Index has completed a six-well, low-risk exploration drilling program in the Seward project in Stafford County, and the Katy project in Barton County, Kansas, in Q4 2006. The wells targeted oil in the Lansing and Arbuckle reservoirs at drill depths between 3,500 and 3,800 feet in two areas.
Four of the wells were successful and are now producing oil. Two of the wells were drilled and completed in Barton County, where Index has a 3.25% working interest; the Schartz 1-18 and Rogers Unit 1-1 wells began producing in October 2006.
The other two wells were drilled and completed in Stafford County, where Index has a 5% working interest; the Hayden 1-14 and Hay Witt Unit 1-11 wells began producing in November and December 2006, respectively.
The Pan John Unit 1-11 in Barton County and the Hull Witt 1-11 in Stafford County were non-commercial. Both wells have been plugged and abandoned.
Based on the successful results of its 2006 Stafford and Barton drilling program, which resulted in these four long-life oil wells, Index is planning a 2007 exploration drilling program in these two areas that is expected to consist of three to four additional wells in these Kansas assets.
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 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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