Ignis Petroleum Announces Production in Barnett Shale.DALLAS -- Ignis Petroleum Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IGPG IGPG Ignis Petroleum Group, Inc. ) announced today that the Inglish Sisters #3 well in the Barnett Shale has begun production after a successful completion. The Inglish Sisters #3 began recording revenue on April 7, 2006 and, as of April 17, 2006, has produced 1,300 barrels of oil and 7.1 million cubic feet of gas. Ignis holds 12.5% of the working interest, which is equal to a 9.375% net revenue interest, in the well before payout and 10% of the working interest, which is equal to a 7.5% net revenue interest, after payout. Ultimate recovery and reserve estimates will be determined based on an analysis of production data obtain during the next several months. The well is located in Cooke County, Texas Cooke County is located in the U.S. state of Texas. In 2000, its population was 36,363. It is named for William Gordon Cooke, a soldier during the Texas Revolution. The seat of the county is Gainesville6. Geography According to the U.S. and Rife Energy Operating, Inc. of Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. is the operator. This well is the first of three wells in which Ignis is currently participating in the Barnett Shale. The other two, the Powell #1 well, located in Montague County, Texas Montague County is a county located in the U.S. state of Texas. In 2000, its population was 19,117. Montague is named for Daniel Montague, a surveyor and soldier in the Mexican-American War. The seat of the county is Montague6. Geography According to the U.S. and the Powell #2 well, located in Cooke County, Texas, are scheduled to be fully completed during the month of April 2006. Ignis holds the same level of working interests and net revenue interests in these wells as it does in the Inglish Sisters #3 well. Michael P. Piazza, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ignis stated, "We are pleased to have the opportunity to participate in these wells in which continual improvement in completion techniques are resulting in increased levels of average initial and sustained production rates in this more "oily province" of the Barnett Shale. These wells are part of Ignis' program to use advancing technology to enable recovery of oil and gas reserves in the onshore United States while building a diverse portfolio of proven oil and gas properties." 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements This release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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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