Document:

Exhibit 10.8

    
      
        

      

      September
        22, 2005

      

      

      

      Newton
        Properties, Inc.

      Trust
        Company Complex

      Ajeltake
        Road

      Ajeltake
        Island

      Majuro,
        Marshall Islands MH96960

      

      Ignis
        Petroleum Corporation

      100
        Crescent Court, 7th
        Floor

      Dallas,
        Texas 75201

      

      

      
        	 	
                Re:

              	
                Loan
                  Agreement, dated April 22, 2005 (the “Loan
                  Agreement”),
                  by and between Ignis Petroleum Corporation (the “Borrower”)
                  and Newton Properties, Inc. (“Lender”)
                  

              

      

      

      Ladies
        and Gentlemen:

      

      Pursuant
        to the above referenced Loan Agreement, Borrower issued a Convertible Promissory
        Note, dated April 22, 2005 (the “Note”)
        to
        Lender in the original principal amount of $1,125,000, which was convertible
        at
        a conversion price of $0.50 per share into 2,250,000 shares of common stock,
        par
        value $0.01 per share, of Borrower. Ignis Petroleum Group, Inc., f/k/a Sheer
        Ventures, Inc. (the “Company”),
        and
        its sole director were aware of the Note when the Company entered into the
        Stock
        Exchange Agreement, dated May 11, 2005 (the “Stock
        Exchange Agreement”),
        by
        and among the Company, Doug Berry, Philipp Buschmann, Fraser Tod, Gareth
        David
        Ball, Stephen Macrow, Luke Duncan Robinson, Thomas Thompson and Borrower,
        pursuant to which all 1,600,000 outstanding shares of common stock of the
        Borrower were exchanged for 1,600,000 shares of common stock, par value $0.001
        per share, of the Company. Upon the consummation of the transaction contemplated
        by the Stock Exchange Agreement (the “Exchange”),
        Borrower became a wholly-owned subsidiary of the Company. Since the Exchange,
        the Company has declared and paid a stock dividend whereby shareholders of
        the
        Company were issued five (5) additional shares of the Company’s common stock for
        each one (1) share of common stock outstanding (the “Stock
        Split”).
        Each
        of the parties hereto agrees that the
        conversion
        price of the Note should not be adjusted based upon the Stock Split and that
        the principal
        and accrued but unpaid interest on the Note should now be convertible into
        2,325,000 shares of common stock of the Company at the rate of fifty cents
        ($0.50) per share. 

      

      The
        purpose of this letter is to confirm Lender’s conversion and Borrower’s and the
        Company’s acceptance for conversion of the entire $1,125,000 unpaid principal
        balance of the Note plus accrued but unpaid interest thereon of $37,500 into
        2,325,000 shares of common stock of the Company (the “Shares”)
        effective on the date hereof. As a result of such conversion, the Note and
        the
        Loan Agreement are hereby terminated, and neither Borrower nor Lender shall
        hereafter have any further rights or obligations under the Note or the Loan
        Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Newton
        Properties, Inc.

      Ignis
        Petroleum Corporation

      September
        22, 2005

      Page
        2

       

       

      Lender
        understands that the Shares have not been registered with the Securities
        and
        Exchange Commission or any state securities board and, as such, the shares
        will
        be deemed restricted securities, as such term is defined in the Securities
        Act
        of 1933, as amended (the “Securities
        Act”),
        and
        the regulations promulgated thereunder. In connection with the issuance of
        the
        Shares, Lender hereby makes the following representations and warranties
        to
        Lender:

      

      1. 
Lender
        is
        an “accredited investor” as such term is defined in the Securities Act.

      

      2. 
Lender
        is
        purchasing the Shares for its own account, for investment purposes only and
        not
        with view to any public resale or other distribution thereof. Lender and
        its
        representatives have received, or have had access to, and have had sufficient
        opportunity to review, all books, records, financial information and other
        information which Lender considers necessary or advisable to enable it to
        make a
        decision concerning its conversion of the Note into the Shares, and Lender
        possesses such knowledge and experience in financial and business matters
        that
        it is capable of evaluating the merits and risks of its investment hereunder.
        

      

      3. 
Lender
        understands that any sale by Lender of any of the Shares will, under current
        law, require either: (a) the registration of the Shares under the Securities
        Act
        and applicable state securities acts; (b) compliance with Rule 144 of the
        Securities Act; or (c) the availability of an exemption from the registration
        requirements of the Securities Act. Lender understands that the Company has
        not
        undertaken and does not presently intend to file a registration statement
        to
        register the Shares. Lender hereby agrees to execute, deliver, furnish or
        otherwise provide to the Company an opinion of counsel reasonably acceptable
        to
        the Company prior to any subsequent transfer of the Shares, that such transfer
        will not violate the registration requirements of the federal or state
        securities acts. Lender further agrees to execute, deliver, furnish or otherwise
        provide to the Company any documents or instruments as may be reasonably
        necessary or desirable in order to evidence and record the Shares acquired
        hereby.

      

      4. 
To
        assist
        in implementing the above provisions, Lender hereby consents to the placement
        of
        the legend, or a substantially similar legend, set forth below, on all
        certificates representing ownership of the Shares acquired hereby until the
        Shares have been sold, transferred, or otherwise disposed of, pursuant to
        the
        requirements hereof. The legend shall read substantially as
        follows:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Newton
        Properties, Inc.

      Ignis
        Petroleum Corporation

      September
        22, 2005

      Page
        3

      
 

      
        "THE
          SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED WITHOUT REGISTRATION
          UNDER
          THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
          SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
          ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL THEY ARE REGISTERED
          UNDER THE
          ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO
          THE
          EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED."

        

      

      Please
        indicate your acceptance of the terms of this letter agreement by (i) signing
        a
        counterpart of this letter agreement in the space provided therefore below,
        and
        (ii) marking the original Note “PAID” and returning it to the Company. Upon
        receipt of a fully-executed counterpart of this letter agreement and the
        original Note, the Company will issue a certificate to Lender representing
        2,325,000 shares of common stock of the Company.

      

      [Signature
        page follows.]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Newton
        Properties, Inc.

      Ignis
        Petroleum Corporation

      September
        22, 2005

      Page
        4

      

      
        	 	
                Sincerely,

              
	 	 
	 	
                THE
                  COMPANY:

              
	 	 
	 	
                IGNIS
                  PETROLEUM GROUP, INC.

              
	 	 
	 	 
	 	
                By:
                  /s/
                  Philipp Buschmann

              
	 	
                Name:
                  Philipp Buschmann

              
	 	
                Title:
                  COO

              
	 	 
	
                Agreed
                  and Consented to:

              	 
	 	 
	
                LENDER:

              	 
	 	 
	
                NEWTON
                  PROPERTIES, INC.

              	 
	 	 
	 	 
	
                By:
                  /s/
                  David Craven

              	 
	
                Name:
                  David Craven

              	 
	
                Title:
                  CEO

              	 
	
                Date:
                  22 September 2005

              	 
	 	 
	 	 
	 	 
	
                BORROWER:

              	 
	 	 
	
                IGNIS
                  PETROLEUM CORPORATION

              	 
	 	 
	 	 
	
                By:
                  /s/
                  Philipp Buschmann

              	 
	
                Name:
                  Philipp Buschmann

              	 
	
                Title:
                  COO

              	 
	
                Date:
                  9/23/05Exhibit 10.9

    
      
        

      

    

    September
      30, 2005

    

    Newton
      Properties, Inc.

    Trust
      Company Complex

    Ajeltake
      Road

    Ajeltake
      Island, 

    Majuro,
      Marshall Islands MH96960

    

    

    
      	 	
              RE:
                

            	
              Amendment
                to Letter Agreement, Barnett Crossroads Prospect Area, Escambia County,
                Alabama

            

    

    

    Ladies
      and Gentlemen:

    

    Reference
      is made to that certain letter agreement dated April 22, 2005 (the "Agreement"),
      by and between Ignis Petroleum Corporation ("Ignis") and Newton Properties,
      Inc.
      ("Newton"), pertaining to the Barnett Crossroads Prospect Area, Escambia County,
      Alabama, as more particularly set forth in the Agreement. All capitalized terms
      used but not defined herein shall have the meanings given such terms in the
      Agreement and the Joint Operating Agreement ("JOA") attached as Exhibit D to
      the
      Agreement. 

    

    For
      good
      and adequate consideration exchanged between the parties, the receipt and
      sufficiency of which is hereby acknowledged and confessed, the parties agree
      as
      follows:

    

    1.    Section
      4
      of the Agreement is hereby amended to read in its entirety as
      follows:

    

    “In
      the
      event that Ignis does not commence actual drilling operations on the first
      well
      on or before March 31, 2006, Ignis shall, without notice from Newton, deliver
      assignments of the interests acquired by Ignis hereunder to Argyle Energy,
      Inc.,
      whereupon this Agreement shall terminate and be of no further force or
      effect.”

    

    Except
      as
      amended hereby, the Agreement shall remain unchanged and in full force and
      effect.

    

    2.    In
      consideration for Newton extending the deadline to commence drilling operations
      as provided in Section 1 above, Ignis Petroleum Group, Inc. (“IPG”), the sole
      shareholder of Ignis, shall issue to Newton 150,000 shares of IPG’s common
      stock, par value $0.001 per share (the “Shares”), which Shares shall be valued
      for the purposes of this letter agreement at $1.00 per Share for an aggregate
      of
      $150,000. Newton understands that the Shares have not been registered with
      the
      Securities and Exchange Commission or any state securities board and, as such,
      the Shares will be deemed restricted securities, as such term is defined in
      the
      Securities Act of 1933, as amended (the “Securities Act”). In connection with
      the issuance of the Shares, Newton hereby makes the following representations
      and warranties to Ignis:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          Newton
            Properties, Inc

          September
            30, 2005

          Page
            2

        

      

    

    

    (a)   Newton
      is
      an “accredited investor” as such term is defined in the Securities
      Act.

    

    (b)   Newton
      is
      purchasing the Shares for its own account, for investment purposes only and
      not
      with view to any public resale or other distribution thereof. Newton and its
      representatives have received, or have had access to, and have had sufficient
      opportunity to review, all books, records, financial information and other
      information which Newton considers necessary or advisable to enable it to make
      a
      decision concerning its purchase of the Shares, and Newton possesses such
      knowledge and experience in financial and business matters that it is capable
      of
      evaluating the merits and risks of its investment hereunder.

    

    (c)  
         Newton
      understands that any sale by Newton of any of the Shares will, under current
      law, require either: (i) the registration of the Shares under the Securities
      Act
      and applicable state securities acts; (ii) compliance with Rule 144 of the
      Securities Act; or (iii) the availability of an exemption from the registration
      requirements of the Securities Act. Newton understands that IPG has not
      undertaken and does not presently intend to file a registration statement to
      register the Shares. Newton hereby agrees to execute, deliver, furnish or
      otherwise provide to IPG an opinion of counsel reasonably acceptable to IPG
      prior to any subsequent transfer of the Shares, that such transfer will not
      violate the registration requirements of the federal or state securities acts.
      Newton further agrees to execute, deliver, furnish or otherwise provide to
      IPG
      any documents or instruments as may be reasonably necessary or desirable in
      order to evidence and record the Shares acquired hereby.

    

    (d)   To
      assist
      in implementing the above provisions, Newton hereby consents to the placement
      of
      the legend, or a substantially similar legend, set forth below, on all
      certificates representing ownership of the Shares acquired hereby until the
      Shares have been sold, transferred, or otherwise disposed of, pursuant to the
      requirements hereof. The legend shall read substantially as
      follows:

     

    "THE
      SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED WITHOUT REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
      SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
      ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL THEY ARE REGISTERED UNDER
      THE
      ACT OR AN OPINION OF COUNSEL SATISFACTORY TO IPG IS OBTAINED TO THE EFFECT
      THAT
      SUCH REGISTRATION IS NOT REQUIRED."

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          Newton
            Properties, Inc

          September
            30, 2005

          Page
            3

        

      

    

    

    Please
      indicate your acceptance of the terms of this letter agreement by signing a
      counterpart of this letter agreement in the space provided therefore below.
      Upon
      receipt of a fully-executed counterpart of this letter agreement, IPG will
      issue
      a certificate to Newton representing 150,000 Shares.

    

    

    
      	 	 	 	
              Very
                truly yours,

            	 
	 	 	 	 	 	 
	 	 	 	
              IGNIS
                PETROLEUM COPORATION

            
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	
              By:

            	
               /s/
                Philipp Buschmann     

            	 
	 	 	 	 	
              Philipp
                Buschmann, 

            	 
	 	 	 	 	
              President,
                Secretary and Treasurer

            	 
	 	 	 	 	 	 
	 	 	 	
              IGNIS
                PETROLEUM GROUP, INC.

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	
              By:

            	
               s/
                Philipp Buschmann     

            	 
	 	 	 	 	
              Philipp
                Buschmann, 

            	 
	 	 	 	 	
              Chief
                Operating Officer and

            	 
	 	 	 	 	
              Secretary

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              AGREED
                TO AND ACCEPTED 

            	 	 	 	 
	
              this
                the 30th day of September, 2005.

            	 	 	 
	 	 	 	 	 	 
	
              NEWTON
                PROPERTIES, INC.

            	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By:

            	
               /s/
                David Craven      

            	 	 	 	 
	 	
              David
                Craven,

            	 	 	 	 
	 	
              CEO/Director

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