Ignis Petroleum to Participate in Crimson Bayou Prospect
Ignis Petroleum Group has signed a definitive participation agreement and operating agreement with Range Production Company to drill the Crimson Bayou prospect located in Iberville Parish, Louisiana. If successful, the prospect could hold oil and gas reserves in excess of 30 billion cubic feet of gas equivalent and could require several additional wells to develop the full potential of the prospect.
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.
- Ignis Petroleum Acquires Anadarko's Liberty Hills Prospect in Louisiana (Sep 07)
- Ignis Taps Stancil to Head Exploration (Jan 04)
- Ignis Petroleum Acquires Acreage in Barnett Shale (Sep 29)