Index Oil and Gas announced that the Cochran #1 exploratory well in the Garwood prospect located in Colorado County, Texas has commenced production from two intervals. As of January 4, 2009, the well was flowing at a daily rate of more than 6.1 million cubic feet of gas and 100 barrels of oil plus approximately 300 barrels of water through an 18/64-inch choke at 3,766 pounds per square inch flowing tubing pressure. The company holds a five percent working interest in the well and leases in this program. Drilling of the well began in late October 2008 and is part of an ongoing exploration program in South Texas.
"We are very pleased with the results from the Garwood prospect thus far," said Lyndon West, chief executive officer of Index. "Initial data indicates that the well is performing as expected. Drilling of the first appraisal well could be as early as the second quarter of 2009. Index believes that the potential exists to drill additional development wells on the prospect."
In mid-December 2008, the Cochran #1 reached a total measured depth of 16,870 feet after encountering multiple zones indicative of potential natural gas pay.
Last month, Index also announced that the Armour-Runnells #1 ST exploratory well located in Matagorda County, Texas had encountered multiple zones indicative of potential natural gas pay. The Alligator Bayou prospect has reached a total depth of 23,830 feet and is the deepest well the company has participated in drilling to date. Index holds a five percent working interest in the well and leases.
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