HOUSTON, April 23, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. ("Index", "the Company") (OTCBB:IXOG), today announced that the Company's two exploration wells in Goliad and Victoria Counties, Texas have both been successful.
The Serrano well, renamed Friedrich Gas Unit 1, in Victoria County, found 13 feet of net gas pay in the Frio formation at a drill depth of around 3,250 feet. A flow test of the gas pay yielded a calculated daily rate of 275 MCF of gas (46 BOE) through a 7/64 inch choke.
The Habanero well, renamed Schroeder Gas Unit 1, in Goliad County, found 10 feet of net gas pay in the Frio formation at a drill depth of around 3,018 feet. A flow test of the gas pay yielded a calculated daily rate of 197 MCF of gas (33 BOE) through a 6/64 inch choke.
Both wells are expected to be connected to local pipeline infrastructure and to begin producing during the second calendar quarter 2007.
Index has a 37.5% working interest and a 28.125% net revenue interest in each of these wells.
Lyndon West, CEO of Index, commented: "Index is pleased with how this project has proceeded. The wells have been drilled and completed successfully on budget and on time. Index has a significant net interest in these wells. From initially applying the capital, the project has delivered two drilling successes within three months."
About Index
Index is a gas biased oil and gas exploration and production company, with activities in Kansas, Texas, Louisiana, Mississippi and Alabama. 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 Inc. (OTCBB:IXOG), visit our website at http://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 on 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. 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. Index Oil and Gas Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.