Printer Friendly

Ignis Petroleum Operations Update.

DALLAS -- 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.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Apr 3, 2006
Words:514
Previous Article:Keynote Acquires SIGOS, Technology Leader in Mobile Data Network Testing and Monitoring Solutions.
Next Article:HP Leads High-performance Computing Market for Third Consecutive Year; Customers Worldwide Use HP Solutions to Further Scientific Discovery.


Related Articles
EGYPT - EGPC Decision Makers.
PennWell launches preview edition of "Oil & Gas Financial Journal".
Sheer Ventures, Inc. Announces Name Change to Ignis Petroleum Group, Inc. and Expands Board.
Ignis Petroleum Group to Commence Drilling of Well with Industry Partner.
Ignis Petroleum Group, Inc. Provides First Year Operations Update.
Ignis Petroleum Announces Production in Barnett Shale.
Ignis Petroleum Provides Operations and Financing Update.
Ignis Petroleum Appoints Mike Glynn as Senior Vice President of Development and Operations.
Ignis Petroleum Group, Inc., To Purchase Interests in Barnett Shale Acreage, Producing Wells, Development Program and Gas Gathering & Treating System.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters