HOUSTON, Nov. 28, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. (OTCBB:IXOG) ("Index" or "the Company") today announced that initial test results for the Ducroz 1 well ("Ducroz") in the Cowtrap prospect located in Brazoria County, Texas, achieved test flow rates of approximately 4 million cubic feet of gas per day flowing from dual completions in two Miocene sands using a 10/64ths inch choke.
These test flow rates were achieved following the decision to plug the original directional hole and drill a vertical hole which reached a TVD of 6450 ft.
It is anticipated that Ducroz will start production and begin flowing into the local pipeline grid during the first calendar quarter 2008.
Ducroz (defined as a production well) is the fifth well drilled from the Company's portfolio in the fiscal year ending March 31, 2008. Index has a 7.5% working interest and a 5.25% net revenue interest.
Lyndon West, CEO of Index, stated, "Following our positive results for the Cason and Outlar wells, the success of the Ducroz well continues to demonstrate the delivery of the Index business plan. Along with successes at Cason and Outlar, Ducroz adds incremental volumes and production potential which have been key objectives for our 2008 portfolio. Further operational news will be released as it becomes available."
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.