Exhibit 10.1


    
      

    

     

    EMPLOYMENT
      AGREEMENT

    


    This
      Employment
      Agreement
      ("Agreement")
      is
      entered
      into
      as
      of
      this
      16 day
      of
      October,
      2006
      by
      and between Ignis Petroleum Corporation and Ignis Petroleum Group,
      Inc.,
      (collectively referred to as "Company")
      and John M. Glynn (hereinafter referred to as "Employee").

    


    FOR
      GOOD
      AND VALUABLE CONSIDERATION, the
      receipt and sufficiency of which
      is
      hereby acknowledged by the parties hereto,
      the Company and Employee agree, as
      follows:

    


    1.
      Employment. Company
      hereby employs Employee and Employee accepts employment by
      Company, subject to the terms and conditions set
      forth
      in this Agreement
      and
      subject to
      Company’s policies and procedures, to the extent the Company’s policies and
      procedures are not inconsistent with this Agreement, for the Employment
      Period (as defined below) stated herein.
      

    


    2. Position. During
      the Employment Period, Employee will render
      services as Senior Vice President of Development and Operations with
      responsibility for evaluating, developing and operating new business
      opportunities. Employee shall report directly to the President and CEO of
      Company and serve on the Senior Management Team. A summary of the position
      and
      areas of responsibility is attached hereto as Exhibit A.

    


    3. Employment
      Period or Term. Company
      hereby agrees to employ
      Employee, and Employee hereby agrees to be employed by Company for
      a
      period of three years commencing on October 16, 2006 and ending on October
      15,
      2009 (the "Employment Period" or "Term"). The parties by mutual written
      agreement may renew this Agreement. 

    


    4. Duties. Employee’s
      duties are more particularly described in Exhibit A. In addition, Employee
      shall attend management and staff meetings with
      executive and supervisory personnel of Company, as
      required.
      Employee shall also perform such other duties reasonably requested
      by Company.

    


    5.
      Compensation.
      Employee
      shall be provided with a base remuneration of cash, restricted common stock,
      bonus and non-bonus, and benefits as detailed in Exhibit B. 

    


    6.
      Termination
      of Employment. This
      Agreement and Employee's employment may be terminated at any time as
      follows:

    


    
      
        (a)
          Resignation
          by Employee. In the event Employee resigns from Company, the Company shall
          not
          be obligated to provide a severance package other than those benefits provided
          as a matter of law. In the event Employee resigns from Company due to breach
          of
          this Agreement by Company and employee has given the Company written notice
          and
          a reasonable opportunity to cure such breach, Employee shall be entitled
          to the
          severance package described in paragraph 6(c) provided that Employee is
          not
          himself in breach of this Agreement or otherwise eligible to be terminated
          under
          section 6(b) of this Agreement; 

      

    

    


    
      
        (b)
          by
          the
          Company upon notice for Cause which shall be defined
          as:

      

    

     

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              (i)

            	
              Employee's
                willful failure, neglect, refusal, or
                nonperformance, at any time, of Employee's
                duties or obligations set forth in this Agreement or a willful breach
                by
                Employee
                of this Agreement;

            


    

    


    
      	 	
              (ii)

            	
              Employee's
                conviction or no contest or guilty plea to or indictment for (or
                its
                procedural equivalent) a felony or crime involving moral turpitude,
                or Employee's guilty plea or no contest plea to a lesser included
                offense
                or crime in
                exchange
                for withdrawal of a felony indictment, felony charge by information,
                or
                a
                charged crime involving moral turpitude, whether the charge arises
                under federal,
                state or local law;

            


    

    


    
      	 	
              (iii)

            	
              Employee's
                death or disability;

            


    

    


    
      	 	
              (iv)

            	
              Employee's
                failure to adhere in any material respect to any material written
                policy
                of the Company;

            


    

    


    
      	 	
              (v)

            	
              Employee's
                appropriation (or attempted appropriation) of a material business
                opportunity of the Company or any of its affiliates, including, without
                limitation, attempting to secure or securing, any personal profit
                in
                connection with any transaction entered into on behalf of the Company
                or
                any of its affiliates;

            


    

    


    
      	 	
              (vi)

            	
              Employee's
                commission of an act of fraud, illegality, theft or willful misconduct
                toward the Company or any of its affiliates in the course of employment
                with the Company that relates to the Company's or any of its affiliates'
                assets, activities, operations or other
                employees;

            


    

    


    
      	 	
              (vii)

            	
              Employee's
                repeated intoxication with alcohol or drugs while on the Company's
                premises during regular business hours;
                or

            


    

    


    
      	 	
              (viii)

            	
              Employee's
                gross incompetence that has a material adverse impact on the Company's
                finances or operations or a pattern of gross incompetence of Employee,
                in
                each case as determined in good faith by the Board of Managers of
                the
                Company;

            


    

    


    In
      the
      event Employee is terminated for Cause the Company shall pay Employee's
      salary and benefits through the date of such termination
      and Employee shall forfeit and have no right to any shares of stock
      compensation (bonus and non-bonus) otherwise scheduled to vest and be
      issued to Employee after the date Employee is terminated for
      Cause.

    


    
      	
              (c)

            	
              Company
                may terminate Employee's employment without Cause. The term “without
                Cause” shall be defined as any reason except those set out in
                subparagraph (b) of Section 6. In
                that event, Company shall provide Employee with a severance package.
                Employee's
                severance package shall include
                for a period of three months (or for one year if said termination
                without
                cause occurs within one year of a change-of-control of the Company
                (i)
                payment of Employee's
                salary; (ii) benefits grossed up for tax purposes; and (iii) the
                remaining
                (non-bonus) shares of Company stock
                compensation.

            


    

     

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    7.
      Confidential
      or Proprietary Information. During
      and after the Employment Period, Employee
      will not, without the prior written consent of Company,
      either directly or indirectly transmit
      or disclose to any person or entity
      any Confidential or Proprietary Information
      of Company
      and its affiliates which Employee hereby acknowledges he will obtain in the
      course of his
      employment hereunder. Employee
      will not disclose such Confidential or Proprietary Information
      to any other person or entity and
      will
      not use such Confidential or Proprietary Information
      for his own benefit or the benefit of
      any
      other person or entity. As used in this Agreement "Confidential or Proprietary
      Information"
      means any information not
      generally disclosed
      or known to the trade or public concerning
      business or operation of Company. Employee
      agrees to maintain all
      such
information
      in confidence during Employee's employment with Company and following
any
      termination
      of this Agreement or Employee's employment. Employee shall promptly return
      to a
representative
      of Company all materials involving Confidential
      or Proprietary Information in the
      Employee's possession or control. The prior knowledge, mental impressions,
      and
      experience of Employee gained before employment with Company shall not be deemed
      Company’s Confidential or Proprietary Information.

    


    8.
      Indemnification
      and Insurance.
      Company
      and Employee shall enter into an Indemnification Agreement in the form attached
      hereto as Exhibit C.

    


    9.Dispute
      Resolution.
      The
      parties agree that any dispute, controversy or claim, whether based on contract,
      tort, statute, discrimination, retaliation, or otherwise, relating to, arising
      from or connected in any manner to this Agreement, or to the alleged breach
      of
      this Agreement, or arising out of or relating to Employee's employment or
      termination of employment, shall, upon timely written request of either party
      be
      submitted to and resolved by binding arbitration. The arbitration shall be
      conducted in Dallas, Texas. The arbitration shall proceed in accordance with
      the
      National Rules for Resolution of Employment Disputes of the American Arbitration
      Association ("AAA") in effect at the time the claim or dispute arose, unless
      other rules are agreed upon by the parties. Unless otherwise agreed to by the
      parties in writing, the arbitration shall be conducted by one arbitrator who
      is
      a member of the AAA and who is selected pursuant to the methods set out in
      the
      National Rules for Resolution of Employment Disputes of the AAA. Any claims
      received after the applicable/relevant statute of limitations period has passed
      shall be deemed null and void. The award of the arbitrator shall be a reasoned
      award with findings of fact and conclusions of law. Either party may bring
      an
      action in any court of competent jurisdiction to compel arbitration under this
      Agreement, and to enforce an arbitration award. Each party shall pay 50% of
      the
      actual costs of arbitration excluding attorneys fees. Each party will pay its
      own attorneys fees and other costs incurred by their respective
      attorneys.

    


    10. 
      Miscellaneous.

    


    
      	
              (a)

            	
              Choice
                of
                Law: Unless
                otherwise
                specified
                or
                required
                by
                statute
                in
                a
                particular jurisdiction which expressly pertains to an employment
                relationship (e.g., wage payment timing,
                tax withholding, etc.), all construction and interpretation of this
                Agreement shall be governed by and construed in accordance with the
                laws
                of the State of Texas, without giving effect to principles of conflicts
                of
                law.

            


    

     

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              (b)

            	
              Severability: Employee
                and Company agree that any provision of this Agreement deemed
                void, voidable, illegal, unenforceable or invalid may be reformed
                to
                permit enforcement
                of the objectionable provision to the fullest
                permissible extent. Any provision
                of this Agreement deemed unenforceable after modification shall be
                deemed
                stricken
                from this Agreement, with the remainder of the Agreement being given
                its
                full force
                and effect.

            


    

    


    
      	
              (c)

            	
              Waiver: No
                waiver by Employee or Company of any default or breach of any covenant
                of
                this Agreement
                shall be deemed to be a waiver of any prior or subsequent default
                or
                breach of the
                same or other covenant of this Agreement, or affect in any way any
                rights
                arising by virtue
                of any prior or subsequent such
                occurrence.

            


    

    


    
      	
              (d)

            	
              Merger: This
                Agreement contains the entire understanding of the parties with respect
                to
                the subject matter hereof and supersedes and nullifies all prior
                or
                contemporaneous conversations,
                negotiations, or agreements (oral or written) regarding the subject
                matter
                of
                this Agreement. In any future construction of this Agreement, this
                Agreement should be
                given its plain meaning. This Agreement and any attached exhibits
                may
                not be changed, modified or amended in any respect except by a written
                instrument. To
                the extent the wording of this Agreement conflicts with any provision
                of
                Exhibits A & B, the wording of this Agreement shall
                control.

            


    

    


    
      	
              (e)

            	
              Counterparts: This
                Agreement may be executed in counterparts, a
                counterpart transmitted
                via facsimile, and all executed counterparts, when taken
                together, shall constitute
                sufficient proof of the parties' entry into this Agreement. The parties
                agree to execute
                any further or future documents which may be necessary to allow
                the full performance
                of this Agreement.

            


    

    


    
      	
              (f)

            	
              Headings: This
                Agreement contains headings for ease of reference. The headings have
                no
                independent meaning.

            


    

    


     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Employment Agreement
      to
      be
      effective as of the date
      first written above.

     

    

      
        	
                Employee:

              	
                /s/
                  John
                  M. Glynn

              
	 	
                John
                  M. Glynn

              
	 	 
	 	 
	
                Date:

              	
                October
                  16, 2006

              
	 	 
	 	 
	
                Company:

              	
                Ignis
                  Petroleum Corporation

              
	 	 
	 	
                By:     
                  /s/
                  Michael P. Piazza

              
	 	 
	 	 
	 	
                Its:     
                  President
                  & CEO

              
	 	 
	 	 
	
                Date:

              	
                October
                  16, 2006

              
	 	 
	 	 
	
                Company:

              	
                Ignis
                  Petroleum Group, Inc.

              
	 	 
	 	
                By:     
                  /s/
                  Michael P. Piazza

              
	 	 
	 	 
	 	
                Its:     
                  President
                  & CEO

              
	 	 
	 	 
	 	 
	
                Date:

              	
                October
                  16, 2006

              


      

    

     

    Page 4
      of  4

     

    
      

    


    EXHIBIT
      A

    


    SENIOR
      VICE PRESIDENT OF DEVELOPMENT AND OPERATIONS

    


    


    POSITION
      SUMMARY

    


    
      	
              —

            	
              Company
                Officer directly accountable for evaluating, developing and operating
                new
                opportunities and existing properties throughout the Company’s areas of
                business.

            


    

    


    
      	
              —

            	
              Key
                member of the senior management team who provides input on matters
                of
                technical, strategic and economic importance.


            


    

    


    
      	
              —

            	
              Expected
                to be knowledgeable and skilled in matters related to the engineering,
                operations, and evaluation of the companies’ properties and oil & gas
                opportunities. 

            


    

    


    PRIMARY
      AREAS OF RESPONSIBILITY

    


    
      	
              —

            	
              Build
                and motivate a team of engineers, operations personnel, and critical
                service contractors 

            


    

    


    
      	
              —

            	
              Direct
                and oversee all aspects of the company’s engineering and production
                operations including contractor negotiation and performance
                monitoring

            


    

    


    
      	
              —

            	
              Maintain
                existing and establish new relationships with industry partners to
                create
                potentially new business
                opportunities

            


    

    


    
      	
              —

            	
              Play
                key role in property acquisitions including technical and economic
                evaluation, structuring and negotiating deals, due diligence, and
“set-up”
                of new organizations

            


    

    


    
      	
              —

            	
              Identify
                and plan in-field development and cost-saving opportunities to drive
                value.

            


    

    


    
      	
              —

            	
              Track
                operating performance against plan and provide regular operational
                updates
                to Senior Management Team.

            


    

    


    
      	
              —

            	
              Maintain
                and create company’s participation in key business technical and operating
                groups and forums to provide
                representation

            


    

    


    PROFESSIONAL
      REQUIREMENTS

    


    
      	
              —

            	
              BS
                degree in engineering 

            


    

    


    
      	
              —

            	
              Technical,
                operating and business management experience in oil and gas production
                progressive leadership positions

            


    

    


    
      	
              —

            	
              Highly-respected
                in oil and gas sector with strong industry affiliations
                

            


    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    EXHIBIT
      B

    


    REMUNERATION
      AND BENEFITS

    


    


    CASH
      COMPENSATION:

    


    
      	
              —

            	
              $150,000
                per year (adjusted annually based on individual and Company performance)
                

            


    

    


    STOCK
      COMPENSATION: Total
      award of up to 1,800,000 common shares of restricted stock over three years,
      granted in increments of 170,000 shares every six months (340,000 per year)
      and
      260,000 in bonus shares each year. The bonus element will be based on both
      company and individual performance and will be subject to approval by the
      board’s compensation committee.

    


    PAID
      TIME OFF: Up
      to
      four weeks earned vacation per year and ten business holidays. 

    


    MEDICAL
      INSURANCE: Company
      to pay for employee coverage per the Company plan (“contribution”) or to
      reimburse an amount up to the contribution for employee self-selected plan.
      

     

    REIMBURSABLE
      EXPENSES:
      Reimbursed for reasonable and customary expenses incurred on behalf of and
      in
      furtherance of the business of the Company. Upon approval of such expenses
      Company shall promptly (within 30 days) provide reimbursement for such expenses.
      

    


    CHANGE
      OF CONTROL: The Company
      would provide for cash severance equal to one-year of salary and advance of
      remaining restricted share balance upon change of control. 

    


    PERFORMANCE:
      The
      Company will conduct a formal performance at the end of each year of employment.
      The Company can decide to terminate this relationship should performance not
      meet expectations. In such case the Company would provide a severance of three
      months cash salary and provide the remaining (non-bonus) shares of Ignis stock
      compensation without any further obligation to the Company.

    


    EMPLOYMENT
      AGREEMENT: The Company
      will enter into a more formal employment agreement upon acceptance of the offer
      and signature.