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NEWS 'IGPG' - (Ignis Executes Forbearance Agreement with YA Global Investments)


DALLAS, Aug 07, 2008 (BUSINESS WIRE) -- Ignis Petroleum Group, Inc. (OTCBB:
IGPG) announces that on July 18th 2008, Ignis Petroleum Group, Inc. (the
"Company") and YA Global Investments, L.P. ("YA Global") executed a forbearance
agreement. Under the terms of the agreement, Ignis has agreed to pay YA Global
$55,000 monthly for the period of the forbearance agreement. YA Global has
agreed to a restructuring of the debentures. Under the new agreement, the
debentures have a fixed conversion price of $0.03.

Full details of the agreement can be found with Edgar Online in the Company's 8K
filing of 23rd July 2008.

Geoff Evett, President and CEO of Ignis, stated, "We are very pleased with the
new arrangement, which constitutes an important step in the execution of our
ongoing program to restructure the Company's organization and capital structure.
The agreement provides Ignis with valuable time needed to continue with the
aforementioned program and explore new investment opportunities.

"Furthermore, the agreed fixed conversion price provides our shareholders for
the first time with a clear view of the potential overhang related to the
debentures with YA Global. We consider it of paramount importance to clean up
our capital structure in order to expand the Company.

"The dialogue with YA Global is open and constructive and provides us with
confidence in our ability to take the necessary steps towards building
shareholder value and we look forward to providing our shareholders with regular
updates on the progress made both operationally and organizationally.

"Additionally, I am pleased to announce that we have engaged the services of
Schwarz & Lakmaaker Communication, an investor relations firm, who will be
assisting Ignis with its shareholder communications. We are looking
significantly to improve our dialogue with the investment community, this
appointment being the first step."

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
reserve 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.

SOURCE: Ignis Petroleum Group, Inc.




CONTACT: Schwarz & Lakmaaker CommunicationMarc Lakmaaker, [phone](Switzerland)Email: [e-mail]




Copyright Business Wire 2008