HOUSTON, April 24, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. ("Index", "the Company") (OTCBB:IXOG), today announced that the Company has signed a Participation Agreement to explore for gas in the West Wharton Project ("West Wharton"). This could consist of up to four exploration wells within the area of mutual interest in Wharton County, Texas.
Index has a 12.5% working interest in the project that will reduce to 9.375% after payout. The first well is planned to spud during the third calendar quarter of 2007. The well will target the Middle Cook Mountain reservoir and has a planned total depth of approximately 12,000 feet. Subsequent wells are expected to be drilled given encouraging results from the first well.
Lyndon West, CEO of Index, commented: "The Company's participation in West Wharton continues the objective for Index to invest in projects that have greater upside potential with an acceptable risk profile without exposing investors to single critical events. In fiscal year ending 31 March 2007, Index drilled a number of lower risk and reward prospects designed to generate near-term reserves and production. Going forward, the fiscal year ending 31 March 2008 portfolio includes a number of significant higher impact wells. West Wharton is one of the higher impact opportunities about which I am particularly excited, both for the company and our shareholders."
Index is pleased to participate in West Wharton as it continues to expand its network of working relationships with experienced operators in high quality opportunities that could have a significant impact on Index's revenue in the event of success.
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.