Index Oil and Gas Completes $3.8 Million Private Placement

Index Oil and Gas has completed a US$3,867,700 private placement.

This Placement, together with the $7.1 million placement announced on September 11, 2006, brings the gross funds raised over the last two months to over $10.9 million, reflecting institutional and private investor demand for the issue as Index expands its operations.

These expanded operations are expected to result in Index involvement in higher upside opportunities by;

-- Taking higher working interests in wells having low to medium risk;

-- Taking appropriate working interests in opportunities considered to have large upside potential;

-- Applying a portion of the funding to early stage, larger area Land Plays which may have a significantly higher potential reward profile.

Index has entered a 12-14 well drilling program. The Company looks forward to reporting the results from these carefully selected and objectively risked wells over the coming months.

Index is a gas biased 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 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.

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