Ignis Petroleum Group (IGPG)

[rdavis]

Form 8-K for IGNIS PETROLEUM GROUP, INC.

20-Apr-2007

Entry into a Material Definitive Agreement, Creation of a Direct Fina


ITEM 1.01 Entry into a Material Definitive Agreement.

On March 6, 2007, we entered into a Second Amended and Restated Loan Agreement with Petrofinanz GmbH which amended and restated the Amended and Restated Loan Agreement with Petrofinanz dated August 28, 2006. Pursuant to the Second Amended and Restated Loan Agreement, Petrofinanz loaned $400,000 to us in addition to the $600,000 Petrofinanz had previously loaned to us. Interest on the entire $1,000,000 principal amount of the loan will continue to accrue interest at a rate of 10% per annum. The agreement also extends the maturity date of the entire principal amount of the loan and defers all interest payments under the Second Amended and Restated Loan Agreement until June 30, 2009. A copy of the Second Amended and Restated Loan Agreement is filed as Exhibit 10.1 to this Current Report and is incorporated herein by reference.

The foregoing is a summary of the terms of the agreement described above and does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached to this report as an exhibit.



ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated herein by reference.



ITEM 9.01 Financial Statements and Exhibits.

(c) Exhibits.
Exhibit Description
Number
10.1 Second Amended and Restated Loan Agreement, dated March 6, 2007, by
and between Ignis Petroleum Group, Inc. and Petrofinanz GmbH