IGPG Ignis Petroleum Group Inc (CE)

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.