Ignis Petroleum Announces Production in Barnett Shale 4/19/2006
DALLAS, Apr 19, 2006 (CCNMatthews via COMTEX News Network) -- Ignis Petroleum Group, Inc. (OTCBB:IGPG) 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 and Rife Energy Operating, Inc. of Fort Worth, Texas 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 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 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 for Forward-Looking Statements
Posts: 362 | From: Buffalo | Registered: Feb 2006
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Press Release Source: Ignis Petroleum Group Inc
Ignis Petroleum Group, Inc. to Purchase Acreage and Producing Well in Bienville Parish, Louisiana Friday September 7, 9:40 am ET
DALLAS, TX--(MARKET WIRE)--Sep 7, 2007 -- Ignis Petroleum Group, Inc. (OTC BB:IGPG.OB - News) ("Ignis"), an oil and gas company with operations focused in the acquisition, exploration and development of crude oil and natural gas positions in the onshore U.S. Gulf Coast and Mid-Continent areas, today announced that it has agreed to acquire all of the acreage and producing properties currently held by Anadarko Petroleum Corporation within the Liberty Hills prospect area, located in Bienville Parish, Louisiana. Upon closing, the effective date of the transaction will be April 1, 2007. Ignis will operate the property. ADVERTISEMENT
Ignis will pay a purchase price of $3 million in cash, before customary closing adjustments. The consummation of the agreement is subject to standard closing conditions. The transaction is scheduled to close on or before September 28, 2007. Ignis is in the process of finalizing its due diligence and financing.
Ignis will be acquiring more than 11,900 gross acres and one producing well, the Martin Timbers 9-1, which is currently producing natural gas from the Vaughn and Cadeville sands within the Upper Cotton Valley ("UCV") formation. The acreage is covered by a recent 3D-seismic survey. Ignis will focus its development efforts on the UCV, which has both proven and prospective potential in various fault blocks within the acreage. Ignis may seek a working interest partner to further develop the property.
Michael P. Piazza, Ignis President and Chief Executive Officer, said, "We are excited to acquire this asset as we continue to focus on achieving our long-term growth targets. This acquisition is the largest in our Company's history and a major step as we endeavor to increase reserves and production, and build value for our shareholders. Additional details regarding the development plan will be forthcoming after we close the transaction."
About Ignis Petroleum
Ignis Petroleum Group, Inc is a Plano, Texas-based oil and gas company focused on exploration, development and production of crude oil and natural gas reserves primarily in the onshore areas of United States Gulf Coast and Mid-Continent. The Company's management has closely aligned itself with strategic industry partners and is building a diversified energy portfolio. For more information, visit www.ignispetroleum.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 funding, the availability of needed personnel and equipment for future exploration and development, fluctuations in oil and gas prices, and general economic conditions.
Contact: Contact:
Michael P. Piazza 972-526-5250
-------------------- Let's Go METS!!! Posts: 3317 | From: CT | Registered: Dec 2006
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Nice news looks like a winner with good volume and passed 50 sma avg today (.06) and maintaining 20 day trendline (.04)Looks like it will keep going ...
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