Index Announces Serrano and Habanero Exploration Success

Index Oil and Gas, Inc. said that the company's two exploration wells in Goliad and Victoria Counties, Texas have both been successful.

The Serrano well, renamed Friedrich Gas Unit 1, in Victoria County, found 13 feet of net gas pay in the Frio formation at a drill depth of around 3,250 feet. A flow test of the gas pay yielded a calculated daily rate of 275 MCF of gas (46 BOE) through a 7/64-inch choke.

The Habanero well, renamed Schroeder Gas Unit 1, in Goliad County, found 10 feet of net gas pay in the Frio formation at a drill depth of around 3,018 feet. A flow test of the gas pay yielded a calculated daily rate of 197 MCF of gas (33 BOE) through a 6/64-inch choke.

Both wells are expected to be connected to local pipeline infrastructure and to begin producing during the second calendar quarter 2007.

Index has a 37.5% working interest and a 28.125% net revenue interest in each of these wells.

Lyndon West, CEO of Index, commented: "Index is pleased with how this project has proceeded. The wells have been drilled and completed successfully on budget and on time. Index has a significant net interest in these wells. From initially applying the capital, the project has delivered two drilling successes within three months."

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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