| 1. | Consulting      Services.  (i) The Company hereby engages Consultant and      Consultant hereby agrees to make itself available to render at the request      of the Company, certain independent advisory and consulting      services  with respect to the expansation and management of oil      and gas properties in the United States,   to the best of      its ability in compliance with all applicable laws, the Company's Articles      of Incorporation and By-laws and under the terms and conditions hereof.      Services rendered by Consultant hereunder may be made via telephone      and via      correspondence. It is understood that the services rendered shall be upon      the request of the Company and shall be rendered at such time, in such      manner and at such places as shall be reasonably convenient and consistent      with Consultant's other business and personal commitments. Consultant      shall continue to provide the services hereunder only so long as      (i)  Tsuff continues in the employ of the Consultant and (ii)      Tsuff continues to serve as Chief Executive Officer of the Company or in      any other senior management capacity. Consultant and Tsuff understand that      Tsuff’s service as Chief Executive Officer of the Company or in any other      similary situated senrior mangement position of the Company is subject to      the Company’s Board of Directors. If for any reason whatsoever, Tsuff no      longer serves the Company in any senior management capacity or if he is no      longer emplyed by the Consultant, then, without any further action by      either party other than the delivery of notice by the Company to      Consultnat, this agreement shall be deemed to have been termianted in      accordance with the provisions of Section 7  hereof. |
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|   | (ii)      The services hereunder shall be provided solely by Tsuff or by those      directly under his supervision. |
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| 2. | Compensation. (i) In      consideration of Consultant's promise to perform the services for the      Company as provided for in Section 1 hereof and as an inducement to enter      into this Agreement,      the Company shall pay to Consultant or a company owned by      Consultant, an annual consulting fee of Three Hundred Sixty Thousand      (360,000) Dollars payable in installments of Thirty Thousand ($30,000)      Dollars per month. All monthly payments shall be paid on or before the      tenth (10th) day of each month with the first payment due June 1,      2008. |
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| 3. | Expenses. Consultant      shall be reimbursed for all reasonable business expenses incurred by it      during the Consulting Term (as hereinafter defined) in the performance of      its services hereunder in compliance      with the existing policies of the Company relating to reimbursement of      such expenses. Consultant is required to submit sufficient documentation      of expenditures. |
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| 4. | Independent Contractor. It is      expressed, understood and agreed that Consultant is acting as an      independent contractor in performing its services hereunder. The Company      shall carry no workmen's compensation insurance or any accident insurance      to cover Consultant. The Company shall not pay any contribution to social      security, employment insurance, federal and state withholding      taxes. |
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| 5. | Term. This Agreement shall      be in fulll force and effect for the period commencing June 1, 2008 and      continuing up to and through May 31, 2011 (the “Consulting Term”).      Notwithstanding the foregoing, the term of this Agreement shall be      automatically extended for an additional term of three (3) years      commencing June 1, 2011 through May 31, 2014, unless the Company has given      Consultant written notice, at least ninety (90) days prior to June 1,      2011, that it does not intend for the term to be automatically      extended. |
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| 6. | Death      and Disability. If Consultant during the term of this Agreement is      unable to perform services by reason of illness or incapacity of Tsuff,      the compensation to Consultant shall nevertheless continue at its present      rate for the duration of the Consulting Term. If Tsuff dies during the      term of this Agreement, the compensatin payable pursuant to Section 2      hereof shall continue for a period of one (1) year fromTsuff’s      death. |
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| 7. | Termination      Payment. In the event Consultant’s relationship is terminated by      the Company, Consultant shall be entitled to receive a severance payment      in one lump sum equal to the balance of the unpaid consulting fee due to      Consultant for the remaining term of this Agreement simultaneously with      its termination. Notwithstanding the foregoing, this Agreement may be      terminated at will by Consultant upon thirty (30) days prior written      notice to the Company. In such event, the termination payment provided for      in Section 7 hereof shall not be applicable and Consultant shall only be      entitled to one (1) additional month of compensation after notice of      temination. |
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| 8. | Severability.      With respect to any provision of this Agreement finally determined by a      court of competent jurisdiction to be unenforceable, Consultant and the      Company hereby agree that such court shall have juridiction to reform such      provision so that it is enforceable to the maximum extent permitted by      law, and the parties agree to abide by such court’s determination. In the      event that any provision of this Agreement cannot be reformed, such      provision shall be deemed to be served from this Agreement, but every      other provision of this Agreement, shall remain in full force and      effect. |
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| 9. | Binding Effect:      Assignment. The terms and provisions of this Agreement shall be      binding on and inure to the benefit of Consultant, the Company and their      respecttive heirs, executors, administrators, legal representatives,      successors and assigns. This Agreement shall require the personal services      of Consultant and consequently, Consultant may not assign, pledge or      encumber in any way all or party of its obligators under this Agreement      without the prior written consent of the Company. The Company may assign      its rights and obligations hereunder without the consent of Consultant.      Notwithstanding the foregoing, the Company shall continue to act as a      guarantor of its obligationshereunder. |
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| 10. | No      Modification. No agreement, modification, or any provision of this      Agreement, nor consent to any departure therefrom shall be effective      unless the same shall be in writing and signed by the parties      hereto. |
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| 11. | Governing Law.      This Agreement shall be governed and construed in accordance with the      internal laws of the State of Texas. The parties agree to subject themself      to the exclusive jurisdiction and venue of any court in the Southern      District of Texas. |
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| 12. | Notices. All      notices, consents, demands, requests, approvals and other communications      which are required or may be given hereunder shall be in writing and be      deemed to have been given, delivered or mailed, registered or certified,      first class postage prepaid and telefax as  follows: |
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|   | If to      Consultant: |
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|   |  Goodrich      Global  Ltd. |
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|   | If to      Company: |
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|   | Isramco,      Inc. |
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|   | 4801      Woodway Drive, HOUSTON, TX 77056 |
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|   | Attention:      Mr. Jim Hutchinson |
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| 13. | Captions. The      section headings of this Agreement are included for convenience only and      shall not constitute a part of this Agreement in construing or      interpreting any provision hereof. |
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|   | Isramco,      Inc. |
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|   | By:      _______________________ |
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|   | Goodrich      Global Ltd |
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|   | By:      _______________________ |
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