Document:

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                                   EXHIBIT 4.1
                                   -----------

                                 PROMISSORY NOTE
                                 ---------------

US $18,500,000.00                 HOUSTON, TEXAS               FEBRUARY 27, 2007

        FOR VALUE RECEIVED, ISRAMCO, INC., a Delaware corporation with offices
at 11767 Katy Freeway, Suite 711, Houston, Texas 77079 (herein called the
"Maker"), promises to pay to the order of NAPHTHA ISRAEL PETROLEUM CORP., LTD.
(herein called the "Payee") at its main office at 8 Granit St., P. O. B. 10188,
Petach - Tikva, 49002, Israel, or such other place as Payee may designate in
writing from time to time, in lawful money of the United States of America, the
sum of EIGHTEEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS (US
$18,500,000.00), payable as follows:

        (a)     PRINCIPAL. Principal shall be due and payable on the Maturity
Date.

        (b)     INTEREST. Interest shall be payable annually upon each
anniversary date of this Note. Interest shall accrue at the Stated Rate.

If any payment shall be due on a day that is not a business day, such payment
shall be due and payable on the next business day and interest shall accrue to
such day.

        This Note shall be due and payable on or before FEBRUARY 26, 2014, being
the final maturity date of this Note (the "Maturity Date") when the entire
unpaid principal balance and all unpaid accrued interest owing, together with
all other fees and charges, if any, will be due and payable in full.

        "STATED RATE" means a rate per annum equal to LIBOR plus five and one -
half percent (5 1/2 %), not to exceed eleven percent (11%); provided, however,
that if the Stated Rate ever exceeds the Highest Lawful Rate, the Stated Rate
shall then and thereafter be fixed at a rate per annum equal to the Highest
Lawful Rate then and from time to time thereafter in effect until the total
amount of interest accrued at the Stated Rate on the unpaid balance of this Note
equals the total amount of interest which would have accrued at the Highest
Lawful Rate from time to time in effect.

        "LIBOR" shall mean the rate per annum (rounded upwards, if necessary, to
the nearest 1/100 of 1%) appearing on Dow Jones Market Service Page 3750 (or any
successor page) as the London interbank offered rate for deposits in Dollars at
approximately 11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest Period for a term comparable to such Interest Period. If
for any reason such rate is not available, the term "LIBOR" shall mean, the rate
per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing
on Reuters Screen LIBO Page as the London interbank offered rate for deposits in
Dollars at approximately 11:00 a.m. (London time) two (2) Business Days prior to
the first day of such Interest Period for a term comparable to such Interest
Period; PROVIDED, HOWEVER, if more than one rate is specified on Reuters Screen
LIBOR Page, the applicable rate shall be the arithmetic mean of all such rates.
In the event that such rate

                                 PROMISSORY NOTE
                                PAGE 1 OF 4 PAGES

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does not appear on either Dow Jones Market Service Page 3750 or Reuters Screen
LIBOR Page, "LIBOR" shall be the rate per annum at which deposits in Dollars are
offered by leading reference banks in the London interbank market to Wells Fargo
Bank, N.A. at approximately 11:00 a.m. (London time) two (2) Business Days prior
to the first day of the applicable Interest Period for a period equal to such
Interest Period and in an amount substantially equal to the amount of this Note.

        "HIGHEST LAWFUL RATE" means, on any day, the maximum nonusurious rate of
interest permitted for that day by whichever of applicable federal or Texas laws
permits the higher interest rate, stated as a rate per annum. On each day, if
any, that the Texas Credit Title (V.T.C.A., Texas Finance Code ss.ss. 301.001 et
seq.) establishes the Ceiling Rate, the Ceiling Rate shall be the "weekly
ceiling" (as defined in the Texas Credit Title) for that day. Payee may from
time to time, as to current and future balances, implement any other ceiling
under the Texas Credit Title by notice to Maker, if and to the extent permitted
by the Texas Finance Code. Without notice to Maker or any other person or
entity, the Ceiling Rate shall automatically fluctuate upward and downward as
and in the amount by which such maximum nonusurious rate of interest permitted
by applicable law fluctuates.

        "INTEREST PERIOD" shall mean shall mean the period commencing on the
Effective Date and ending on the numerically corresponding day in the every six
(6) calendar months thereafter, except that each Interest Period which commences
on the last Business Day of a calendar month (or on any day for which there is
no numerically corresponding day in the appropriate subsequent calendar month)
shall end on the last Business Day of the appropriate subsequent calendar month.

        Interest on this Note shall be computed for the actual number of days
elapsed and on the basis of a year consisting of 365 days, unless the Highest
Lawful Rate would thereby be exceeded, in which event, to the extent necessary
to avoid exceeding the Highest Lawful Rate, interest shall be computed on the
basis of the actual number of days elapsed in the applicable calendar year in
which accrued.

        The proceeds of this Note shall be used by the Maker solely for the
purpose of the acquisition of oil and gas properties and working capital, and
for no other purpose.

        The payment of this Note is secured by the guaranty of Jay Petroleum,
L.L.C. and by certain oil and gas properties of Jay Petroleum, L.L.C.

        The Maker may at any time pay the full amount or any part of this Note
without the payment of any premium or fee. All payments and prepayments hereon
shall be applied first to accrued interest and the balance to principal in the
inverse order of maturity.

        All past due principal and interest on this Note shall bear interest at
the Highest Lawful Rate, or only if applicable law shall not provide a maximum
nonusurious rate of interest, then at the Stated Rate plus an additional twelve
percent (12%) per annum.

                                 PROMISSORY NOTE
                                PAGE 2 OF 4 PAGES

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        The Maker and any and all co-makers, endorsers, guarantors and sureties
jointly and severally waive notice (including, but not limited to, notice of
intent to accelerate and notice of acceleration), demand, presentment for
payment, protest and the filing of suit for the purpose of fixing liability and
consent that the time of payment hereof may be extended and re-extended from
time to time without notice to them or any of them, and each agree that his, her
or its liability on or with respect to this Note shall not be affected by any
release of or change in any security at any time existing or by any failure to
perfect or to maintain perfection of any lien on or security interest in any
such security.

        This Note shall be governed by and construed in accordance with the laws
of the State of Texas and of the United States of America from time to time in
effect.

        If (i) any installment or payment of principal or interest of this Note
is not paid when due; or (ii) Maker or any drawer, accepter, endorser,
guarantor, surety, accommodation party or other person now or hereafter
primarily or secondarily liable upon or for payment of all or any part of this
Note or any person or entity which has pledged any security for the indebtedness
evidenced by this Note (hereinafter collectively called an "other liable party")
shall die, or become insolvent (however such insolvency may be evidenced); or
(iii) any proceeding, procedure or remedy supplementary to or in enforcement of
judgment shall be resorted to or commenced against Maker or any other liable
party, or with respect to any property of any of them; or (iv) any governmental
authority or any court at the instance thereof shall take possession of any
substantial part of the property of or assume control over the affairs or
operations of, or a receiver shall be appointed for or take possession of the
property of, or a writ or order of attachment or garnishment shall be issued or
made against any of the property of Maker or any other liable party; or (v) any
indebtedness for which Maker or any other liable party is primarily or
secondarily liable shall not be paid when due or shall become due and payable by
acceleration of maturity thereof; or (vi) there is any occurrence of any event
of default under any security instrument or guaranty at any time securing or
guaranteeing payment of this or any other indebtedness of the Maker to the
Payee, whether now existing or which may exist in the future, or (vii) any event
or condition shall occur which shall permit the holder of any such indebtedness
to declare it due and payable upon the lapse of time, giving of notice or
otherwise; or (viii) Maker of any other liable party (if other than a natural
person) shall be dissolved, wound up, liquidated or otherwise terminated, or a
party to any merger or consolidation without the written consent of Payee; or
(ix) if Maker or any other liable party shall sell substantially all or an
integral portion of its assets without the written consent of Payee; or (x)
Maker or any other liable party fails to furnish financial information requested
by Payee or if Maker or any other liable party furnishes or has furnished any
financial or other information or statements which are misleading in any
respect; or (xi) if Payee in good faith either believes the prospect of
repayment of this Note is impaired or deems itself insecure; thereupon, at the
option of Payee, this Note and any and all other indebtedness of Maker to Payee
shall become and be due and payable forthwith without demand, notice of default
or of intent to accelerate the maturity hereof, notice of acceleration of the
maturity hereof, notice of nonpayment, presentment, protest or notice of
dishonor, all of which are hereby expressly waived by Maker and each other
liable party.

                                 PROMISSORY NOTE
                                PAGE 3 OF 4 PAGES

<PAGE>

        In addition to all principal and accrued interest on this Note, Maker
agrees to pay (a) all reasonable costs and expenses incurred by Payee in
collecting this Note to abate probate, reorganization, bankruptcy or any other
proceedings, and (b) reasonable attorneys fees when and if this Note is placed
in the hands of an attorney for collection after default.

        Each Maker and all sureties and endorsers of this Note, and each party
hereafter assuming or otherwise becoming liable hereon: (i) agree to any
substitution, exchange or release of any such security or the release of any
party primarily or secondarily liable hereon; (ii) agree that the Payee or other
holder hereof shall not be required first to institute suit or exhaust its
remedies hereon against the Maker or others liable or to become liable hereon or
enforce its rights against any security herefor in order to enforce payment of
this Note by it; and (iii) consent to any extensions or postponement of time of
payment of this Note and to any other indulgence with respect hereto without
notice thereof to any of them.

        All agreements between the Maker hereof and the Payee, whether now
existing or hereafter arising and whether written or oral, are hereby expressly
limited so that in no event, whether by reason of acceleration of maturity
hereof or otherwise, shall the amount paid or agreed to be paid to the Payee for
the use, forbearance, or detention of the money to be loaned hereunder or
otherwise exceed the Highest Lawful Rate. If fulfillment of any provision hereof
or of any mortgage, loan agreement, or other document evidencing or securing the
indebtedness evidenced hereby, at the time performance of such provision shall
be due, shall involve transcending the limit of validity prescribed by law,
then, ipso facto, the obligation to be fulfilled shall be reduced to the limit
of such validity; and if the Payee shall ever receive anything of value deemed
interest under applicable law which would exceed interest at the Highest Lawful
Rate, an amount equal to any excessive interest shall be applied to the
reduction of the principal amount owing hereunder and not to the payment of
interest, or if such excessive interest exceeds the unpaid balance of principal
hereof, such excess shall be refunded to the Maker. All sums paid or agreed to
be paid to the Payee for the use, forbearance, or detention of the indebtedness
of the Maker to the Payee shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full term of such
indebtedness until payment in full so that the rate of interest on account of
such indebtedness is uniform throughout the term thereof. The provisions of this
paragraph shall control all agreements between the Maker and the Payee.

        IN WITNESS WHEREOF, the undersigned Maker has duly executed this Note
effective as of the day and year above first written.

                                     ISRAMCO, INC.

                                     By: /s/ Haim Tsuff
                                             Haim Tsuff, Chief Executive Officer

                                 PROMISSORY NOTE
                                PAGE 4 OF 4 PAGES<PAGE>

                                   EXHIBIT 4.2
                                   -----------

                                 PROMISSORY NOTE
                                 ---------------

US $11,500,000.00                 HOUSTON, TEXAS               FEBRUARY 27, 2007

        FOR VALUE RECEIVED, ISRAMCO, INC., a Delaware corporation with offices
at 11767 Katy Freeway, Suite 711, Houston, Texas 77079 (herein called the
"Maker"), promises to pay to the order of NAPHTHA ISRAEL PETROLEUM CORP., LTD.
(herein called the "Payee") at its main office at 8 Granit St., P. O. B. 10188,
Petach - Tikva, 49002, Israel, or such other place as Payee may designate in
writing from time to time, in lawful money of the United States of America, the
sum of ELEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS (US
$11,500,000.00), payable as follows:

        (a)     PRINCIPAL. Principal shall be due and payable in four equal
installments, commencing on the fourth anniversary of the date hereof.

        (b)     INTEREST. Interest shall be payable annually upon each
anniversary date of this Note. Interest shall accrue at the Stated Rate.

If any payment shall be due on a day that is not a business day, such payment
shall be due and payable on the next business day and interest shall accrue to
such day.

        This Note shall be due and payable on or before FEBRUARY 26, 2014, being
the final maturity date of this Note (the "Maturity Date") when the entire
unpaid principal balance and all unpaid accrued interest owing, together with
all other fees and charges, if any, will be due and payable in full.

        "STATED RATE" means a rate per annum equal to LIBOR plus six percent (6
%); provided, however, that if the Stated Rate ever exceeds the Highest Lawful
Rate, the Stated Rate shall then and thereafter be fixed at a rate per annum
equal to the Highest Lawful Rate then and from time to time thereafter in effect
until the total amount of interest accrued at the Stated Rate on the unpaid
balance of this Note equals the total amount of interest which would have
accrued at the Highest Lawful Rate from time to time in effect.

        "LIBOR" shall mean the rate per annum (rounded upwards, if necessary, to
the nearest 1/100 of 1%) appearing on Dow Jones Market Service Page 3750 (or any
successor page) as the London interbank offered rate for deposits in Dollars at
approximately 11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest Period for a term comparable to such Interest Period. If
for any reason such rate is not available, the term "LIBOR" shall mean, the rate
per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing
on Reuters Screen LIBO Page as the London interbank offered rate for deposits in
Dollars at approximately 11:00 a.m. (London time) two (2) Business Days prior to
the first day of such Interest Period for a term comparable to such Interest
Period; PROVIDED, HOWEVER, if more than one rate is specified on Reuters Screen
LIBOR Page, the applicable rate shall be the arithmetic mean of all such rates.
In the event that such rate does not appear on either Dow Jones Market Service
Page 3750 or Reuters Screen LIBOR

                                 PROMISSORY NOTE
                                PAGE 1 OF 5 PAGES

<PAGE>

Page, "LIBOR" shall be the rate per annum at which deposits in Dollars are
offered by leading reference banks in the London interbank market to Wells Fargo
Bank, N.A. at approximately 11:00 a.m. (London time) two (2) Business Days prior
to the first day of the applicable Interest Period for a period equal to such
Interest Period and in an amount substantially equal to the amount of this Note.

        "HIGHEST LAWFUL RATE" means, on any day, the maximum nonusurious rate of
interest permitted for that day by whichever of applicable federal or Texas laws
permits the higher interest rate, stated as a rate per annum. On each day, if
any, that the Texas Credit Title (V.T.C.A., Texas Finance Code ss.ss. 301.001 et
seq.) establishes the Ceiling Rate, the Ceiling Rate shall be the "weekly
ceiling" (as defined in the Texas Credit Title) for that day. Payee may from
time to time, as to current and future balances, implement any other ceiling
under the Texas Credit Title by notice to Maker, if and to the extent permitted
by the Texas Finance Code. Without notice to Maker or any other person or
entity, the Ceiling Rate shall automatically fluctuate upward and downward as
and in the amount by which such maximum nonusurious rate of interest permitted
by applicable law fluctuates.

        "INTEREST PERIOD" shall mean shall mean the period commencing on the
Effective Date and ending on the numerically corresponding day in the every six
(6) calendar months thereafter, except that each Interest Period which commences
on the last Business Day of a calendar month (or on any day for which there is
no numerically corresponding day in the appropriate subsequent calendar month)
shall end on the last Business Day of the appropriate subsequent calendar month.

        Interest on this Note shall be computed for the actual number of days
elapsed and on the basis of a year consisting of 365 days, unless the Highest
Lawful Rate would thereby be exceeded, in which event, to the extent necessary
to avoid exceeding the Highest Lawful Rate, interest shall be computed on the
basis of the actual number of days elapsed in the applicable calendar year in
which accrued.

        The proceeds of this Note shall be used by the Maker solely for the
purpose of the acquisition of oil and gas properties and working capital, and
for no other purpose.

        The payment of this Note is unsecured.

        The Maker may at any time pay the full amount or any part of this Note
without the payment of any premium or fee. All payments and prepayments hereon
shall be applied first to accrued interest and the balance to principal in the
inverse order of maturity.

        All past due principal and interest on this Note shall bear interest at
the Highest Lawful Rate, or only if applicable law shall not provide a maximum
nonusurious rate of interest, then at the Stated Rate plus an additional twelve
percent (12%) per annum.

                                 PROMISSORY NOTE
                                PAGE 2 OF 5 PAGES

<PAGE>

        The Maker and any and all co-makers, endorsers, guarantors and sureties
jointly and severally waive notice (including, but not limited to, notice of
intent to accelerate and notice of acceleration), demand, presentment for
payment, protest and the filing of suit for the purpose of fixing liability and
consent that the time of payment hereof may be extended and re-extended from
time to time without notice to them or any of them, and each agree that his, her
or its liability on or with respect to this Note shall not be affected by any
release of or change in any security at any time existing or by any failure to
perfect or to maintain perfection of any lien on or security interest in any
such security.

        This Note shall be governed by and construed in accordance with the laws
of the State of Texas and of the United States of America from time to time in
effect.

        If (i) any installment or payment of principal or interest of this Note
is not paid when due; or (ii) Maker or any drawer, accepter, endorser,
guarantor, surety, accommodation party or other person now or hereafter
primarily or secondarily liable upon or for payment of all or any part of this
Note or any person or entity which has pledged any security for the indebtedness
evidenced by this Note (hereinafter collectively called an "other liable party")
shall die, or become insolvent (however such insolvency may be evidenced); or
(iii) any proceeding, procedure or remedy supplementary to or in enforcement of
judgment shall be resorted to or commenced against Maker or any other liable
party, or with respect to any property of any of them; or (iv) any governmental
authority or any court at the instance thereof shall take possession of any
substantial part of the property of or assume control over the affairs or
operations of, or a receiver shall be appointed for or take possession of the
property of, or a writ or order of attachment or garnishment shall be issued or
made against any of the property of Maker or any other liable party; or (v) any
indebtedness for which Maker or any other liable party is primarily or
secondarily liable shall not be paid when due or shall become due and payable by
acceleration of maturity thereof; or (vi) there is any occurrence of any event
of default under any security instrument or guaranty at any time securing or
guaranteeing payment of this or any other indebtedness of the Maker to the
Payee, whether now existing or which may exist in the future, or (vii) any event
or condition shall occur which shall permit the holder of any such indebtedness
to declare it due and payable upon the lapse of time, giving of notice or
otherwise; or (viii) Maker of any other liable party (if other than a natural
person) shall be dissolved, wound up, liquidated or otherwise terminated, or a
party to any merger or consolidation without the written consent of Payee; or
(ix) if Maker or any other liable party shall sell substantially all or an
integral portion of its assets without the written consent of Payee; or (x)
Maker or any other liable party fails to furnish financial information requested
by Payee or if Maker or any other liable party furnishes or has furnished any
financial or other information or statements which are misleading in any
respect; or (xi) if Payee in good faith either believes the prospect of
repayment of this Note is impaired or deems itself insecure; thereupon, at the
option of Payee, this Note and any and all other indebtedness of Maker to Payee
shall become and be due and payable forthwith without demand, notice of default
or of intent to accelerate the maturity hereof, notice of acceleration of the
maturity hereof, notice of nonpayment, presentment, protest or notice of
dishonor, all of which are hereby expressly waived by Maker and each other
liable party.

                                 PROMISSORY NOTE
                                PAGE 3 OF 5 PAGES

<PAGE>

        In addition to all principal and accrued interest on this Note, Maker
agrees to pay (a) all reasonable costs and expenses incurred by Payee in
collecting this Note to abate probate, reorganization, bankruptcy or any other
proceedings, and (b) reasonable attorneys fees when and if this Note is placed
in the hands of an attorney for collection after default.

        Each Maker and all sureties and endorsers of this Note, and each party
hereafter assuming or otherwise becoming liable hereon: (i) agree to any
substitution, exchange or release of any such security or the release of any
party primarily or secondarily liable hereon; (ii) agree that the Payee or other
holder hereof shall not be required first to institute suit or exhaust its
remedies hereon against the Maker or others liable or to become liable hereon or
enforce its rights against any security herefor in order to enforce payment of
this Note by it; and (iii) consent to any extensions or postponement of time of
payment of this Note and to any other indulgence with respect hereto without
notice thereof to any of them.

        All agreements between the Maker hereof and the Payee, whether now
existing or hereafter arising and whether written or oral, are hereby expressly
limited so that in no event, whether by reason of acceleration of maturity
hereof or otherwise, shall the amount paid or agreed to be paid to the Payee for
the use, forbearance, or detention of the money to be loaned hereunder or
otherwise exceed the Highest Lawful Rate. If fulfillment of any provision hereof
or of any mortgage, loan agreement, or other document evidencing or securing the
indebtedness evidenced hereby, at the time performance of such provision shall
be due, shall involve transcending the limit of validity prescribed by law,
then, ipso facto, the obligation to be fulfilled shall be reduced to the limit
of such validity; and if the Payee shall ever receive anything of value deemed
interest under applicable law which would exceed interest at the Highest Lawful
Rate, an amount equal to any excessive interest shall be applied to the
reduction of the principal amount owing hereunder and not to the payment of
interest, or if such excessive interest exceeds the unpaid balance of principal
hereof, such excess shall be refunded to the Maker. All sums paid or agreed to
be paid to the Payee for the use, forbearance, or detention of the indebtedness
of the Maker to the Payee shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full term of such
indebtedness until payment in full so that the rate of interest on account of
such indebtedness is uniform throughout the term thereof. The provisions of this
paragraph shall control all agreements between the Maker and the Payee.

                                 PROMISSORY NOTE
                                PAGE 4 OF 5 PAGES

<PAGE>

        IN WITNESS WHEREOF, the undersigned Maker has duly executed this Note
effective as of the day and year above first written.

                                     ISRAMCO, INC.

                                     By: /S/ Haim Tsuff
                                             Haim Tsuff, Chief Executive Officer

                                 PROMISSORY NOTE
                                PAGE 5 OF 5 PAGES

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