HOUSTON, June 28, 2007 (PRIME NEWSWIRE) -- Index Oil and Gas, Inc. (OTCBB:IXOG) ("Index" or "the Company") today announced that initial drilling has begun on the George Cason 1 well ("Cason 1") in the Fern Lake Prospect in Nacogdoches County, Texas. The spud took place on June 22, 2007. The well reached casing point on 27 June 2007 at 3,521 feet.
Cason 1 is the first well spud of Index's new fiscal year ending March 31, 2008, and is one of the Company's planned higher impact drilling portfolio described in its Operations Summary and Outlook released on June 11, 2007. Index has an 18% working interest in the well after payout.
Cason 1 is expected to take approximately one month to drill to a planned total depth of around 10,500 feet. The well targets gas in the Lower Cretaceous Travis Peak sandstone with a predicted top at 9,734 feet measured depth. As described in Index's announcement of participation on May 18, 2007, shallower secondary objectives are targeted with the Rodessa, James Lime and Pettet intervals and have predicted tops at 8,198, 8,750, and 9,332 feet measured depth, respectively.
Lyndon West, CEO of Index, stated, "The spud of Cason 1 launches an exciting prospect with multiple reservoir objectives for our Company. Its success could lead to several follow-on well locations for the project, and it continues our strategy of participating in projects that could significantly impact our reserves and production base."
About Index Oil and Gas Inc.
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 that it believes to have significant upside potential. The Company has an enviable drilling record and intends to grow its existing asset base and revenues through further investment in the U.S. Index 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 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 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. 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.