Index provides updates on Ducroz well

Index Oil and Gas, Inc. announces that initial test results for the Ducroz 1 well (”Ducroz”) in the Cowtrap prospect located in Brazoria County, Texas, achieved test flow rates of approximately 4 million cubic feet of gas per day flowing from dual completions in two Miocene sands using a 10/64ths inch choke.

These test flow rates were achieved following the decision to plug the original directional hole and drill a vertical hole which reached a TVD of 6450 ft.

It is anticipated that Ducroz will start production and begin flowing into the local pipeline grid during the first calendar quarter 2008.

Ducroz (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.