EXHIBIT 14. 1

                                  ISRAMCO, INC.

                  CODE OF ETHICS FOR SENIOR EXECUTIVE OFFICERS
                                       AND
                            SENIOR FINANCIAL OFFICERS


       This Code of Ethics applies to Isramco Inc.'s Chief Executive Officer,
President, Chief Financial Officer and Controller (and others performing similar
senior executive and financial functions at Isramco from time to time in the
future). Isramco expects all of its employees to act in accordance with the
highest standards of professional integrity in all aspects of their business
activities, to comply with all applicable laws, rules and regulations, to deter
wrongdoing and abide by all policies and procedures adopted by Isramco that
govern the conduct of its employees. But because of your leadership positions,
you are setting an example for the rest of our employees and are expected to
comply with this Code of Ethics to foster a culture of integrity and honesty in
all of our dealings.

Accordingly, you agree to:

       1.     Engage in and promote honest and ethical conduct, including the
              ethical handling of actual or apparent conflicts of interest
              between personal and professional relationships;

       2.     Avoid conflicts of interest and disclose to the Audit Committee of
              the Board of Directors any material transaction or relationship
              that reasonably could be expected to give rise to such a conflict;

       3.     Take all reasonable measures to protect the confidentiality of
              non-public information about Isramco or its subsidiaries obtained
              or created in connection with your activities and prevent the
              unauthorized disclosure of such information unless required by
              applicable law or regulation or legal or regulatory process;

       4.     Take all reasonable measures to achieve responsible use of and
              control over Isramco's assets and resources.

       5.     Promote full, fair, accurate, timely and understandable disclosure
              in reports and documents that Isramco or its subsidiaries files
              with, or submits to, the Securities and Exchange Commission and
              other regulators and in other public communications made by
              Isramco.

       6.     Comply with Isramco's policies and procedures as they may be in
              effect from time to time.

       7.     Act in good faith, responsibly, with due care, competence,
              diligence, and without knowingly misrepresenting material facts or
              allowing your better judgment to be subordinated.

       8.     Comply with applicable governmental laws, rules and regulations,
              as well as the rules and regulations of The Nasdaq Stock Market
              and any other self-regulatory organizations of which Isramco is a
              member; and



       9.     Prompt report any possible violation of this Code of Ethics to the
              Audit Committee of the Board of Directors.

              You will make every effort to cooperate with Isramco and its
              subsidiaries' internal auditor and independent auditors.

              You understand that you will be held accountable for your
              adherence to this Code of Ethics. Your failure to observe the
              terms of this Code of Ethics may result in disciplinary action, up
              to and including termination of employment. Violations of this
              Code of Ethics may also constitute violations of law and may
              result in civil and criminal penalties for you, your supervisors
              and Isramco.

              If you have any questions regarding the best course of action in a
              particular situation, you should promptly contact a member of the
              Audit Committee or Isramco's outside legal counsel.


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              YOUR PERSONAL COMMITMENT TO THE ISRAMCO INC.'S CODE OF ETHICS FOR
              SENIOR EXECUTIVE OFFICERS AND SENIOR FINANCIAL OFFICERS

              I acknowledge that I have received and read the Isramco Inc. Code
              of Ethics for Senior Executive Officers and Senior Financial
              Officers, and understand my obligations to comply with the Code of
              Ethics.

              I understand that my agreement to comply with the Code of Ethics
              does not constitute a contract of my employment.

              Please sign here: _________________________  Date: _______________

              Please print your name: ____________________________


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