UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC D.C. 20549

~~FORM~~ Form 8-K

~~CURRENT~~ ~~REPORT~~Current Report

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

~~Date~~ Date of Report (Date of earliest event reported): 03/20/2007 ~~April 28, 2006~~

~~IGNIS~~ ~~PETROLEUM~~Ignis ~~GROUP~~Petroleum Group, ~~INC~~Inc.

(Exact name of registrant as specified in its charter)

Nevada	000-50929	16-1728419
(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)

Commission File Number: 000-50929

Registrant’s telephone number, including area code: (214) 459-8188

Nevada		16-1728419
(State or other jurisdiction of		(IRS Employer
incorporation)		Identification No.)

~~Copies~~ ~~to:~~100 Crescent Court, 7th Floor

~~Gregory Sichenzia~~Dallas, ~~Esq.~~Texas 75201

~~Sichenzia~~ ~~Ross~~(Address ~~Friedman~~of ~~Ference~~principal ~~LLP~~executive offices, including zip code)

~~1065~~ ~~Avenue~~214-459-8188 ~~of the Americas~~

~~New~~ ~~York~~(Registrant’s telephone number, ~~New~~ ~~York~~including ~~10018~~area code)

~~Phone:~~ ~~(212)~~N/A ~~930-9700~~

~~Fax:~~ (~~212~~Former name or former address, if changed since last report) ~~930-9725~~

~~Check~~ Check 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 Instructions A.2. below)~~provisions:

~~o Written~~ [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~o Soliciting~~ ~~material~~Information ~~pursuant~~ to ~~Rule~~be ~~14a-12~~included ~~under~~ in the ~~Exchange Act (17 CFR 240.14a-12)~~report

~~o Pre-commencement~~ ~~communications~~Item ~~pursuant~~4.01. Changes toin ~~Rule 14d-2(b)~~Registrant's ~~under~~Certifying ~~the Exchange Act (17 CFR 240.14d-2(b))~~Accountant

~~o Pre-commencement~~ ~~communications~~The ~~pursuant~~Audit Committee of the Board of Directors of Ignis Petroleum Group, Inc. (the "Company") approved the dismissal of its independent registered public accounting firm, De Meo, Young, McGrath CPA, LLP ("De Meo, Young, McGrath") and appointed Hein + Associates LLP to ~~Rule 13e-4~~serve as its independent registered public accounting firm, effective March 20, 2007.The reports of De Meo, Young, McGrath on the Company's financial statements for the fiscal years ended June 30, 2005 and June 30, 2006 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.There were no disagreements (cas such term is described in Item 304(a)(1)(iv) ~~under~~of Regulation S−B) with De Meo, Young, McGrath at any time during the ~~Exchange~~Company's ~~Act~~most recent two fiscal years and through March 20, 2007 regarding any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures that if not resolved to the satisfaction of De Meo, Young, McGrath would have caused it to make reference to such disagreements in its reports. There were no other reportable events (17as ~~CFR~~such ~~240~~term is defined in Item 304(a)(1)(v) of Regulation S−B and its related instructions) during the Company's most recent two fiscal years and through March 20, 2007.~~13e-4~~During each of the two most recent fiscal years and through March 20, 2007, neither the Company, nor anyone on the Company's behalf, consulted with Hein + Associates LLP with respect to the application of accounting principles to a specified transaction, either completed or proposed, or with respect to the type of audit opinion that might be rendered on the Company's financial statements, or with respect to any matter that was either the subject of a disagreement (cas defined in Item 304(a)(1)(iv) of Regulation S−B), or a reportable event (as described in Item 304(a)(1)(v) of Regulation S−B).De Meo, Young, McGrath has reviewed the disclosures contained in this Form 8−K report. De Meo, Young, McGrath has furnished the Company with a letter addressed to the Securities and Exchange Commission, a copy of which is attached as Exhibit 16.1, in accordance with Item 304(a)(3) of Regulation S−B, indicating that it agrees with the above disclosure and, if not, the respects with which De Meo, Young, McGrath does not agree.

~~Item~~ 1Item 9.01 ~~Entry into~~. Financial aStatements ~~Material~~and ~~Definitive Agreement.~~ Exhibits

On ~~April 28,~~Exhibit ~~2006, Ignis Petroleum Group, Inc~~16. (the “Company”) amended the Securities Purchase Agreement (the “Amended Purchase Agreement”) with Cornell Capital Partners L.P. (“Cornell”) dated as of January 5, 2006. Pursuant to the Amended Purchase Agreement, the last installment of $1,000,000 in 7% secured convertible debentures, which was to be advanced within five days after the Registration Statement (as defined below) was declared effective by the Commission, was advanced on April 28, 2006.*

Letter from Deloitte & Touche LLP to the Securities and Exchange Commission dated March 23, 2007.

~~In connection~~*Filed with the Amended Purchase Agreement, the Company agreed to issue Cornell additional warrants to purchase 2,913,580 shares of common stock of the Company (the “Common Stock”), exercisable for a period of five years at an exercise price of $0herewith.~~81 (the “Additional $0.81 Warrants”) and additional~~ warrants to purchase 3,311,828 shares of Common Stock, exercisable for a 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, the Company can force 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 with the Amended Purchase Agreement, the Company also amended its registration rights agreement~~ Signature(~~the “Amended Registration Rights Agreement”~~s) ~~providing~~ ~~for the filing, within five (5) days of April 28, 2006, of a~~ registration statement (the “Registration Statement”) with the Securities and Exchange Commission registering the Common Stock issuable upon conversion of the Debentures and exercise of the warrants previously 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 (i) all of the shares of common stock issuable upon conversion of the Debentures have been sold or (ii) January 5, 2008.

The Company paid Stonegate Securities, Inc. a 5% placement fee on the last tranche for their role as placement agent in the financing.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See Item 1.01 for a description of a secured loan obligation by the Company.

Item 3.02 Unregistered Sales of Equity Securities.

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.
Dated: May 1, 2006	By:	/s/ MICHAEL P. PIAZZA
Date: March 26, 2007			By:	/s/ Michael P. Piazza
		Michael P. Piazza,
				Michael P. Piazza
		~~President and Chief Executive Officer~~		President and Chief Executive Officer

Exhibit Index

Exhibit No.		Description
EX-16.1		Letter from Deloitte & Touche LLP

Filing Compare · Ignis Petroleum Group, Inc.