Ignis Completes Second Tranche of $5 Million Financing
Ignis Petroleum Group, Inc. (OTCBB:IGPG) is pleased to have completed $1.5 million of gross capital funding. This is the second
of three tranches of the Company’s $5.0 million dollar financing agreement with Cornell Capital Partners LP.
On January 9th 2006, The Company announced it had completed the first stage of the agreement and had received $2.5 million
before disbursement of fees. A registration statement has been filed with the SEC to register the underlying securities to be
issued under the terms of the funding agreement.
Complete details regarding the financing transaction can be found in the Company’s filings with the Securities and Exchange
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.
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.