Index Oil commences drilling

Index Oil and Gas, Inc. announces that drilling has begun on the Armour-Runnells #1 well in the Alligator Bayou Prospect located in Matagorda County, Texas. The spud took place on April 27, 2008.

Index has a 5% working interest for all costs associated with this initial test well on the prospect. The Armour-Runnells #1 has a planned total depth (TD) of approximately 25,000 feet and targets gas in the Wilcox formation. The well, located northeast of the town of Bay City, is scheduled to take approximately 180 days to drill to TD.

Lyndon West, CEO of Index, said,the spudding of Armour-Runnells #1 is an important milestone in the development of Index’s high impact portfolio. Alligator Bayou is, by a considerable measure, the deepest and potentially largest prospect the Company has participated in to date. The well, while not without risk, is part of our balanced portfolio designed to maintain the Company’s growth and protect value for our shareholders, and we look forward to participating in the drilling.

Source : www.indexoil.com/