Ignis Petroleum Group, Inc.
OTC Bulletin Board : IGPG

November 17, 2005 07:48 ET

Ignis Petroleum Group, Inc. Begins Oil & Gas Production at its Acom A-6 Well in Chambers County, Texas

DALLAS--(CCNMatthews - Nov 17, 2005) -

Ignis Petroleum Group, Inc. (OTCBB:IGPG) (the "Company") announced today that the "Acom A-6" well has begun its first oil and gas production. Product is now flowing to market, thus commencing first revenue for the Company. The Company has a 25% working interest in the well.

The Acom A-6 is a directional well, which encountered producible hydrocarbons in the Nodosaria sand formation at various levels between 9,818' to 9,910' measured depths (9,476' to 9,540' true vertical depth) in three zones. The first zone, which is currently producing, was perforated over a four-foot interval between 9,894' to 9,898' measured depth. Initial test results showed the well to be producing at flowing tube pressure of approximately 3,900 psi. The zone is currently producing at a daily average rate of 215 barrels of 36 degree API crude oil and 860 thousand cubic feet of natural gas through a 6/64" choke. Future re-completions are planned in the two additional zones with total perforations planned over 22 feet of measured depth.

Prior to drilling the well, the Company anticipated that it would encounter primarily natural gas in an up-dip position from the previous Acom A-5 well. The Company's engineering and geological team will continue to evaluate the well performance and area geology during the coming weeks. The proved and probable reserves will be determined after this evaluation has been completed.

In announcing the initial production, Michael Piazza, President and CEO, said "The results from this well are exciting and could exceed the Company's expectations of reserves from the Upper Nodosaria because of the unexpected level of high-quality crude oil production."

About Ignis Petroleum

Ignis Petroleum Group, Inc. is a Dallas-based oil and gas company executing its business plan for the exploration, acquisition and development of crude oil and natural gas properties in the United States. Company management is building an energy portfolio that combines low-risk, high-potential projects with higher-yield, moderate-risk projects. The Company focuses on prospects that result from new lease opportunities, new technology and new information. For further information, visit www.ignispetro.com.

Safe Harbor for Forward-Looking Statements: This release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in oil and gas exploration, the need to obtain additional financing, the availability of needed personnel and equipment for the future exploration and development, fluctuations in gas prices, and general economic conditions.

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