Ignis Petroleum Group, Inc. (OTCBB:IGPG), today
announced that its partner and operator, Rodessa Operating Company,
has reached total depth on the Louisiana Land Central No. l, their
Sherburne Field development well. The well was directionally drilled
to 10,205' measured depth, 9,750' true vertical depth. Ignis has a 15%
before payout working interest in the well.
"This well, located in Point Coupee Parish, Louisiana, identified
two potentially productive gas intervals. The next step is to run
production casing and complete the well in such a manner as to allow
multi-rate flow testing of each interval showing potential gas
production. The purpose of the tests is to establish commerciality. A
determination to provide permanent production facilities and gas flow
lines will be made pending the outcome of the tests. We will provide
additional information once completion & testing activities are
finished, which we expect to be within the next month," said Michael
P. Piazza, President and Chief Executive Officer.
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.
