HOUSTON, Dec. 5, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. (OTCBB:IXOG) ("Index" or "the Company") notes the recent movement in the company's stock price and confirms that it knows of no fundamental or business reason for the decrease in the stock price.
The Company and its advisors have observed unusual trading patterns and practices which it has identified and investigated. The Company will be taking appropriate action, to be announced shortly, including de-listing from certain European exchanges which have listed and facilitated the trading of the Company's stock without the consent of the Company.
Index always maintains a vigilant stance to protect the best interests of the Company and its shareholders and will take all necessary steps to report any nefarious trading activity to the regulatory authorities.
Operations
The Company has applied the equity funds raised in 2006 (approximately $16 million, before issue costs) to an exciting portfolio of projects designed to generate increasing reserves and cashflows. Index has recently reported successful initial tests from the Cason 1, Outlar 1 and Ducroz 1 wells and is awaiting testing operations to commence on the Shadyside well. The tested wells are in the process of hook up and, subject to operations, will deliver first gas during the next 2 months.
The Company will also be making an announcement on the status of the Ilse well in due course.
Furthermore Index has briefed investors on their first well in the Supple Jack Creek (formerly West) prospect during the course of this week
Index expects to drill its largest well to date, Alligator Bayou, in early 2008. Despite the increased risk associated with drilling a larger, deeper and higher temperature and pressure prospect the Company believes that Alligator Bayou is an exciting exploratory prospect exposing investors to significant upside in a success case.
The above referenced projects reflect the higher impact wells in the Company's fiscal year 2008 portfolio. The Company previously announced it is participating in a second well on the Cason project and is participating in ongoing drilling in its Kansas project.
The Company continues to review additional projects for inclusion in its fiscal year 2009 portfolio.
Index expects that the main trailing metrics for fiscal year 2008 (of reserves, production and revenue) to show continued improvement on 2007 when delivered.
More information on the portfolio is available here: http://www.indexoil.com/gb1_exploration.html
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.