Index Oil and Gas, Inc. reported that the Ducroz 1 well in the Cowtrap prospect, located in Brazoria County, Texas, has been hooked up to the sales pipeline network. The well is flowing from two intervals; the lower interval is flowing through tubing at a stabilized rate of 1.46 MMCFPD (million cubic feet per day); while the upper interval is flowing through casing at a stabilized rate of 1.49 MMCFPD using a 8/64th choke. The well is also flowing a small amount of water at a combined rate of approximately 2.5 bwpd (barrels of water per day). The combined gas flow rate is approximately 2.95 MMCFPD.
Ducroz (originally defined as a production well) is the fifth well drilled from the Company's portfolio in the Fiscal Year ending March 31, 2008. Index has a 7.5% working interest and a 5.25% net revenue interest.
Lyndon West, CEO of Index, stated, "Index has now delivered positive drilling results and hook ups for the Cason 1 and 2, Outlar, Shadyside and Ducroz wells this fiscal year. These wells, drilled in the 2008 Fiscal Year, have only recently been hooked up to sales. Consistent with this, production for the quarter ended December 31, 2007 only shows a modest increase from previous quarters, but a significant revenue increase is anticipated for the fourth quarter of the 2008 Fiscal Year. Subject to operational conditions, the Company continues to anticipate achieving the important breakeven position for cash flows from operating activities in the near future."
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