This well is the first of three wells in which Ignis is currently participating in the Barnett Shale. The other two, the Powell #1 well, located in Montague County, Texas and the Powell #2 well, located in Cooke County, Texas, are scheduled to be fully completed during the month of April 2006. Ignis holds the same level of working interests and net revenue interests in these wells as it does in the Inglish Sisters #3 well.
Michael P. Piazza, President and CEO of Ignis stated, "We are pleased to have the opportunity to participate in these wells in which continual improvement in completion techniques are resulting in increased levels of average initial and sustained production rates in this more "oily province" of the Barnett Shale. These wells are part of Ignis' program to use advancing technology to enable recovery of oil and gas reserves in the onshore United States while building a diverse portfolio of proven oil and gas properties."
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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