HOUSTON, Sept. 19, 2006 (PRIMEZONE) -- Index Oil and Gas, Inc. ("Index," "the Company") (OTCBB:IXOG), today announced that it had signed an agreement to participate in the New Taiton exploration project in South Texas.
The first well, Ilse No. 1, in the New Taiton project will target stacked Wilcox sands, on trend with nearby gas fields with cumulative production in the 30 BCF range from the same reservoirs.
The prospect is clearly identified by 3D seismic data and shows strong seismic attributes corresponding with the mapped structural closure.
If Ilse No. 1 proves successful the Company expects to participate in further wells to develop the potential of the New Taiton area. As such, Ilse No. 1 could, in a success case, lead to Index's participation in what will be a significant field development for the Company.
It is expected that Ilse No. 1 will spud in the fourth calendar quarter of 2006 with a proposed Total Depth (TD) of around 17,000 feet.
Index has taken a 10% Working Interest ("WI") in the New Taiton project and a 10% WI in Ilse No. 1.
The addition of this project, at a 10% WI, into Index's expanding exploration pipeline is in line with the Company's strategy to rapidly build a balanced portfolio of producing assets, without exposing investors to single critical events.
About Index
Index is a gas biased oil and gas exploration and production company, with activities in Kansas, Texas, Alabama and Louisiana. It has offices in Houston, Texas and Bath, England. Index is focused on efficiently building a broad portfolio of producing properties with what it believes to be significant upside potential and intends to grow its existing asset base and revenues through further investment in the U.S. The company seeks to develop its activities in areas containing prolific petroleum systems set in stable political and economic environments.
To find out more about Index Oil and Gas (OTCBB:IXOG), visit our website at www.indexoil.com.
Forward-Looking Statements
The statements in the press release that relate to the company's expectations with regard to the future impact the company's results from acquisitions or actions in development are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.