Exhibit 4.4


    
      

    

    Exhibit
      4.4 

    


    WARRANT

    


    THE
      SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
      SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
      SOLD, TRANSFERRED PLEDGED, HYPOTHECATED OR ASSIGNED IN THE ABSENCE OF AN
      EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL
      IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT
      REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD
      PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS WARRANT
      MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT.

    


    IGNIS
      PETROLEUM GROUP, INC.

    


    Warrant
      To Purchase Common Stock

    


    
      	
              Warrant
                No.: CCP-002

            	
              Number
                of Shares: 2,688,172

            


    

    


    Date
      of
      Issuance: January 5, 2006

    


    Ignis
      Petroleum Group, Inc., a Nevada corporation (the “Company”),
      hereby certifies that, for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, Cornell
      Capital Partners, LP
      (“Cornell”),
      the
      registered holder hereof or its permitted assigns, is entitled, subject to
      the
      terms set forth below, to purchase from the Company upon surrender of this
      Warrant, at any time or times on or after the date hereof, but not after
      11:59 P.M. Eastern Time on the Expiration Date (as defined herein) Two
      Million Six Hundred Eighty Eight Thousand One Hundred Seventy Two (2,688,172)
      fully paid and nonassessable shares of Common Stock (as defined herein) of
      the
      Company (the “Warrant
      Shares”)
      at the
      exercise price per share provided in Section 1(b) below or as subsequently
      adjusted; provided, however, that in no event shall the holder be entitled
      to
      exercise this Warrant for a number of Warrant Shares in excess of that number
      of
      Warrant Shares which, upon giving effect to such exercise, would cause the
      aggregate number of shares of Common Stock beneficially owned by the holder
      and
      its affiliates to exceed 4.99% of the outstanding shares of the Common Stock
      following such exercise, except within sixty (60) days of the Expiration Date
      (however, upon an Event of Default, such restriction may be waived by Cornell
      (but only as to itself and not to any other holder) upon not less than 65 days
      prior notice to the Company). For purposes of the foregoing proviso, the
      aggregate number of shares of Common Stock beneficially owned by the holder
      and
      its affiliates shall include the number of shares of Common Stock issuable
      upon
      exercise of this Warrant with respect to which the determination of such proviso
      is being made, but shall exclude shares of Common Stock which would be issuable
      upon (i) exercise of the remaining, unexercised Warrants beneficially owned
      by the holder and its affiliates and (ii) exercise or conversion of the
      unexercised or unconverted portion of any other securities of the Company
      beneficially owned by the holder and its affiliates (including, without
      limitation, any convertible notes or preferred stock) subject to a limitation
      on
      conversion or exercise analogous to the limitation contained herein. Except
      as
      set forth in the preceding sentence, for purposes of this paragraph, beneficial
      ownership shall be calculated in accordance with Section 13(d) of the Securities
      Exchange Act of 1934, as amended. For purposes of this Warrant, in determining
      the number of outstanding shares of Common Stock a holder may rely on the number
      of outstanding shares of Common Stock as reflected in (1) the Company’s most
      recent Form 10-QSB or Form 10-KSB, as the case may be, (2) a more recent public
      announcement by the Company or (3) any other notice by the Company or its
      transfer agent setting forth the number of shares of Common Stock outstanding.
      Upon the written request of any holder, the Company shall promptly, but in
      no
      event later than one (1) Business Day following the receipt of such notice,
      confirm in writing to any such holder the number of shares of Common Stock
      then
      outstanding. In any case, the number of outstanding shares of Common Stock
      shall
      be determined after giving effect to the exercise of Warrants (as defined below)
      by such holder and its affiliates since the date as of which such number of
      outstanding shares of Common Stock was reported.


    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    


    Section
      1.

    


    (a)   
       This
      Warrant is the common stock purchase warrant (the “Warrant”)
      issued
      pursuant to the Securities Purchase Agreement (“Securities
      Purchase Agreement”)
      dated
      the date hereof between the Company and the Buyers listed on Schedule I
      thereto.

    


    (b)    
       Definitions.  
      The following words and terms as used in this Warrant shall have the following
      meanings:

    


    (i)    
       “Approved
      Stock Plan”
means
      any employee benefit plan which has been approved by the Board of Directors
      of
      the Company, pursuant to which the Company’s securities may be issued to any
      employee, officer, director or consultant for services provided to the
      Company.

    


    (ii)    
       “Business
      Day”
means
      any day other than Saturday, Sunday or other day on which commercial banks
      in
      the City of New York are authorized or required by law to remain
      closed.

    


    (iii)   
      “Closing
      Bid Price”
means
      the closing bid price of Common Stock as quoted on the Principal Market (as
      reported by Bloomberg Financial Markets (“Bloomberg”)
      through its “Volume at Price” function).

    


    (iv)   
      “Common
      Stock”
means
      (i) the Company’s common stock, par value $0.001 per share, and
      (ii) any capital stock into which such Common Stock shall have been changed
      or any capital stock resulting from a reclassification of such Common
      Stock.

    


    (v)     “Event
      of Default”
means
      an event of default under the Securities Purchase Agreement or the Convertible
      Debentures issued in connection therewith.

    


    (vi)   
      “Excluded
      Securities”
means,
      provided such security is issued at a price which is greater than or equal
      to
      the Closing Bid Price of the Common Stock immediately preceding the date of
      issuance, any of the following: (a) any issuance by the Company of securities
      in
      connection with a strategic partnership or a joint venture (the primary purpose
      of which is not to raise equity capital), (b) any issuance by the Company of
      securities as consideration for a merger or consolidation or the acquisition
      of
      a business, product, license, or other assets of another person or entity and
      (c) options to purchase shares of Common Stock.


    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    


    (vii) 
       “Expiration
      Date”
means
      the date five (5) years from the Issuance Date of this Warrant or, if such
      date
      falls on a Saturday, Sunday or other day on which banks are required or
      authorized to be closed in the City of New York or the State of New York or
      on
      which trading does not take place on the Principal Exchange or automated
      quotation system on which the Common Stock is traded (a “Holiday”),
      the
      next date that is not a Holiday.

    


    (viii)
       “Issuance
      Date”
means
      the date hereof.

    


    (ix)  
       “Options”
means
      any rights, warrants or options to subscribe for or purchase Common Stock or
      Convertible Securities. 

    


    (x)   
       “Other
      Securities”
means
      (i) those options and warrants of the Company issued prior to, and
      outstanding on, the Issuance Date of this Warrant, (ii) the shares of Common
      Stock issuable on exercise of such options and warrants, provided such options
      and warrants are not amended after the Issuance Date of this Warrant,
      (iii) the shares of Common Stock issuable upon exercise of this Warrant,
      and (iv) securities the Company obligated itself to issue prior to the date
      hereof pursuant to any employment agreement, consulting agreement or placement
      agency agreement and any shares of Common Stock underlying such securities.
      

    


    (xi) 
         “Person”
means
      an individual, a limited liability company, a partnership, a joint venture,
      a
      corporation, a trust, an unincorporated organization and a government or any
      department or agency thereof.

    


    (xii)  
      “Principal
      Market”
means
      the New York Stock Exchange, the American Stock Exchange, the Nasdaq National
      Market, the Nasdaq Capital Market, the Nasdaq OTC Bulletin Board whichever
      is at
      the time the principal trading exchange or market for such security, or the
      over-the-counter market on the electronic bulletin board for such security
      as
      reported by Bloomberg or, if no bid or sale information is reported for such
      security by Bloomberg, then the average of the bid prices of each of the market
      makers for such security as reported in the “pink sheets” by the National
      Quotation Bureau, Inc.

    


    (xiii) 
       “Securities
      Act”
means
      the Securities Act of 1933, as amended. 

    


    (xiv) 
       “Warrant”
means
      this Warrant and all Warrants issued in exchange, transfer or replacement
      thereof. 

    


    (xv) 
       “Warrant
      Exercise Price”
shall
      be $0.93
      or as
      subsequently adjusted as provided in Section 8 hereof. 

    


    (xvi) 
       “Warrant
      Shares”
means
      the shares of Common Stock issuable at any time upon exercise of this Warrant.
      


    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    


    (c)    
       Other
      Definitional Provisions. 

    


    (i)  
         Except
      as
      otherwise specified herein, all references herein (A) to the Company shall
      be deemed to include the Company’s successors and (B) to any applicable law
      defined or referred to herein shall be deemed references to such applicable
      law
      as the same may have been or may be amended or supplemented from time to time.
      

    


    (ii)   
       When
      used
      in this Warrant, the words “herein”,
      “hereof”,
      and
“hereunder”
      and
      words of similar import, shall refer to this Warrant as a whole and not to
      any
      provision of this Warrant, and the words “Section”,
      “Schedule”,
      and
“Exhibit”
shall
      refer to Sections of, and Schedules and Exhibits to, this Warrant unless
      otherwise specified. 

    


    (iii)  
       Whenever
      the context so requires, the neuter gender includes the masculine or feminine,
      and the singular number includes the plural, and vice versa. 

    


    Section
      2.            
 Exercise
      of Warrant.
      

    


    (a)    
       Subject
      to the terms and conditions hereof, this Warrant may be exercised by the holder
      hereof then registered on the books of the Company, pro rata as hereinafter
      provided, at any time on any Business Day on or after the opening of business
      on
      such Business Day, commencing with the first day after the date hereof, and
      prior to 11:59 P.M. Eastern Time on the Expiration Date (i) by delivery of
      a written notice, in the form of the subscription notice attached as
Exhibit
      A
      hereto
      (the “Exercise
      Notice”),
      of
      such holder’s election to exercise this Warrant, which notice shall specify the
      number of Warrant Shares to be purchased, payment to the Company of an
      amount equal to the Warrant Exercise Price(s) applicable to the Warrant Shares
      being purchased, multiplied by the number of Warrant Shares (at the
      applicable Warrant Exercise Price) as to which this Warrant is being
      exercised (plus any applicable issue or transfer taxes) (the “Aggregate
      Exercise Price”)
      in
      cash or wire transfer of immediately available funds and the surrender of this
      Warrant (or an indemnification undertaking with respect to this Warrant in
      the
      case of its loss, theft or destruction) to a common carrier for overnight
      delivery to the Company as soon as practicable following such date
      (“Cash
      Basis”)
      or
      (ii) after the Scheduled Effective Deadline (as defined in the Registration
      Rights Agreement), if at the time of exercise, the Warrant Shares are not
      subject to an effective registration statement and are not eligible to be sold
      under Rule 144(k), or if an Event of Default has occurred, by delivering an
      Exercise Notice and in lieu of making payment of the Aggregate Exercise Price
      in
      cash or wire transfer, elect instead to receive upon such exercise the “Net
      Number” of shares of Common Stock determined according to the following formula
      (the “Cashless
      Exercise”):
      

    


    Net
      Number = (A
      x
      B) - (A x C)

                                         
      B

    


    For
      purposes of the foregoing formula: 

    


    A
      = the
      total number of Warrant Shares with respect to which this Warrant is then being
      exercised. 


    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    


    B
      = the
      Closing Bid Price of the Common Stock on the date of exercise of the
      Warrant.

    


    C
      = the
      Warrant Exercise Price then in effect for the applicable Warrant Shares at
      the
      time of such exercise. 

    


    In
      the
      event of any exercise of the rights represented by this Warrant in compliance
      with this Section 2, the Company shall on or before the fifth (5th)
      Business Day following the date of receipt of the Exercise Notice, the Aggregate
      Exercise Price and this Warrant (or an indemnification undertaking with respect
      to this Warrant in the case of its loss, theft or destruction) and the receipt
      of the representations of the holder specified in Section 6 hereof, if requested
      by the Company (the “Exercise
      Delivery Documents”),
      and
      if the Common Stock is DTC eligible, credit such aggregate number of shares
      of
      Common Stock to which the holder shall be entitled to the holder’s or its
      designee’s balance account with The Depository Trust Company; provided, however,
      if the holder who submitted the Exercise Notice requested physical delivery
      of
      any or all of the Warrant Shares, or, if the Common Stock is not DTC eligible
      then the Company shall, on or before the fifth (5th)
      Business Day following receipt of the Exercise Delivery Documents, issue and
      surrender to a common carrier for overnight delivery to the address specified
      in
      the Exercise Notice, a certificate, registered in the name of the holder, for
      the number of shares of Common Stock to which the holder shall be entitled
      pursuant to such request. Upon delivery of the Exercise Notice and Aggregate
      Exercise Price referred to in clause (i) or (ii) above the holder of this
      Warrant shall be deemed for all corporate purposes to have become the holder
      of
      record of the Warrant Shares with respect to which this Warrant has been
      exercised. In the case of a dispute as to the determination of the Warrant
      Exercise Price, the Closing Bid Price or the arithmetic calculation of the
      Warrant Shares, the Company shall promptly issue to the holder the number of
      Warrant Shares that is not disputed and shall submit the disputed determinations
      or arithmetic calculations to the holder via facsimile within one (1) Business
      Day of receipt of the holder’s Exercise Notice. 

    


    (b)   
       If
      the
      holder and the Company are unable to agree upon the determination of the Warrant
      Exercise Price or arithmetic calculation of the Warrant Shares within one (1)
      day of such disputed determination or arithmetic calculation being submitted
      to
      the holder, then the Company shall immediately submit via facsimile (i) the
      disputed determination of the Warrant Exercise Price or the Closing Bid Price
      to
      an independent, reputable investment banking firm or (ii) the disputed
      arithmetic calculation of the Warrant Shares to its independent, outside
      accountant. The Company shall cause the investment banking firm or the
      accountant, as the case may be, to perform the determinations or calculations
      and notify the Company and the holder of the results no later than forty-eight
      (48) hours from the time it receives the disputed determinations or
      calculations. 

    


    (c)     Unless
      the rights represented by this Warrant shall have expired or shall have been
      fully exercised, the Company shall, as soon as practicable and in no event
      later
      than five (5) Business Days after any exercise and receipt of this Warrant
      and
      at its own expense, issue a new Warrant identical in all respects to this
      Warrant exercised except it shall represent rights to purchase the number of
      Warrant Shares purchasable immediately prior to such exercise under this Warrant
      exercised, less the number of Warrant Shares with respect to which such Warrant
      is exercised.


    
      
        
        

      

      
        C-5

        
          

        

      

      
        
        

      

    


    (d)   
       No
      fractional Warrant Shares are to be issued upon any pro rata exercise of this
      Warrant, but rather the number of Warrant Shares issued upon such exercise
      of
      this Warrant shall be rounded up or down to the nearest whole
      number.

    


    (e)    
       If
      the
      Company or its Transfer Agent shall fail for any reason or for no reason to
      issue to the holder within ten (10) days of receipt of the Exercise
      Delivery Documents, a certificate for the number of Warrant Shares to which
      the
      holder is entitled or to credit the holder’s balance account with The Depository
      Trust Company for such number of Warrant Shares to which the holder is entitled
      upon the holder’s exercise of this Warrant, the Company shall, in addition to
      any other remedies under this Warrant or the Placement Agent Agreement or
      otherwise available to such holder, pay as additional damages in cash to such
      holder on each day the issuance of such certificate for Warrant Shares is not
      timely effected an amount equal to 0.025% of the product of (A) the sum of
      the
      number of Warrant Shares not issued to the holder on a timely basis and to
      which
      the holder is entitled, and (B) the Closing Bid Price of the Common Stock for
      the trading day immediately preceding the last possible date which the Company
      could have issued such Common Stock to the holder without violating this
      Section 2.

    


    (f)    
       If
      within
      ten (10) days after the Company’s receipt of the Exercise Delivery Documents,
      the Company fails to deliver a new Warrant to the holder for the number of
      Warrant Shares to which such holder is entitled pursuant to Section 2 hereof,
      then, in addition to any other available remedies under this Warrant or the
      Placement Agent Agreement, or otherwise available to such holder, the Company
      shall pay as additional damages in cash to such holder on each day after such
      tenth (10th)
      day
      that such delivery of such new Warrant is not timely effected in an amount
      equal
      to 0.25% of the product of (A) the number of Warrant Shares represented by
      the portion of this Warrant which is not being exercised and (B) the
      Closing Bid Price of the Common Stock for the trading day immediately preceding
      the last possible date which the Company could have issued such Warrant to
      the
      holder without violating this Section 2.

    


    (g)   
       Forced
      Exercise by the Company.
       At
      the
      option of the Company, the Company may force holder to exercise the Warrant
      at
      the Warrant Exercise Price provided that (i) the Closing Bid Price of Company’s
      Common Stock is greater than or equal to $1.23 for a period of fifteen (15)
      consecutive Trading Days immediately prior to such exercise, (ii) the Warrant
      Shares are registered and the registration statement is declared effective
      and
      (iii) such forced exercise by the Company shall not cause the aggregate number
      of shares of Common Stock beneficially owned by the holder and its affiliates
      to
      exceed 4.99% of the outstanding shares of the Common Stock following such
      exercise.

    


    Section
      3.            
 Covenants
      as to Common Stock.  
      The Company hereby covenants and agrees as follows:

    


    (a)    
       This
      Warrant is, and any Warrants issued in substitution for or replacement of this
      Warrant will upon issuance be, duly authorized and validly issued.

    


    (b)   
       All
      Warrant Shares which may be issued upon the exercise of the rights represented
      by this Warrant will, upon issuance, be validly issued, fully paid and
      nonassessable and free from all taxes, liens and charges with respect to the
      issue thereof.


    
      
        
        

      

      
        C-6

        
          

        

      

      
        
        

      

    


    (c)   
       During
      the period within which the rights represented by this Warrant may be exercised,
      the Company will at all times have authorized and reserved at least one hundred
      percent (100%) of the number of shares of Common Stock needed to provide for
      the
      exercise of the rights then represented by this Warrant and the par value of
      said shares will at all times be less than or equal to the applicable Warrant
      Exercise Price. If at any time the Company does not have a sufficient number
      of
      shares of Common Stock authorized and available, then the Company shall use
      its
      reasonable, best efforts to call and hold a special meeting of its stockholders
      within sixty (60) days of that time for the sole purpose of increasing the
      number of authorized shares of Common Stock.

    


    (d)   
       If
      at any
      time after the date hereof the Company shall file a registration statement,
      the
      Company shall include the Warrant Shares issuable to the holder, pursuant to
      the
      terms of this Warrant and shall maintain, so long as any other shares of Common
      Stock shall be so listed, such listing of all Warrant Shares from time to time
      issuable upon the exercise of this Warrant; and the Company shall so list on
      each national securities exchange or automated quotation system, as the case
      may
      be, and shall maintain such listing of, any other shares of capital stock of
      the
      Company issuable upon the exercise of this Warrant if and so long as any shares
      of the same class shall be listed on such national securities exchange or
      automated quotation system.

    


    (e)   
       The
      Company will not, by amendment of its Articles of Incorporation or through
      any
      reorganization, transfer of assets, consolidation, merger, dissolution, issue
      or
      sale of securities, or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms to be observed or performed by
      it
      hereunder, but will at all times in good faith assist in the carrying out of
      all
      the provisions of this Warrant and in the taking of all such action as may
      reasonably be requested by the holder of this Warrant in order to protect the
      exercise privilege of the holder of this Warrant against dilution or other
      impairment, consistent with the tenor and purpose of this Warrant. The Company
      will not increase the par value of any shares of Common Stock receivable upon
      the exercise of this Warrant above the Warrant Exercise Price then in effect,
      and (ii) will take all such actions as may be necessary or appropriate in
      order that the Company may validly and legally issue fully paid and
      nonassessable shares of Common Stock upon the exercise of this
      Warrant.

    


    (f)     
      This
      Warrant will be binding upon any entity succeeding to the Company by merger,
      consolidation or acquisition of all or substantially all of the Company’s
      assets.

    


    Section
      4.            
 Taxes.  
      The Company shall pay any and all taxes, except any applicable withholding,
      which may be payable with respect to the issuance and delivery of Warrant Shares
      or upon exercise of this Warrant.

    


    Section
      5.            
 Warrant
      Holder Not Deemed a Stockholder.  
      Except as otherwise specifically provided herein, no holder, as such, of this
      Warrant shall be entitled to vote or receive dividends or be deemed the holder
      of shares of capital stock of the Company for any purpose, nor shall anything
      contained in this Warrant be construed to confer upon the holder hereof, as
      such, any of the rights of a stockholder of the Company or any right to vote,
      give or withhold consent to any corporate action (whether any reorganization,
      issue of stock, reclassification of stock, consolidation, merger, conveyance
      or
      otherwise), receive notice of meetings, receive dividends or subscription
      rights, or otherwise, prior to the issuance to the holder of this Warrant of
      the
      Warrant Shares which he or she is then entitled to receive upon the due exercise
      of this Warrant. In addition, nothing contained in this Warrant shall be
      construed as imposing any liabilities on such holder to purchase any securities
      (upon exercise of this Warrant or otherwise) or as a stockholder of the Company,
      whether such liabilities are asserted by the Company or by creditors of the
      Company. Notwithstanding this Section 5, the Company will provide the holder
      of
      this Warrant with copies of the same notices and other information given to
      the
      stockholders of the Company generally, contemporaneously with the giving thereof
      to the stockholders.


    
      
        
        

      

      
        C-7

        
          

        

      

      
        
        

      

    


    Section
      6.            
 Representations
      of Holder.  
      The holder of this Warrant, by the acceptance hereof, represents that it is
      acquiring this Warrant and the Warrant Shares for its own account for investment
      only and not with a view towards, or for resale in connection with, the public
      sale or distribution of this Warrant or the Warrant Shares, except pursuant
      to
      sales registered or exempted under the Securities Act; provided, however, that
      by making the representations herein, the holder does not agree to hold this
      Warrant or any of the Warrant Shares for any minimum or other specific term
      and
      reserves the right to dispose of this Warrant and the Warrant Shares at any
      time
      in accordance with or pursuant to a registration statement or an exemption
      under
      the Securities Act. The holder of this Warrant further represents, by acceptance
      hereof, that, as of this date, such holder is an “accredited investor” as such
      term is defined in Rule 501(a)(1) of Regulation D promulgated by the
      Securities and Exchange Commission under the Securities Act (an “Accredited
      Investor”).
      Upon
      exercise of this Warrant the holder shall, if requested by the Company, confirm
      in writing, in a form satisfactory to the Company, that the Warrant Shares
      so
      purchased are being acquired solely for the holder’s own account and not as a
      nominee for any other party, for investment, and not with a view toward
      distribution or resale and that such holder is an Accredited Investor. If such
      holder cannot make such representations because they would be factually
      incorrect, it shall be a condition to such holder’s exercise of this Warrant
      that the Company receive such other representations as the Company considers
      reasonably necessary to assure the Company that the issuance of its securities
      upon exercise of this Warrant shall not violate any United States or state
      securities laws.

    


    Section
      7.             
 Ownership
      and Transfer.

    


    (a)   
       The
      Company shall maintain at its principal executive offices (or such other office
      or agency of the Company as it may designate by notice to the holder hereof),
      a
      register for this Warrant, in which the Company shall record the name and
      address of the person in whose name this Warrant has been issued, as well as
      the
      name and address of each transferee. The Company may treat the person in whose
      name any Warrant is registered on the register as the owner and holder thereof
      for all purposes, notwithstanding any notice to the contrary, but in all events
      recognizing any transfers made in accordance with the terms of this
      Warrant.

    


    Section
      8.            
 Adjustment
      of Warrant Exercise Price and Number of Shares.  
      The Warrant Exercise Price and the number of shares of Common Stock issuable
      upon exercise of this Warrant shall be adjusted from time to time as
      follows:

    


    (a)   
       Adjustment
      of Warrant Exercise Price and Number of Shares upon Issuance of Common
      Stock.  
      If and whenever on or after the Issuance Date of this Warrant, the Company
      issues or sells, or is deemed to have issued or sold, any shares of Common
      Stock (other than (i) Excluded Securities or Permitted Issuances (as
      defined in the Securities Purchase Agreement) and (ii) shares of Common Stock
      which are issued or deemed to have been issued by the Company in connection
      with
      an Approved Stock Plan or upon exercise or conversion of the Other Securities)
      for a consideration per share less than a price (the “Applicable
      Price”)
      equal
      to the Warrant Exercise Price in effect immediately prior to such issuance
      or
      sale, then immediately after such issue or sale the Warrant Exercise Price
      then
      in effect shall be reduced to an amount equal to such consideration per share.
      Upon each such adjustment of the Warrant Exercise Price hereunder, the number
      of
      Warrant Shares issuable upon exercise of this Warrant shall be adjusted to
      the
      number of shares determined by multiplying the Warrant Exercise Price in effect
      immediately prior to such adjustment by the number of Warrant Shares issuable
      upon exercise of this Warrant immediately prior to such adjustment and dividing
      the product thereof by the Warrant Exercise Price resulting from such
      adjustment.


    
      
        
        

      

      
        C-8

        
          

        

      

      
        
        

      

    


    (b)   
       Effect
      on Warrant Exercise Price of Certain Events.  
      For purposes of determining the adjusted Warrant Exercise Price under Section
      8(a) above, the following shall be applicable:

    


    (i)    
       Issuance
      of Options.  
      If after the date hereof, the Company in any manner grants any Options and
      the
      lowest price per share for which one share of Common Stock is issuable upon
      the
      exercise of any such Option or upon conversion or exchange of any convertible
      securities issuable upon exercise of any such Option is less than the Applicable
      Price, then such share of Common Stock shall be deemed to be outstanding and
      to
      have been issued and sold by the Company at the time of the granting or sale
      of
      such Option for such price per share. For purposes of this Section 8(b)(i),
      the
      lowest price per share for which one share of Common Stock is issuable upon
      exercise of such Options or upon conversion or exchange of such Convertible
      Securities shall be equal to the sum of the lowest amounts of consideration
      (if
      any) received or receivable by the Company with respect to any one share of
      Common Stock upon the granting or sale of the Option, upon exercise of the
      Option or upon conversion or exchange of any convertible security issuable
      upon
      exercise of such Option. No further adjustment of the Warrant Exercise Price
      shall be made upon the actual issuance of such Common Stock or of such
      convertible securities upon the exercise of such Options or upon the actual
      issuance of such Common Stock upon conversion or exchange of such convertible
      securities.

    


    (ii)   
       Issuance
      of Convertible Securities.  
      If the Company in any manner issues or sells any convertible securities and
      the
      lowest price per share for which one share of Common Stock is issuable upon
      the
      conversion or exchange thereof is less than the Applicable Price, then such
      share of Common Stock shall be deemed to be outstanding and to have been issued
      and sold by the Company at the time of the issuance or sale of such convertible
      securities for such price per share. For the purposes of this
      Section 8(b)(ii), the lowest price per share for which one share of Common
      Stock is issuable upon such conversion or exchange shall be equal to the sum
      of
      the lowest amounts of consideration (if any) received or receivable by the
      Company with respect to one share of Common Stock upon the issuance or sale
      of
      the convertible security and upon conversion or exchange of such convertible
      security. No further adjustment of the Warrant Exercise Price shall be made
      upon
      the actual issuance of such Common Stock upon conversion or exchange of such
      convertible securities, and if any such issue or sale of such convertible
      securities is made upon exercise of any Options for which adjustment of the
      Warrant Exercise Price had been or are to be made pursuant to other provisions
      of this Section 8(b), no further adjustment of the Warrant Exercise Price shall
      be made by reason of such issue or sale. 


    
      
        
        

      

      
        C-9

        
          

        

      

      
        
        

      

    


    (iii)  
       Change
      in Option Price or Rate of Conversion.  
      If the purchase price provided for in any Options, the additional consideration,
      if any, payable upon the issue, conversion or exchange of any convertible
      securities, or the rate at which any convertible securities are convertible
      into
      or exchangeable for Common Stock changes at any time, the Warrant Exercise
      Price
      in effect at the time of such change shall be adjusted to the Warrant Exercise
      Price which would have been in effect at such time had such Options or
      convertible securities provided for such changed purchase price, additional
      consideration or changed conversion rate, as the case may be, at the time
      initially granted, issued or sold and the number of Warrant Shares issuable
      upon
      exercise of this Warrant shall be correspondingly readjusted. For purposes
      of
      this Section 8(b)(iii), if the terms of any Option or convertible security
      that
      was outstanding as of the Issuance Date of this Warrant are changed in the
      manner described in the immediately preceding sentence, then such Option or
      convertible security and the Common Stock deemed issuable upon exercise,
      conversion or exchange thereof shall be deemed to have been issued as of the
      date of such change. No adjustment pursuant to this Section 8(b) shall be
      made if such adjustment would result in an increase of the Warrant Exercise
      Price then in effect.

    


    (c)   
       Effect
      on Warrant Exercise Price of Certain Events. 
       For purposes of determining the adjusted Warrant Exercise Price under
      Sections 8(a) and 8(b), the following shall be applicable:

    


    (i)    
       Calculation
      of Consideration Received. 
       If any Common Stock, Options or convertible securities are issued or sold
      or deemed to have been issued or sold for cash, the consideration received
      therefore will be deemed to be the net amount received by the Company therefore.
      If any Common Stock, Options or convertible securities are issued or sold for
      a
      consideration other than cash, the amount of such consideration received by
      the
      Company will be the fair value of such consideration, except where such
      consideration consists of marketable securities, in which case the amount of
      consideration received by the Company will be the market price of such
      securities on the date of receipt of such securities. If any Common Stock,
      Options or convertible securities are issued to the owners of the non-surviving
      entity in connection with any merger in which the Company is the surviving
      entity, the amount of consideration therefore will be deemed to be the fair
      value of such portion of the net assets and business of the non-surviving entity
      as is attributable to such Common Stock, Options or convertible securities,
      as
      the case may be. The fair value of any consideration other than cash or
      securities will be determined jointly by the Company and the holders of Warrants
      representing at least two-thirds (b) of the Warrant Shares issuable upon
      exercise of the Warrants then outstanding. If such parties are unable to reach
      agreement within ten (10) days after the occurrence of an event requiring
      valuation (the “Valuation
      Event”),
      the
      fair value of such consideration will be determined within five (5) Business
      Days after the tenth (10th)
      day
      following the Valuation Event by an independent, reputable appraiser jointly
      selected by the Company and the holders of Warrants representing at least
      two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants
      then
      outstanding. The determination of such appraiser shall be final and binding
      upon
      all parties and the fees and expenses of such appraiser shall be borne jointly
      by the Company and the holders of Warrants.


    
      
        
        

      

      
        C-10

        
          

        

      

      
        
        

      

    


    (ii)    
       Integrated
      Transactions.  
      In case any Option is issued in connection with the issue or sale of other
      securities of the Company, together comprising one integrated transaction in
      which no specific consideration is allocated to such Options by the parties
      thereto, the Options will be deemed to have been issued for a consideration
      of
      $.01.

    


    (iii)  
       Treasury
      Shares.  
      The number of shares of Common Stock outstanding at any given time does not
      include shares owned or held by or for the account of the Company, and the
      disposition of any shares so owned or held will be considered an issue or sale
      of Common Stock.

    


    (iv)  
       Record
      Date. 
       If the Company takes a record of the holders of Common Stock for the
      purpose of entitling them (1) to receive a dividend or other distribution
      payable in Common Stock, Options or in convertible securities or (2) to
      subscribe for or purchase Common Stock, Options or convertible securities,
      then
      such record date will be deemed to be the date of the issue or sale of the
      shares of Common Stock deemed to have been issued or sold upon the declaration
      of such dividend or the making of such other distribution or the date of the
      granting of such right of subscription or purchase, as the case may
      be.

    


    (d)   
       Adjustment
      of Warrant Exercise Price upon Subdivision or Combination of Common
      Stock. 
       If the Company at any time after the date of issuance of this Warrant
      subdivides (by any stock split, stock dividend, recapitalization or otherwise)
      one or more classes of its outstanding shares of Common Stock into a greater
      number of shares, any Warrant Exercise Price in effect immediately prior to
      such
      subdivision will be proportionately reduced and the number of shares of Common
      Stock obtainable upon exercise of this Warrant will be proportionately
      increased. If the Company at any time after the date of issuance of this Warrant
      combines (by combination, reverse stock split or otherwise) one or more classes
      of its outstanding shares of Common Stock into a smaller number of shares,
      any
      Warrant Exercise Price in effect immediately prior to such combination will
      be
      proportionately increased and the number of Warrant Shares issuable upon
      exercise of this Warrant will be proportionately decreased. Any adjustment
      under
      this Section 8(d) shall become effective at the close of business on the
      date the subdivision or combination becomes effective.

    


    (e)   
       Distribution
      of Assets. 
       If the Company shall declare or make any dividend or other distribution of
      its assets (or rights to acquire its assets) to holders of Common Stock, by
      way
      of return of capital or otherwise (including, without limitation, any
      distribution of cash, stock or other securities, property or options by way
      of a
      dividend, spin off, reclassification, corporate rearrangement or other similar
      transaction) (a “Distribution”),
      at
      any time after the issuance of this Warrant, then, in each such
      case:

    


    (i)    
       any
      Warrant Exercise Price in effect immediately prior to the close of business
      on
      the record date fixed for the determination of holders of Common Stock
      entitled to
      receive the Distribution shall be reduced, effective as of the close of business
      on such record date, to a price determined by multiplying such Warrant Exercise
      Price by a fraction of which (A) the numerator shall be the Closing Sale Price
      of the Common Stock on the trading day immediately preceding such record date
      minus the value of the Distribution (as determined in good faith by the
      Company’s Board of Directors) applicable to one share of Common Stock, and (B)
      the denominator shall be the Closing Sale Price of the Common Stock on the
      trading day immediately preceding such record date; and


    
      
        
        

      

      
        C-11

        
          

        

      

      
        
        

      

    


    (ii)  
       either
      (A) the number of Warrant Shares obtainable upon exercise of this Warrant shall
      be increased to a number of shares equal to the number of shares of Common
      Stock
      obtainable immediately prior to the close of business on the record date fixed
      for the determination of holders of Common Stock entitled to receive the
      Distribution multiplied by the reciprocal of the fraction set forth in the
      immediately preceding clause (i), or (B) in the event that the Distribution
      is
      of common stock of a company whose common stock is traded on a national
      securities exchange or a national automated quotation system, then the holder
      of
      this Warrant shall receive an additional warrant to purchase Common Stock,
      the
      terms of which shall be identical to those of this Warrant, except that such
      warrant shall be exercisable into the amount of the assets that would have
      been
      payable to the holder of this Warrant pursuant to the Distribution had the
      holder exercised this Warrant immediately prior to such record date and with
      an
      exercise price equal to the amount by which the exercise price of this Warrant
      was decreased with respect to the Distribution pursuant to the terms of the
      immediately preceding clause (i).

    


    (f)   
       Certain
      Events.  
      If any event occurs of the type contemplated by the provisions of this
      Section 8 but not expressly provided for by such provisions (including,
      without limitation, the granting of stock appreciation rights, phantom stock
      rights or other rights with equity features), then the Company’s Board of
      Directors will make an appropriate adjustment in the Warrant Exercise Price
      and
      the number of shares of Common Stock obtainable upon exercise of this Warrant
      so
      as to protect the rights of the holders of the Warrants; provided, except as
      set
      forth in section 8(d),that no such adjustment pursuant to this Section 8(f)
      will
      increase the Warrant Exercise Price or decrease the number of shares of Common
      Stock obtainable as otherwise determined pursuant to this Section
      8.

    


    (g)   
       Notices.

    


    (i)  
         Immediately
      upon any adjustment of the Warrant Exercise Price, the Company will give written
      notice thereof to the holder of this Warrant, setting forth in reasonable
      detail, and certifying, the calculation of such adjustment.

    


    (ii)  
        The
      Company will give written notice to the holder of this Warrant at least ten
      (10)
      days prior to the date on which the Company closes its books or takes a record
      (A) with respect to any dividend or distribution upon the Common Stock,
      (B) with respect to any pro rata subscription offer to holders of Common
      Stock or (C) for determining rights to vote with respect to any Organic
      Change (as defined below), dissolution or liquidation, provided that such
      information shall be made known to the public prior to or in conjunction with
      such notice being provided to such holder.

    


    (iii)  
       The
      Company will also give written notice to the holder of this Warrant at least
      ten
      (10) days prior to the date on which any Organic Change, dissolution or
      liquidation will take place, provided that such information shall be made known
      to the public prior to or in conjunction with such notice being provided to
      such
      holder.


    
      
        
        

      

      
        C-12

        
          

        

      

      
        
        

      

    


    Section
      9.            
 Purchase
      Rights; Reorganization, Reclassification, Consolidation, Merger or
      Sale.

    


    (a)   
       In
      addition to any adjustments pursuant to Section 8 above, if at any time the
      Company grants, issues or sells any Options, Convertible Securities or rights
      to
      purchase stock, warrants, securities or other property pro rata to the record
      holders of any class of Common Stock (the “Purchase
      Rights”),
      then
      the holder of this Warrant will be entitled to acquire, upon the terms
      applicable to such Purchase Rights, the aggregate Purchase Rights which such
      holder could have acquired if such holder had held the number of shares of
      Common Stock acquirable upon complete exercise of this Warrant immediately
      before the date on which a record is taken for the grant, issuance or sale
      of
      such Purchase Rights, or, if no such record is taken, the date as of which
      the
      record holders of Common Stock are to be determined for the grant, issue or
      sale
      of such Purchase Rights.

    


    (b)   
       Any
      recapitalization, reorganization, reclassification, consolidation, merger,
      sale
      of all or substantially all of the Company’s assets to another Person or other
      transaction in each case which is effected in such a way that holders of Common
      Stock are entitled to receive (either directly or upon subsequent liquidation)
      stock, securities or assets with respect to or in exchange for Common Stock
      is
      referred to herein as an “Organic
      Change.”
Prior
      to the consummation of any (i) sale of all or substantially all of the Company’s
      assets to an acquiring Person or (ii) other Organic Change following which
      the
      Company is not a surviving entity, the Company will secure from the Person
      purchasing such assets or the successor resulting from such Organic Change
      (in
      each case, the “Acquiring
      Entity”)
      a
      written agreement (in form and substance reasonably satisfactory to the holders
      of Warrants representing at least two-thirds (iii) of the Warrant Shares
      issuable upon exercise of the Warrants then outstanding) to deliver to each
      holder of Warrants in exchange for such Warrants, a security of the Acquiring
      Entity evidenced by a written instrument substantially similar in form and
      substance to this Warrant and satisfactory to the holders of the Warrants
      (including an adjusted warrant exercise price equal to the value for the Common
      Stock reflected by the terms of such consolidation, merger or sale, and
      exercisable for a corresponding number of shares of Common Stock acquirable
      and
      receivable upon exercise of the Warrants without regard to any limitations
      on
      exercise, if the value so reflected is less than any Applicable Warrant Exercise
      Price immediately prior to such consolidation, merger or sale). Prior to the
      consummation of any other Organic Change, the Company shall make appropriate
      provision (in form and substance satisfactory to the holders of Warrants
      representing a majority of
      the
      Warrant Shares issuable upon exercise of the Warrants then outstanding) to
      insure that each of the holders of the Warrants will thereafter have the right
      to acquire and receive in lieu of or in addition to (as the case may be) the
      Warrant Shares immediately theretofore issuable and receivable upon the exercise
      of such holder’s Warrants (without regard to any limitations on exercise),
      such shares of stock, securities or assets that would have been issued or
      payable in such Organic Change with respect to or in exchange for the number
      of
      Warrant Shares which would have been issuable and receivable upon the exercise
      of such holder’s Warrant as of the date of such Organic Change (without taking
      into account any limitations or restrictions on the exercisability of this
      Warrant).


    
      
        
        

      

      
        C-13

        
          

        

      

      
        
        

      

    


    Section
      10.            Lost,
      Stolen, Mutilated or Destroyed Warrant. 
       If this Warrant is lost, stolen, mutilated or destroyed, the Company shall
      promptly, on receipt of an indemnification undertaking (or, in the case of
      a
      mutilated Warrant, the Warrant), issue a new Warrant of like denomination and
      tenor as this Warrant so lost, stolen, mutilated or destroyed.

    


    Section
      11.            Notice.  
      Any notices, consents, waivers or other communications required or permitted
      to
      be given under the terms of this Warrant must be in writing and will be deemed
      to have been delivered: (i) upon receipt, when delivered personally;
      (ii) upon receipt, when sent by facsimile (provided confirmation of receipt
      is received by the sending party transmission is mechanically or electronically
      generated and kept on file by the sending party); or (iii) one Business Day
      after deposit with a nationally recognized overnight delivery service, in each
      case properly addressed to the party to receive the same. The addresses and
      facsimile numbers for such communications shall be:

    


    
      	
              If
                to Cornell:

            	
              Cornell
                Capital Partners, LP

            
	 	
              101
                Hudson Street - Suite 3700

            
	 	
              Jersey
                City, NJ 07302

            
	 	
              Attention:             
                Mark
                A. Angelo

            
	 	
              Telephone:           
                (201)
                985-8300

            
	 	
              Facsimile:              
                (201)
                985-8266

            
	 	 
	
              With
                Copy to:

            	
              David
                Gonzalez, Esq.

            
	 	
              101
                Hudson Street - Suite 3700

            
	 	
              Jersey
                City, NJ 07302

            
	 	
              Telephone:            
                (201)
                985-8300

            
	 	
              Facsimile:               
                (201)
                985-8266

            
	 	 
	 	 
	
              If
                to the Company, to:

            	
              Ignis
                Petroleum Group, Inc.

            
	 	
              100
                Crescent Court - 7th
                Floor

            
	 	
              Dallas,
                TX 75201

            
	 	
              Attention:              Michael
                Piazza

            
	 	
              Telephone:            (214)
                459-8188

            
	 	
              Facsimile:              
                (214)
                459-3101

            
	 	 
	
              With
                a copy to:

            	
              Sichenzia
                Ross Friedman Ference LLP

            
	 	
              1065
                Avenue of the Americas - 21st
                Floor

            
	 	
              New
                York, NY 10018

            
	 	
              Attention:             
                Gregory
                Sichenzia, Esq.

            
	 	
              Telephone:           
                (212)
                930-9700

            
	 	
              Facsimile:              
                (212)
                930-9725

            
	 	 
	 	
              and

            
	 	 
	 	
              Cantey
                & Hanger, LLP

            
	 	
              801
                Cherry Street, Suite 2100

            
	 	
              Fort
                Worth, Texas 76102

            
	 	
              Attention:             
                Douglas
                W. Clayton, Esq.

            
	 	
              Telephone:            (817)
                877-2890

            
	 	
              Facsimile:              
                (817)
                877-2807

            


    

    

      
        
          
          

        

        
          C-14

          
            

          

        

        
          
          

        

      

    

     

    If
      to a
      holder of this Warrant, to it at the address and facsimile number set forth
      above, with copies to such holder’s representatives as set forth above, or at
      such other address and facsimile as shall be delivered to the Company upon
      the
      issuance or transfer of this Warrant. Each party shall provide five days’ prior
      written notice to the other party of any change in address or facsimile number.
      Written confirmation of receipt (A) given by the recipient of such notice,
      consent, facsimile, waiver or other communication, (or (B) provided by a
      nationally recognized overnight delivery service shall be rebuttable evidence
      of
      personal service, receipt by facsimile or receipt from a nationally recognized
      overnight delivery service in accordance with clause (i), (ii) or (iii) above,
      respectively.

    


    Section
      12.             Date.  
      The date of this Warrant is set forth on page 1 hereof. This Warrant,
      in all events, shall be wholly void and of no effect after the close of
      business on the Expiration Date.

    


    Section
      13.            Amendment
      and Waiver. 
       Except as otherwise provided herein, the provisions of the Warrants may be
      amended and the Company may take any action herein prohibited, or omit to
      perform any act herein required to be performed by it, only if the Company
      has
      obtained the written consent of the holders of Warrants representing at least
      two-thirds of the Warrant Shares issuable upon exercise of the Warrants then
      outstanding; provided that, except for Section 8(d), no such action may increase
      the Warrant Exercise Price or decrease the number of shares or class of stock
      obtainable upon exercise of any Warrant without the written consent of the
      holder of such Warrant.

    


    Section
      14.            Descriptive
      Headings; Governing Law.  
      The descriptive headings of the several sections and paragraphs of this Warrant
      are inserted for convenience only and do not constitute a part of this Warrant.
      The corporate laws of the State of Nevada shall govern all issues concerning
      the
      relative rights of the Company and its stockholders. All other questions
      concerning the construction, validity, enforcement and interpretation of this
      Agreement shall be governed by the internal laws of the State of New Jersey,
      without giving effect to any choice of law or conflict of law provision or
      rule
      (whether of the State of New Jersey or any other jurisdictions) that would
      cause
      the application of the laws of any jurisdictions other than the State of New
      Jersey. Each party hereby irrevocably submits to the exclusive jurisdiction
      of
      the state and federal courts sitting in Hudson County and the United States
      District Court for the District of New Jersey, for the adjudication of any
      dispute hereunder or in connection herewith or therewith, or with any
      transaction contemplated hereby or discussed herein, and hereby irrevocably
      waives, and agrees not to assert in any suit, action or proceeding, any claim
      that it is not personally subject to the jurisdiction of any such court, that
      such suit, action or proceeding is brought in an inconvenient forum or that
      the
      venue of such suit, action or proceeding is improper. Each party hereby
      irrevocably waives personal service of process and consents to process being
      served in any such suit, action or proceeding by mailing a copy thereof to
      such
      party at the address for such notices to it under this Agreement and agrees
      that
      such service shall constitute good and sufficient service of process and notice
      thereof. Nothing contained herein shall be deemed to limit in any way any right
      to serve process in any manner permitted by law. 


    
      
        
        

      

      
        C-15

        
          

        

      

      
        
        

      

    


    Section
      15.          
 Waiver
      of Jury Trial. 
       AS
      A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE
      PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
      RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS
      ASSOCIATED WITH THIS TRANSACTION.

    


    REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK


    
      
        
        

      

      
        C-16

        
          

        

      

      
        
        

      

    


    IN
      WITNESS WHEREOF,
      the
      Company has caused this Warrant to be signed as of the date first set forth
      above.

    


    
      	 	
              IGNIS
                PETROLEUM GROUP, INC.

            
	 	 
	 	
              By:
                /s/
                MICHAEL PIAZZA

            
	 	
              Name: Michael
                Piazza

            
	 	
              Title: President
                & CEO

            


    

     

     

    C-17