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<B><FONT SIZE=4><P ALIGN="CENTER">UNITED STATES</P>


<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER">Washington, D.C. 20549</P>


</FONT><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>


</B></FONT><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT</P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>


</FONT><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<FONT SIZE=2><P ALIGN="CENTER">Date of Report (Date of earliest event reported):  August 1, 2006</P>


</FONT><P ALIGN="CENTER"></P>


<B><FONT SIZE=6><P ALIGN="CENTER">IGNIS PETROLEUM GROUP, INC.</P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant in its charter)</P>


</FONT>


<TABLE CELLSPACING=0 BORDER=0 WIDTH=624>


<TR><TD WIDTH="33%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">NEVADA</B></FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">000-50929</B></FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">16-1728419</B></FONT></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(State or other jurisdiction of</P>


<P ALIGN="CENTER">incorporation or organization)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Commission File Number)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(IRS Employer Identification No.)</FONT></TD>


</TR>


</TABLE>





<P ALIGN="CENTER"></P>


<B><FONT SIZE=2><P ALIGN="CENTER">100 Crescent Court, 7</FONT><SUP><FONT SIZE=1>th</SUP></FONT><FONT SIZE=2> Floor</P>


<P ALIGN="CENTER">Dallas, Texas 75201</P>


</B><P ALIGN="CENTER">(Address of principal executive offices)</P>


</FONT><P>&nbsp;</P>


<B><FONT SIZE=2><P ALIGN="CENTER">(214) 459-8188</P>


</B><P ALIGN="CENTER">(Registrant's telephone number, including area code)</P>


</FONT><P ALIGN="CENTER"></P>


<B><FONT SIZE=2><P ALIGN="CENTER">N/A</P>


</B><P ALIGN="CENTER">(Former name or former address, if changed since last report) </P>


<P ALIGN="CENTER">  </P>


<P ALIGN="JUSTIFY">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 Instruction A.2. below):</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) </P>


</FONT><P ALIGN="CENTER">  </P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P>&nbsp;</P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=624>


<TR><TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P>ITEM 1.01</FONT></TD>


<TD WIDTH="85%" VALIGN="TOP">


<U><FONT SIZE=2><P>Entry into a Material Definitive Agreement</U>.</FONT></TD>


</TR>


</TABLE>


</CENTER></P>








<FONT SIZE=2><P>On August 1, 2006, our board of directors authorized Ignis Petroleum Group, Inc. to enter into indemnification agreements with the following members of our board of directors: Philipp Buschmann, Geoffrey Lowndes Evett, Roger A. Leopard and Michael P. Piazza; and with the following members of our board of advisors: Frederick C. Stein, Alexander Kulpecz, Joseph Gittelman.  In general, each indemnification agreement provides that we will, to the fullest extent permitted by Nevada law and subject to certain limitations, indemnify the director or advisor against expenses incurred by such person in connection with any action, suit or proceeding to which such person is a party by reason of such person's service as a director, officer, employee or agent of ours.  Each indemnification agreement also provides that we will advance expenses incurred by the advisor or director in defense of any such action, suit or proceeding and that to the extent we maintain directors' and officers' liability insurance, such director or advisor will be covered by such policy. </P>





<P>On August 28, 2006, we entered into an Amended and Restated Loan Agreement with Petrofinanz GmbH, which amended and restated the Loan Agreement with Petrofinanz GmbH, dated December 22, 2005, in the original principal amount of $100,000.  Pursuant to the Amended and Restated Loan Agreement, Petrofinanz agreed to loan us an additional $500,000.  Interest on the entire loan amount will accrue interest at a rate of 10% per annum beginning August 28, 2006.  We must repay the principal amount of the loan at a rate of $30,000 per month beginning January 28, 2007 and continuing until the February 28, 2008, at which time the entire outstanding principal amount and accrued interest will be due.  Petrofinanz may accelerate the loan if we obtain new financing from the issuance of debt or equity securities in excess of $1,000,000 prior to the loan's maturity date.</P>





<P>The foregoing is a summary of the terms of the agreements described above and does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements, copies of which are attached to this report as exhibits.</P>





<P>&nbsp;</P></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=624>


<TR><TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P>ITEM 9.01</FONT></TD>


<TD WIDTH="85%" VALIGN="TOP">


<U><FONT SIZE=2><P>Financial Statements and Exhibits</U>.</FONT></TD>


</TR>


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</CENTER></P>








<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=624>


<TR><TD WIDTH="8%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="8%" VALIGN="TOP">


<FONT SIZE=2><P>(c)</FONT></TD>


<TD WIDTH="84%" VALIGN="TOP" COLSPAN=2>


<FONT SIZE=2><P>Exhibits.</FONT></TD>


</TR>


<TR><TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>


<B><FONT SIZE=2><P>Exhibit</P>


<P>Number</B></FONT></TD>


<TD WIDTH="76%" VALIGN="TOP">


<B><FONT SIZE=2><P>Description</B></FONT></TD>


</TR>


<TR><TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>


<FONT SIZE=2><P ALIGN="JUSTIFY">10.1</FONT></TD>


<TD WIDTH="76%" VALIGN="TOP">


<FONT SIZE=2><P>Form of Indemnification Agreement for Directors and Advisors</P>


<P ALIGN="JUSTIFY"></FONT></TD>


</TR>


<TR><TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>


<FONT SIZE=2><P>10.2</FONT></TD>


<TD WIDTH="76%" VALIGN="TOP">


<FONT SIZE=2><P>Amended and Restated Loan Agreement, dated August 28, 2006, by and between Ignis Petroleum Group, Inc. and Petrofinanz GmbH</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<P ALIGN="CENTER"><BR>


</P>


<FONT SIZE=2><P ALIGN="CENTER">SIGNATURE</P>


</FONT>


<FONT SIZE=2><P>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.</P>


</FONT>


<P>&nbsp;</P>


<TABLE BORDER CELLSPACING=4 BORDERCOLOR="#ffffff" WIDTH=624>


<TR><TD WIDTH="50%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="3%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="37%" VALIGN="TOP">


<FONT SIZE=2><P>IGNIS PETROLEUM GROUP, INC.</FONT></TD>


<TD WIDTH="10%" VALIGN="MIDDLE">


<P>&nbsp;</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">


<FONT SIZE=2><P>Date: September 5, 2006</FONT></TD>


<TD WIDTH="3%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="37%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="10%" VALIGN="MIDDLE">


<P>&nbsp;</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="3%" VALIGN="TOP">


<FONT SIZE=2><P>By:</FONT></TD>


<TD WIDTH="37%" VALIGN="TOP">


<FONT SIZE=2><P>/s/ Michael P. Piazza</FONT></TD>


<TD WIDTH="10%" VALIGN="MIDDLE">


<P>&nbsp;</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="3%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="37%" VALIGN="TOP">


<FONT SIZE=2><P>Michael P. Piazza</FONT></TD>


<TD WIDTH="10%" VALIGN="MIDDLE">


<P>&nbsp;</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="3%" VALIGN="TOP">


<P>&nbsp;</TD>


<TD WIDTH="37%" VALIGN="TOP">


<FONT SIZE=2><P>President and Chief Executive Officer</FONT></TD>


<TD WIDTH="10%" VALIGN="MIDDLE">


<P>&nbsp;</TD>


</TR>


</TABLE>





<P>&nbsp;</P>





<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY"><FONT SIZE=1>I:\CORPORATE\CLIENTS\Ignis Petroleum\Miscellaneous 2006 (97423)\SEC Filings\Form 8-K\Form 8-K re Indem-v3-CH-dwc(9-1).doc</P></FONT></BODY>


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{"company-data": {"conformed-name": "Ignis Petroleum Group, Inc.", "cik": "0001296524", "assigned-sic": "1000", "irs-number": "161728419", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50929", "film-number": "061077710"}, "business-address": {"street1": "100 CRESCENT COURT, 7TH FLOOR", "city": "DALLAS", "state": "TX", "zip": "75201", "phone": "214 459-8188"}, "mail-address": {"street1": "100 CRESCENT COURT, 7TH FLOOR", "city": "DALLAS", "state": "TX", "zip": "75201"}, "former-company": {"former-conformed-name": "Sheer Ventures Inc.", "date-changed": "20040707"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  August 1, 2006
IGNIS PETROLEUM GROUP, INC.
(Exact name of registrant in its charter)
NEVADA
000-50929
16-1728419
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)
100 Crescent Court, 7
th
Floor
Dallas, Texas 75201
(Address of principal executive offices)
(214) 459-8188
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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 Instruction A.2. below):
[  ]   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 (17CFR 240.14a-12)
[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))
ITEM 1.01
Entry into a Material Definitive Agreement
.
On August 1, 2006, our board of directors authorized Ignis Petroleum Group, Inc. to enter into indemnification agreements with the following members of our board of directors: Philipp Buschmann, Geoffrey Lowndes Evett, Roger A. Leopard and Michael P. Piazza; and with the following members of our board of advisors: Frederick C. Stein, Alexander Kulpecz, Joseph Gittelman.  In general, each indemnification agreement provides that we will, to the fullest extent permitted by Nevada law and subject to certain limitations, indemnify the director or advisor against expenses incurred by such person in connection with any action, suit or proceeding to which such person is a party by reason of such person's service as a director, officer, employee or agent of ours.  Each indemnification agreement also provides that we will advance expenses incurred by the advisor or director in defense of any such action, suit or proceeding and that to the extent we maintain directors' and officers' liability insurance, such director or advisor will be covered by such policy.
On August 28, 2006, we entered into an Amended and Restated Loan Agreement with Petrofinanz GmbH, which amended and restated the Loan Agreement with Petrofinanz GmbH, dated December 22, 2005, in the original principal amount of $100,000.  Pursuant to the Amended and Restated Loan Agreement, Petrofinanz agreed to loan us an additional $500,000.  Interest on the entire loan amount will accrue interest at a rate of 10% per annum beginning August 28, 2006.  We must repay the principal amount of the loan at a rate of $30,000 per month beginning January 28, 2007 and continuing until the February 28, 2008, at which time the entire outstanding principal amount and accrued interest will be due.  Petrofinanz may accelerate the loan if we obtain new financing from the issuance of debt or equity securities in excess of $1,000,000 prior to the loan's maturity date.
The foregoing is a summary of the terms of the agreements described above and does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements, copies of which are attached to this report as exhibits.
ITEM 9.01
Financial Statements and Exhibits
.
(c)
Exhibits.
Exhibit
Number
Description
10.1
Form of Indemnification Agreement for Directors and Advisors
10.2
Amended and Restated Loan Agreement, dated August 28, 2006, by and between Ignis Petroleum Group, Inc. and Petrofinanz GmbH
SIGNATURE
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.
Date: September 5, 2006
By:
/s/ Michael P. Piazza
Michael P. Piazza
President and Chief Executive Officer
I:\CORPORATE\CLIENTS\Ignis Petroleum\Miscellaneous 2006 (97423)\SEC Filings\Form 8-K\Form 8-K re Indem-v3-CH-dwc(9-1).doc