Under the terms of the agreement, Ignis will pay twenty-five percent (25%) of the test well costs and lease bonus, rental and geological and geophysical costs already expended. Ignis will receive a twenty-five percent (25%) working interest in the test well before payout and a twenty percent (20%) working interest thereafter or as of the commencement of drilling of any subsequent well on the leases. Ignis and its partner anticipate the well to be spud sometime in the first or second quarter of 2006, depending on rig logistics and availability.
Ignis Petroleum Group, Inc. is a Dallas-based oil and gas production company focused on exploration, acquisition and development of reserves 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.
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