HOUSTON, Dec. 4, 2008 (GLOBE NEWSWIRE) -- Index Oil and Gas Inc. (OTCBB:IXOG) today announced that the Armour-Runnells #1 ST. exploratory well in the Alligator Bayou prospect located in Matagorda County, Texas has reached a total measured depth of 23,830 feet after encountering multiple zones of potential natural gas pay. The well has been logged with core and side wall data recovered from selected intervals. Index holds a five percent working interest in the well.
"We are encouraged about the status of the well as our pre-drill expectations have been confirmed for a number of key parameters," said Lyndon West, chief executive officer of Index. "The next step is for the operator to conduct flow tests to determine if commercial paying quantities exist and from there develop a production plan for approval."
The Armour-Runnells #1 ST. is the deepest well drilled to date by Index and targeted natural gas in the Wilcox formation. Drilling of the well began April 27, 2008.
About Index Oil and Gas:
Index Oil and Gas Inc. (OTCBB:IXOG) is an oil and gas exploration and production company with activities primarily in Texas, Louisiana and Kansas and offices in Houston. Its goal is to generate increasing reserves and cash flow from a portfolio of moderate and higher risk potential prospects in the United States. To learn more about Index Oil and Gas, please visit the Company's web site at http://www.indexoil.com. To receive news about the company as it becomes available, please contact Adam Brooks at abrooks@cfsg1.com or 1-800-625-2236.
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. This release may also contain other "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 the Company believes 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. Because 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. The Company 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.
For a description of risks and other factors that may affect the Company's results of operations and financial performance, see the Company's reports filed with the Securities and Exchange Commission, including the Company's annual report on Forms 10-K and 10-K/A for the fiscal year ended March 31, 2008 and the Company's quarterly reports on Forms 10-Q, copies of which may be obtained from the SEC's website at http://www.sec.gov.