HOUSTON, Jan. 9, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. ("Index", "the Company") (OTCBB:IXOG), today announced the hook up of four successful wells from its 2006 exploration program.
Index has completed a six-well, low-risk exploration drilling program in the Seward project in Stafford County, and the Katy project in Barton County, Kansas, in Q4 2006. The wells targeted oil in the Lansing and Arbuckle reservoirs at drill depths between 3,500 and 3,800 feet in two areas.
Four of the wells were successful and are now producing oil. Two of the wells were drilled and completed in Barton County, where Index has a 3.25% working interest; the Schartz 1-18 and Rogers Unit 1-1 wells began producing in October 2006.
The other two wells were drilled and completed in Stafford County, where Index has a 5% working interest; the Hayden 1-14 and Hay Witt Unit 1-11 wells began producing in November and December 2006, respectively.
The Pan John Unit 1-11 in Barton County and the Hull Witt 1-11 in Stafford County were non-commercial. Both wells have been plugged and abandoned.
Based on the successful results of its 2006 Stafford and Barton drilling program, which resulted in these four long-life oil wells, Index is planning a 2007 exploration drilling program in these two areas that is expected to consist of three to four additional wells in these Kansas assets.
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.