HOUSTON, Dec. 6, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. (OTCBB:IXOG) ("Index" or "the Company") today announced that Daniel Murphy, Chairman of the Board of Directors, and Lyndon West, Company CEO, have purchased the Company's stock on the open market.
On November 30, 2007, Mr. Murphy purchased ten thousand (10,000) shares of the Company's common stock, par value $0.001, for a total purchase price of six thousand two hundred dollars ($6,200.00) or sixty-two cents ($0.62) per share. Additionally, on December 5, 2007, Mr. Murphy purchased an additional ten thousand (10,000) shares of the Company's common stock, par value $0.001, for a total purchase price of five thousand five hundred dollars ($5,500.00) or fifty-five cents ($0.55) cents per share.
On December 6, 2007, Mr. West (through Mrs. West, a related party) purchased ten thousand (10,000) shares of the Company's common stock, par value $0.001, for a total purchase price of seven thousand dollars ($7,000.00) or seventy cents ($0.70) cents per share.
Mr. Murphy's recent share purchases bring his total Company common stock share holding to four hundred eighty eight thousand and fifty three (488,053) shares, of which fifty thousand (50,000) shares have been purchased on the open market. Mr. West's (through Mrs. West, a related party) share purchase brings their total Company common stock share holdings to four million sixty two thousand seven hundred and seven (4,062,707) shares, of which ten thousand (10,000) shares have been purchased on the open market.
Mr. Murphy and Mr. West concurred in stating, "At the current market price we consider our purchases of Index shares to be a better value than increasing our positions in other areas of our individual portfolios. As reported in the Company's news release of December 5, 2007, there are no operational reasons for the recent fall in our share price. Therefore we have taken the opportunity to purchase more stock."
About Index Oil and Gas
Index Oil and Gas, Inc. is a dynamic gas-biased oil and gas exploration and production Company, with onshore activities primarily in Texas, Louisiana, and Kansas and offices in Houston. The Company's goal is to generate increasing reserves and cash flow from a portfolio of moderate and higher risk potential prospects. After successfully focusing on lower risk prospects to build reserves and near term cashflow in Fiscal Year 2007 (ended March 31, 2007), Index has embarked upon a drilling program in Fiscal Year 2008 of a balanced, risk-managed portfolio of prospects designed to generate significantly higher reserves and production. The Company has an enviable drilling record and intends to grow its existing asset base and revenues through further investment in the U.S.
To find out more about Index Oil and Gas Inc. (OTCBB:IXOG), visit our website at www.indexoil.com.
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 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. 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. 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.
Pursuant to a September 1, 2007 agreement, Consulting For Strategic Growth 1, Ltd. ("CFSG1") provides the Company with consulting, business advisory, investor relations, public relations and corporate development service, for which CFSG1 receives cash and/or stock compensation.