Exhibit 99.1



                               Contact: Haim Tsuff
                                        Chief Executive Officer
                                        713-621-3882
                                        ISRAMCO@WORDONLINE.NL

                                        John Swanson
                                        Swanson Communications, Inc.
                                        217-285-4967

For Immediate Release


                          ISRAMCO APPOINTS NEW AUDITORS


HOUSTON, Jan 24 -- ISRAMCO, INC. (NASDAQ: ISRL -) announced that its Audit
Committee has named Malone & Bailey, PC., based in Houston, Texas, to serve as
the Company's independent auditors in connection with the audit of its 2004
financial statements.

Malone & Bailey will replace the previous auditors, UHY - Mann Frankfort Stein &
Lipp CPAS, LLP, certified public accountants also based in Houston, Texas. The
decision to change auditors was not caused by any disagreement between Isramco
and UHY - Mann Frankfort Stein & Lipp CPAS, LLP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure.

                           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 2003, 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.

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