HOUSTON, May 1, 2008 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. (OTCBB:IXOG) ("Index" or "the Company") today announced that drilling has begun on the Armour-Runnells #1 well in the Alligator Bayou Prospect located in Matagorda County, Texas. The spud took place on April 27, 2008.
Index has a 5% working interest for all costs associated with this initial test well on the prospect. The Armour-Runnells #1 has a planned total depth (TD) of approximately 25,000 feet and targets gas in the Wilcox formation. The well, located northeast of the town of Bay City, is scheduled to take approximately 180 days to drill to TD.
Lyndon West, CEO of Index, stated, "The spudding of Armour-Runnells #1 is an important milestone in the development of Index's high impact portfolio. Alligator Bayou is, by a considerable measure, the deepest and potentially largest prospect the Company has participated in to date. The well, while not without risk, is part of our balanced portfolio designed to maintain the Company's growth and protect value for our shareholders, and we look forward to participating in the drilling."
About Index Oil and Gas
Index Oil and Gas, Inc. (OTCBB:IXOG) 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 learn more about Index Oil and Gas (OTCBB:IXOG), please visit the Company's Web site at www.indexoil.com. To sign up to receive news about the company as it becomes available, please contact Adam Brooks at abrooks@cfsg1.com or at 1-800-625-2236.
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.