posted
oil and gas play bottom bouncer with 2 great prs showing that they are producing oil and gas... should run back to at least 1.15.
DALLAS--(BUSINESS WIRE)--May 10, 2006--Ignis Petroleum Group, Inc. (OTCBB:IGPG - News) 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
Ignis Petroleum Announces Production in Barnett Shale Wednesday April 19, 8:00 am ET
DALLAS--(BUSINESS WIRE)--April 19, 2006--Ignis Petroleum Group, Inc. (OTCBB:IGPG - News) 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.
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