Index Oil and Gas, Inc. is Pleased to Provide an Update on Its Operations in Kansas; Development Drilling Success in Seward; Ba
April 13 2006 - 8:30AM
Business Wire
Index Oil and Gas, Inc. ("Index", OTCBB:IXOG) holds a 5% working
interest in oil and gas leases through an Area of Mutual Interest
(AMI) initially covering approximately 8,500 acres located in
Stafford County, Kansas. The current retained AMI area is
approximately 3871 acres. The project areas are named Seward North,
Globe and Seward Townsite, collectively "Seward". Index is
participating in a 5 well drilling program which commenced in mid
January 2006. The first 4 wells in a 5 well program (Schilling
#1-32, Marvin Drach #2-2, Neeland #1-32 and Witt #1-14) have been
drilled successfully. Index plans that all of these will be
completed as producing wells, with Schilling #1-32 having now
commenced production. The operator is currently drilling the final
well in this series (Conner-Jackson #1-29). Subject to the success
of Conner-Jackson #1-29 this program will increase the number of
producing Seward wells from 14 to 19. Kansas - Barton County
exploration project As referred to in the current report filed on
Form 8-K with the Securities and Exchange Commission on 15 March
2006, Index has also acquired a working interest in an exploration
project to the north of Seward in Barton County, Kansas. The 5%
working interest in the Barton County project is in an AMI of some
4879 acres. The operator has recently acquired, through a
geophysical contractor, approximately 6.6 square miles of new 3
Dimensional ("3D") seismic data. This is currently being processed
prior to evaluation. Index believes that the acquisition and
processing of new 3D seismic data may enable the project partners
to identify undrilled structural highs in this proven petroleum
province. Both the Seward producing field and the Barton County
project are located on a structure known as the Central Kansas
uplift. Since the early 1900's, several billion barrels of oil have
been produced from the Central Kansas Uplift, primarily from
carbonate reservoirs of the Pennsylvanian, Lansing Group through to
the Arbuckle Group of Cambro-Ordovician age. About Index Index is a
gas biased oil and gas exploration and production company, with
activities in Kansas, Texas and Louisiana. It has offices in Bath,
England and Houston, Texas. 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. For more information visit our website
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 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.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.
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