IGPG Ignis Petroleum Group Inc (CE)

Ignis Petroleum Group, Inc. (OTCBB:IGPG) is pleased to provide an update regarding the Company's recent operations and financing activities. Barnett Shale Production The Company, with its operating partner Rife Energy Operating, Inc. has finished the drilling and completion of its three Barnett Shale wells. Ignis holds a 12.5% working interest in the wells before payout and 10% working interest after payout. The three wells include the Powell #1 in Montague County, Texas, and the Powell #2, and Inglish Sisters #3 in Cooke County, Texas. As of May 3, 2006, the Inglish Sisters #3 well, which began recording revenue on April 7, 2006, had produced 11 million cubic feet of natural gas and 2,071 barrels of crude oil. The Powell #1 and #2 wells are currently at the finishing the flow back of water used in the hydraulic fracturing procedure and have had strong oil and gas shows. Acom A-6 Well Production The Acom A-6 well, which is located in Chambers County, Texas, produced at an average daily rate of 109 barrels of oil during the month of March and 513 thousand cubic feet of gas during the month of February. The company has a 25% working interest in the well in which Kerr-McGee (NYSE:KMG) is the operator. Barnett Crossroads Prospect The Wefel Family Trust 19-1 #1 well, located in Escambia County, Alabama, commenced drilling operations on March 20, 2006 and reached a total depth of 14,600 feet on April 25, 2006. The Company found shows of oil and gas in three separate dolomite stringers within the 400-foot target Smackover formation. The amount of recoverable reserves; however, was deemed to be less than necessary to warrant a commercial completion and management decided to plug and abandon the well. Financing On April 28, 2006, the Company amended its securities purchase agreement with Cornell Capital Partners, L.P. to accelerate issuance and sale of the final $1,000,000 of the $5,000,000 in 7% secured convertible debentures issuable by the Company under the agreement. In connection with the amendment to the securities purchase agreement, the Company agreed to issue Cornell warrants to purchase an additional 6,225,408 shares of the Company's common stock. Details of the financing are provided in the Company's 8-K filing dated April 28, 2006. 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 may contain 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.