Ignis Petroleum Group, Inc.
OTC Bulletin Board : IGPG

April 03, 2006 08:27 ET

Ignis Petroleum Operations Update

DALLAS--(CCNMatthews - Apr 3, 2006) -

Ignis Petroleum Group, Inc. (OTCBB:IGPG) is pleased to provide the following operational update relating to the Company's recent oil and gas activity.

Barnett Crossroads Prospect

The Wefel Family Trust 19-1 #1 well, located in Escambia County Alabama, commenced drilling operations on March 20, 2006. Upon successful completion of the well, the Company will own 75% of the working interest in the well, which is equal to a 52.5% net revenue interest. The target depth of the well is approximately 14,500 feet, which the Company expects to reach in late April. Once the target depth is reached the well will be logged and evaluated and a decision to complete will be made.

Barnett Shale Wells

The Company has completed the drilling of its three Barnett Shale wells and is awaiting hydraulic fracturing and hookup, which is scheduled to be completed by the middle of April. Ignis holds 12.5% of the working interest, which is equal to a 9.375% net revenue interest, in the wells before payout and 10% of the working interest, which is equal to a 7.5% net revenue interest, after payout. The three wells include the Powell #1 Montague County, Texas, and the Powell #2, and Inglish Sisters #3 in Cooke County, Texas.

Crimson Bayou Prospect

The Company's Crimson Bayou prospect, located in Iberville Parish, Louisiana, is expected to commence drilling in July 2006, subject to rig availability. Ignis recently signed a participation agreement with Range Production Company (NYSE:RRC) on the prospect. Upon successful completion of the well, Ignis will own 25% of the working interest, which is equal to 17.875% net revenue interest, until payout, which converts to 20% of the working interest, which is equal to 14.3% net revenue interest, after payout.

Acom A-6 Well

The Acom A-6 well, which is located in Chambers County, Texas, is currently producing oil and gas at an average daily rate of 120 barrels of oil and 460 thousand cubic feet of gas. The company has 25% of the working interest, which is equal to 18.75% net revenue interest, in the well.

About Ignis Petroleum

Ignis Petroleum Group, Inc. is a Dallas-based oil and gas production company focused on exploration, acquisition and development of reserves in the United States. The Company's management has closely aligned itself with strategic industry partnerships and is building a diversified energy portfolio. It 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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