Ignis Petroleum Group, Inc.
OTC Bulletin Board : IGPG

January 25, 2006 08:00 ET

Ignis Petroleum Spuds Second Barnett Shale Well

DALLAS--(CCNMatthews - Jan 25, 2006) -

Ignis Petroleum Group, Inc. (OTCBB:IGPG) is pleased to announce that it has commenced drilling of the Powell #2 well located in Cooke County, Texas in which the Company owns a 10% working interest. The Company anticipates drilling to take approximately three weeks. The Powell #2 well is part of the Company's three-well development program in the Barnett Shale play and a direct offset to its Powell #1 well, which was drilled in December and is scheduled to be hydraulically fractured and completed in February.

Philipp Buschmann (COO) added, "We are very pleased that Rife Energy Operating, Inc., the operator, continues to remain on schedule with this program."

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.

Contact Information

  • Ignis Petroleum Group, Inc., Dallas
    Investor Relations, 877-700-1644