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IXOG.ob NEWS~Index Announces Armour-Runnells #1 ST. Exploratory Well Reaches Total Depth

HOUSTON, Dec 4, 2008 (GlobeNewswire via COMTEX) -- Index Oil and Gas Inc. (OTCBB:IXOG) today announced that the Armour-Runnells #1 ST. exploratory well in the Alligator Bayou prospect located in Matagorda County, Texas has reached a total measured depth of 23,830 feet after encountering multiple zones of potential natural gas pay. The well has been logged with core and side wall data recovered from selected intervals. Index holds a five percent working interest in the well.
"We are encouraged about the status of the well as our pre-drill expectations have been confirmed for a number of key parameters," said Lyndon West, chief executive officer of Index. "The next step is for the operator to conduct flow tests to determine if commercial paying quantities exist and from there develop a production plan for approval."

The Armour-Runnells #1 ST. is the deepest well drilled to date by Index and targeted natural gas in the Wilcox formation. Drilling of the well began April 27, 2008.

About Index Oil and Gas:

Index Oil and Gas Inc. (OTCBB:IXOG) is an oil and gas exploration and production company with activities primarily in Texas, Louisiana and Kansas and offices in Houston. Its goal is to generate increasing reserves and cash flow from a portfolio of moderate and higher risk potential prospects in the United States. To learn more about Index Oil and Gas, please visit the Company's web site at http://www.indexoil.com. To receive news about the company as it becomes available, please contact Adam Brooks at [e-mail] or 1-800-625-2236