Ignis Petroleum Group (IGPG): Barnett Shale Prospect We hold 12.5...

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Tina

Re: Tina post# 198

Friday, 04/04/2008 8:05:44 PM

Friday, April 04, 2008 8:05:44 PM

Barnett Shale Prospect

We hold 12.5% of the working interest, which is equal to a 9.38% net revenue interest before payout and 10% of the working interest, which is equal to a 7.5% net revenue interest after payout, in three wells located in the Barnett Shale trend in the Greater Fort Worth Basin, Texas.

Rife Energy Operating, Inc. is the Operator of the prospect and holds a majority of the remaining working interest. All three wells have been drilled. One well has been completed and is producing oil and gas. The other two wells have been partially completed to test the geological formations and have some revenue production.We anticipate completion of these two wells will be done in late 2006 which will bring them up to their full production potential.

The Barnett Shale Prospect currently holds proved reserves and is producing oil and gas.

We have estimated proved reserves of 2,072 bbls of oil and 13,085 mcf's of gas. Between April 6, 2006 and June 30, 2006 the Barnett Shale wells produced 272 barrels of oil and .978 million cubic feet of gas.

Please see our Operations Update of June 1, 2007 for the latest information.

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