Ignis Petroleum (CE) (USOTC:IGPG)
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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.