HOUSTON, May 18, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. ("Index", "the Company") (OTCBB:IXOG) today announced that the Company has entered into a Participation Agreement for the exploration of the Fern Lake Prospect located in Nacogdoches County, Texas.
The George Cason 1 well ("Cason 1") targets gas in the Lower Cretaceous Travis Peak sandstone with a predicted top at 9,734 feet measured depth. Shallower secondary objectives are targeted within the Rodessa, James Lime and Pettet intervals and have predicted tops at 8,198, 8,750, and 9,332 feet measured depth, respectively.
Cason 1 is expected to spud during the second quarter of 2007 and anticipated to take approximately one month to drill to a planned total depth of around 10,500 feet. Index has an 18% working interest after payout in Cason 1.
Cason 1 will be the first well to be drilled as a result of the Seismic Reprocessing and Exploration Agreement with Advanced Drilling Concepts ("ADC") announced on 2 May 2006.
Lyndon West, CEO of Index, stated, "Cason 1 is an exciting well having multiple objectives. Success in this well could lead onto a number of follow on locations for the project and is in line with our strategy of participating in projects with the potential to significantly impact our reserves and production base."
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 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 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.