                Ended
                                  Ended June 30,           June 30,
                                  --------------          --------
                                   2011      2010     2011         2010
                                   ----      ----     ----         ----
    STATEMENT OF OPERATIONS DATA

    Revenues                    $11,747    $9,527  $22,897      $19,692

    Total operating
     expenses                    10,727    10,144   20,258       19,663

    Operating income (loss)       1,020      (617)   2,639           29

    Net income (loss)             1,301       966   (3,005)       2,323

    Earnings (loss) per
     share - basic and
     diluted                       0.48      0.36    (1.11)        0.85


    CASH FLOW DATA

    Net cash provided by operating
     activities                                        692        5,460

    Net cash used in investing
     activities                                     (3,655)      (1,914)

    Net cash used in financing
     activities                                       (987)      (2,529)


                                                              December
                                                            June 30,     31,
                                                      2011         2010
                                                      ----         ----
    BALANCE SHEET DATA

    Current assets                                 $15,545      $18,895

    Total assets                                   169,433      171,878

    Total liabilities                              150,729      153,341

    Total shareholders' equity                      18,704       18,537

FORWARD-LOOKING STATEMENTS

ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON THE COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE "FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE-HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 2010, ITS QUARTERLY REPORTS ON FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS IN ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS RELEASE.

SOURCE ISRAMCO, INC.