UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, ~~D.C.~~DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 orOR 15(d) of the Securities and Exchange Act of 1934

Date of Report (Date of earliest ~~event~~ reported): ~~March~~April 1428, 2006

IGNIS PETROLEUM GROUP, INC.

(Exact name of registrant inas ~~its~~specified in charter)

NEVADA	000-50929	16-1728419
Nevada	000-50929	16-1728419
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
100 Crescent Court, 7th Floor, Dallas Texas		75201
(Address of principal executive offices)		(Zip Code)

~~100~~Registrant’s ~~Crescent~~telephone ~~Court~~number, ~~7th Floor~~including area code: (214) 459-8188

~~Dallas,~~Copies ~~Texas 75201~~to:

~~(Address~~Gregory ofSichenzia, ~~principal executive offices)~~Esq.

~~(214)~~Sichenzia ~~459-8188~~Ross Friedman Ference LLP

~~(Registrant’s~~1065 ~~telephone~~Avenue ~~number,~~of ~~including~~the ~~area code)~~Americas

~~N/A~~New York, New York 10018

~~(Former~~Phone: ~~name or former address, if changed since last report~~(212) 930-9700

~~Check~~Fax: ~~the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions~~ (~~see General Instruction A.2. below~~212): 930-9725

*Check the appropriate ~~Written~~box ~~communications~~below ~~pursuant~~if the Form 8-K filing is intended to ~~Rule~~simultaneously satisfy ~~425~~the ~~under~~filing obligation of the ~~Securities~~registrant ~~Act~~under any of the following provisions (17see ~~CFR~~General ~~230~~Instructions A.~~425~~2. below):

*o Written communications ~~Soliciting material~~ pursuant to Rule ~~14a-12~~425 under the ~~Exchange~~Securities Act (~~17CFR~~17 ~~240~~CFR 230.~~14a-12~~425)

*o Soliciting material ~~Pre-commencement communications~~ pursuant to Rule ~~14d~~14a-~~2(b)~~12 under the Exchange Act (~~17CFR~~17 CFR 240.~~14d~~14a-~~2(b~~12))

* o Pre-commencement communications pursuant to Rule ~~13e~~ 14d-42(cb) under the Exchange Act (~~17CFR~~17 CFR 240.~~13e~~14d-42(cb))

~~ITEM~~o Pre-commencement communications ~~1.01~~pursuant ~~Entry~~to ~~into~~Rule 13e-4(c) aunder ~~Material~~the ~~Definitive~~Exchange ~~Agreement~~Act (17 CFR 240.13e-4(c))

OnItem ~~March~~1.01 Entry ~~14, 2006, Ignis Petroleum Corporation, our wholly owned subsidiary, entered~~ into a ~~Ratification~~Material ~~and~~Definitive ~~Amendment of Farmout~~ Agreement~~, First Amendment of Farmout Agreement, and Side Letter to First Amendment of Farmout Agreement with Dragon Energy Corporation, Bayou City Exploration, Inc~~. f/k/a Blue Ridge Energy, Inc., Argyle Energy, Inc. and Newton Properties, Inc. related to our interests in the Barnett Crossroads Prospect in Escambia County, Alabama. The agreement ratified the prior conveyance from Argyle to Newton and from Newton to Ignis of the right to earn seventy-five percent (75%) of the working interest in the prospect with a corresponding net revenue interest of fifty-two and five tenths percent (52.5%). The agreement also provided, among other things, that:

·On April 28, 2006, Ignis ~~will~~Petroleum ~~have~~Group, ~~all~~Inc. of(the ~~Argyle’s~~“Company”) ~~rights~~amended ~~and~~the ~~obligations~~Securities Purchase ~~under~~Agreement ~~its~~(the ~~prior~~“Amended ~~farmout~~Purchase ~~agreement~~Agreement”) with ~~Dragon,~~Cornell Capital Partners L.P. (“Cornell”) dated as ~~such~~of ~~farmout~~January ~~agreement~~5, ~~was~~2006. ~~previously~~Pursuant ~~amended~~to the Amended Purchase Agreement, ~~and~~the ~~that~~last ~~all~~installment ~~other~~of ~~prior~~$1,000,000 ~~agreements~~in ~~regarding~~7% secured convertible debentures, which was to be advanced within five days after the ~~prospect~~Registration Statement ~~among~~(as defined below) was declared effective by the ~~parties~~Commission, ~~were~~was advanced ~~terminated;~~on April 28, 2006.

·In connection ~~Dragon~~with ~~will~~the ~~act~~Amended asPurchase ~~contract~~Agreement, ~~operator~~the Company agreed to issue Cornell additional warrants to purchase 2,913,580 shares of common stock of the Company ~~test~~(the ~~well~~“Common onStock”), exercisable for a period of five years at an exercise price of $0.81 (the ~~prospect~~“Additional in$0.81 ~~exchange~~Warrants”) and additional warrants to purchase 3,311,828 shares of Common Stock, exercisable for a ~~fee~~period of five years at an exercise price of $0.93 (the “Additional $0.93 Warrants” and together with the Additional $0.81 Warrants, the “Additional Warrants”). All of the Additional Warrants were issued on April 28, 2006. The Company has the option to force the holder to exercise the Additional Warrants, as long as that the shares underlying the Additional Warrants are registered pursuant to an effective registration statement, if the Company’s closing bid price trades above certain levels. In the event that the closing bid price of the Company’s Common Stock is greater than or equal to $1.10 for a period of 15 consecutive trading days prior to the forced conversion,~~000~~ ~~per~~the ~~month~~Company ~~payable~~can byforce ~~Ignis;~~the warrant holder to exercise the Additional $0.81 Warrants. In the event that the closing bid price of the Company’s Common Stock is greater than or equal to $1.23 for a period of 15 consecutive trading days prior to the forced conversion, the Company can force the warrant holder to exercise the Additional $0.93 Warrants.

·In connection ~~Ignis~~with ~~will~~the beAmended ~~responsible~~Purchase ~~for~~Agreement, ~~100%~~the ofCompany ~~all~~also ~~costs~~amended ofits registration rights agreement (the ~~test~~“Amended ~~well~~Registration toRights ~~casing~~Agreement”) providing ~~point~~for the filing, ~~plus~~within ~~either:~~five (A5) ~~100%~~days of ~~all~~April ~~costs~~28, to2006, ~~plug~~of a registration statement (the “Registration Statement”) with the Securities and Exchange ~~abandon~~Commission registering the ~~test~~Common ~~well~~Stock issuable upon conversion of the Debentures and ~~restore~~exercise of the ~~drillsite,~~warrants orpreviously issued and the Additional Warrants. The Company is obligated to use its best efforts to cause the Registration Statement to be declared effective no later than 130 days after filing the Registration Statement and to insure that the Registration Statement remains in effect until the earlier of (Bi) ~~75%~~all of ~~all~~the ~~costs~~shares of ~~completing~~common ~~and~~stock issuable ~~equipping~~upon conversion of the ~~test~~Debentures ~~well~~have been sold or (ii) January 5, 2008.

The ~~foregoing~~Company ispaid aStonegate ~~summary~~Securities, ofInc. ~~the~~a ~~terms~~5% ofplacement ~~the~~fee ~~agreements~~on ~~described~~the ~~above~~last ~~and does~~tranche ~~not~~for ~~purport~~their torole beas ~~complete~~placement ~~and~~agent ~~is qualified~~ in ~~its entirety by reference to~~ the ~~full~~ ~~text of the agreements, copies of which are attached to this report as exhibits and are incorporated herein by reference~~financing.

~~ITEM 9~~Item 2.0103 Creation of a Direct Financial ~~Statements~~Obligation ~~and~~or ~~Exhibits~~an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

~~(c)~~See Item 1.01 ~~Exhibits~~for a description of a secured loan obligation by the Company.

	Exhibit	Description
	Number
	10.1	Farmout Agreement dated August 23, 2004, by and between Dragon Energy Corporation and Argyle Energy, Inc.
	10.2	First Amendment of Farmout Agreement dated September 30, 2005, by and between Dragon Energy Corporation and Argyle Energy, Inc.
	10.3	Side Letter to First Amendment of Farmout Agreement dated September 30, 2005, by and between Dragon Energy Corporation and Argyle Energy, Inc.
	10.4	Ratification and Amendment of Farmout Agreement, First Amendment of Farmout Agreement, and Side Letter to First Amendment of Farmout Agreement dated March 14, 2006, by and among Dragon Energy Corporation, Ignis Petroleum Corporation, Bayou City Exploration, Inc. f/k/a Blue Ridge Energy, Inc., Argyle Energy, Inc. and Newton Properties, Inc.

Item 3.02 Unregistered Sales of Equity Securities.

~~SIGNATURE~~See Item 1.01 above for a description of the transactions pursuant to which the Company Debentures. All securities were issued pursuant to Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended (the "Act"), and/or Section 4(2) of the Act.

Item 9.01 Financial Statements and Exhibits

Exhibit Number		Description
4.1		Second Amended and Restated Securities Purchase Agreement, dated April 28, 2006, by and between Ignis Petroleum Group, Inc. and Cornell Capital Partners L.P.
4.2		Secured Convertible Debenture issued to Ignis Petroleum Group, Inc., dated April 28, 2006.
4.3		Warrant to purchase 2,913,580 shares of Common Stock, dated April 28, 2006, issued to Cornell Capital Partners L.P.
4.4		Warrant to purchase 3,311,828 shares of Common Stock, dated April 28, 2006, issued to Cornell Capital Partners L.P.
4.5		Second Amended and Restated Registration Rights Agreement, dated April 28, 2006, by and between Ignis Petroleum Group, Inc. and Cornell Capital Partners L.P.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IGNIS PETROLEUM GROUP, INC.	~~IGNIS PETROLEUM GROUP, INC.~~
Date: March 20, 2006
Dated: May 1, 2006	By:	/s/ MICHAEL P. PIAZZA
	By:	/s/ Michael P. Piazza
		Michael P. Piazza,
		Michael P. Piazza
		President and Chief Executive Officer
		President and Chief Executive Officer

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