IGPG Ignis Petroleum Group Inc (CE)

Ignis Petroleum Group, Inc. (OTCBB:IGPG) is pleased to announce that it has entered into a definitive participation agreement to drill the Sherburne Field Development prospect, located in Pointe Coupee Parish, Louisiana. Under the terms of the agreement, Ignis will pay 15% of the drilling, testing and completion costs. Upon completion Ignis will earn a 15% working interest in the well before payout and an 11.25% working interest in the well after payout. Rodessa Operating Company, Inc. of Corpus Christi, Texas, has been designated as operator of the prospect. The prospect is an attic gas play up dip to two Texaco wells that were recompleted in the 1960's to shallower zones after producing more than 15 billion cubic feet (Bcf) of natural gas and 450,000 barrels of condensate. These wells were the highest wells drilled on the structure. Each well was flowing approximately 1 million cubic feet of gas, 12 to 14 barrels of condensate, and 200 to 300 barrels of water per day. The Sherburne Field was first discovered in the early 1950's and has produced approximately 120 Bcf of natural gas and 2.5 million barrels of oil. The field is a low-relief downthrown rollover anticline structure that produced primarily from Frio sand reservoirs with Cockfield and Sparta sands as secondary objectives. The field extends almost four miles east-west. In all thirteen (13) wells were completed in the zone of interest. None of the wells were drilled on the crest of the structure. Drilling of the well is scheduled to commence in the third quarter of 2006. About Ignis Petroleum Ignis Petroleum Group, Inc. is a Dallas-based oil and gas production company focused on exploration, acquisition and development of crude oil and natural gas reserve 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.