HOUSTON, March 27, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. ("Index", "the Company") (OTCBB:IXOG), today announced an update on drilling activities.
Ilse 1
Ilse 1, an exploration well in Wharton County, Texas, that has reached its planned total depth of 17,000 feet, has been logged. Logs reveal multiple zones of interest in the well, a potentially high impact well for Index. The operator has set a liner in preparation for subsequent testing of key zones of interest. Once these flow tests have been conducted, Index will release the results of the well.
Dark 1
The Dark 1 well, in Matagorda County, Texas, which formed a small element of Index's overall portfolio, has been drilled and logged. The predicted Miocene reservoir was absent. The well has been plugged and abandoned.
Dark 1 was the third and final "Taffy Area" well. This three-well program yielded a success, Hawkins 1, which is awaiting hook-up into the local pipeline grid.
Index operates a portfolio approach to exploration. Wells, if commercially successful, are expected to add incrementally to the Company's reserves and cashflow in line with the Company's strategy to rapidly build a balanced portfolio of producing assets, without exposing investors to single critical events.
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 of 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.