UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-K/A
            Annual Report for the Fiscal year ended December 31, 2000

                                  ISRAMCO, INC.
             (Exact name of registrant as specified in its charter)

   Delaware                          0-12500                     13-3145265
   (State or Other Jurisdiction    Commission File             IRS Employer
   of Incorporation)                  Number)            Identification No.)

                      11767 Katy Freeway, Houston, TX 77079
                    (Address of Principal Executive Offices)

                                  713-621-5946
              (Registrant's Telephone Number, including Area Code)
                                   [Mark One]

 |X| Annual report under Section 13 or 15(d) of the Securities Exchange Act of
                1934 For the fiscal year ended December 31, 2000

 |_| Transition report under Section 13 or 15(d) of the Securities Exchange Act
                                     of 1934

         Securities registered under Section 12(b) of the Exchange Act:

Title of each Class:                   Name of each exchange on which registered
       None                                                None

         Securities registered under Section 12(g) of the Exchange Act:
                          Common Stock, par value $0.01
                                (Title of Class)

Check whether the issuer (1) has field all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. |X| Yes
|_| No

Indicate by check mark if disclosure of delinquent filers in response to Item
405 of Regulation S-K is not contained in this Form, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. |X|

As of March 30, 2001, the Registrant had outstanding 2,639,853 shares of $0.01
par value Common Stock. The aggregate market value of such Common Stock held by
non-affiliates of the Registrant at March 30, 2001 was approximately $7 million.
Such market value was calculated by

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using the closing price of such common stock as of such date reported on the
NASDAQ National Market.

                               EXPLANATORY NOTICE

      This Amendment No. 2 to Annual Report on From 10-K/A (this "Amendment")
amends the Annual Report on Form 10-K filed by Isramco, Inc., a Delaware
corporation (the "Company"), on March 30, 2001, as amended by Amendment No. 1 to
Annual Report on Form 10-K/A filed by the Company on April 30, 2001 (as amended,
the "Original Annual Report"). The sole purpose of this Amendment is to amend
Item 14 of the Original Annual Report to include as an exhibit thereto the
Financial Statements and Notes thereto of Isramco Negev 2 Limited Partnership,
an affiliate of the Company, for the year ended December 31, 2000 (the "Isramco
Negev 2 Financials"). The Isramco Negev 2 Financials are attached hereto as
Exhibit 99.1.

Item 14 Financial Statements and Exhibits

      (c) Exhibits

Exhibit No.
-----------

99.1  Financial Statements and Notes thereto of Isramco Negev 2 Limited
      Partnerhip for the year ended December 31, 2000 .

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                               ISRAMCO, INC.
                                               Registrant


Date:    August 27, 2001                       /s/ Haim Tsuff
                                               -------------------

                                               Haim Tsuff
                                               Chairman of the Board and
                                               Chief Executive Officer

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                                INDEX TO EXHIBITS

Exhibit No.
-----------

99.1  Financial Statements and Notes thereto for Isramco Negev 2 Limited
      Partnership for the year ended December 31, 2000.

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