Index: 7 Wells in 2007

Nine months into the 2008 Fiscal Year (ending March 31, 2008), Index Oil and Gas Inc. has completed the drilling phase of six of its seven targeted wells for the Fiscal Year. Of those completed, four have been successful, one is currently testing and one has been suspended.

Shadyside, the largest prospect to date, has been hooked up and flowing to sales, as announced January 11, 2008. Cason, a medium impact well, is producing. Outlar, a high impact well, is producing. Cow Trap (Ducroz), a low-risk production well, is awaiting hook up. HNH Gas Unit 1, in the Supple Jack Creek (West 1) prospect, is currently testing. Ilse is suspended.

As targeted at the start of the Fiscal Year, the Company is also participating in follow-on wells. Cason 2 in the Fern Lake prospect is now being completed and tested. Cason 3 is expected to be drilled shortly. Follow-on wells in other high-impact prospects are also anticipated.

Management believes these successes will have a significant positive impact on the Company's reserves, production and revenue for the final quarter of the 2008 Fiscal Year (as trailing metrics). In addition, toward the end of the first quarter of the 2008 calendar year, Index expects to see the start of drilling operations of Alligator Bayou, a prospect substantially larger than any preceding prospect in the Company's portfolio.