Ignis Petroleum Group (IGPG)

[ULTRA]

Ignis Petroleum Group, Inc. announced that on March 6, 2007, the company 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 in addition to the $600,000 Petrofinanz had previously loaned. 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.