Ignis Petroleum Group, Inc., To Purchase Interests in Barnett Shale Acreage, Producing Wells, Development Program and Gas Gathering & Treating System

Ignis Petroleum Group, Inc. (OTCBB:IGPG), an oil and gas company
with operations focused on 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 45% of the acreage, producing properties and natural
gas gathering and treating system currently held by W. B. Osborn Oil &
Gas Operations, Ltd. ("WBO") and St. Jo Pipeline Limited within the
St. Jo Ridge (Barnett Shale) Field, located in Montague and Cooke
Counties, Texas. Upon closing, the effective date of the transaction
will be June 1, 2006. WBO will remain the operator.

Terms of the purchase were:

-- Purchase price of $18,450,000, before closing adjustments, to
be paid in cash. The adjustments will be determined from time
to time as production flows and drilling investments are
accounted for by the parties.

-- As part of the transaction, Ignis will commit to invest
capital into an ongoing continuous drilling program as well as
invest up to $5,000,000 in future property acquisitions within
an Area of Mutual Interest.

The consummation of the agreement is subject to standard closing
conditions. The transaction is scheduled to close on or before October
31, 2006. Ignis is currently negotiating financing for the
transaction.

Ignis will be acquiring forty-five percent (45%) of WBO's
interests in 7,890 gross acres (6,864 net acres), 13 producing wells,
and an estimated total net proved reserves of 1.4 million barrels of
oil equivalent (Mboe) of which 0.5 Mboe are proved developed producing
as of June 1, 2006. Approximately fifty percent (50%) of the proved
reserves are oil and fifty percent (50%) are a combination of gas and
gas liquids. The gathering and treating system consists of a 100%
interest in approximately 24 miles of gathering lines, which
accumulates and treats natural gas at a central plant. WBO has
identified 36 initial drilling locations on the acreage before
beginning the infill drilling program, which could yield more than 100
additional drilling sites. A Pioneer Drilling Company rig, secured
under a 12-month renewable contract, is currently being used to carry
out the continuous drilling program.

Michael P. Piazza, Ignis President and Chief Executive Officer
said, "We are pleased to announce this strategic acquisition and
development project as we continue to focus on achieving our long-term
growth targets for shareholders. Our partner in this project, W. B.
Osborn Oil & Gas Operations, a private San Antonio, Texas-based
company, has a long history of developing and producing oil and gas.
We believe the Ignis team will bring additional seasoned expertise and
advancements in new technology to enhance recovery from the project,
working alongside our partner."

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 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.