HOUSTON, Dec. 20, 2006 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. ("Index," "the Company") (OTCBB:IXOG) today announced an update to the Vieman 1 well.
Vieman 1 is located in Brazoria County, Texas and forms part of the Company's Phase 2 portfolio of prospects.
The well has been drilled to a total depth of 10,383 feet TVD (11,340 MD). Electric logs indicate two potential pay zones below 10,000 feet totaling approximately 15 feet of net gas bearing reservoir.
The well took longer than anticipated to drill due to unplanned sidetrack operations and pressure control requirements in the lower section. The Operator resolved the sidetrack operations and pressure control requirements in the lower section of the well and the rig was released on December 17.
Plans are now being made for completion of the well that will include the testing of the two potentially productive intervals. Operations should resume during the first calendar quarter 2007.
Index's working interest in Vieman 1 is 19.5%.
In the event of a commercial success, Vieman 1 will incrementally add to Index's production and assets. This is in line with the Company's strategy to rapidly build a balanced portfolio of producing assets, without exposing investors to single critical events. Like all other Index wells, Vieman 1 is just part of this balanced portfolio approach to building value, designed to mitigate the inherent risks of exploration.
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 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.