About Index Oil and GasIndex Oil and Gas Inc

Index Oil and Gas Announces Production Begins From Cochran No 1 Discovery inSouth TexasHOUSTON, Jan 8, 2009 (GLOBE NEWSWIRE) Index Oil and Gas Inc. (OTCBB:IXOG)today announced that the Cochran 1 exploratory well in the Garwood prospectlocated 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 6.1million cubic feet of gas and 100 barrels of oil plus approximately 300 barrelsof water through an 18/64-inch choke at 3,766 pounds per square inch flowingtubing pressure. The company holds a five percent working interest in the welland leases in this program. Drilling of the well began in late October 2008 andis part of an ongoing exploration program in South Texas."We are very pleased with the results from the Garwood prospect thus far," saidLyndon West, chief executive officer of Index. Drilling of the first appraisal well could be asearly as the second quarter of 2009. Index believes that the potential exists todrill additional development wells on the prospect."In mid-December 2008, the Cochran 1 reached a total measured depth of 16,870feet after encountering multiple zones indicative of potential natural gas pay.Last month, Index also announced that the Armour-Runnells 1 ST exploratory welllocated in Matagorda County, Texas had encountered multiple zones indicative ofpotential natural gas pay. The Alligator Bayou prospect has reached a totaldepth of 23,830 feet and is the deepest well the company has participated indrilling to date.

Index holds a five percent working interest in the well andleases.About Index Oil and Gas:Index Oil and Gas Inc. (OTCBB:IXOG) is an oil and gas exploration and productioncompany with activities primarily in Texas, Louisiana and Kansas and offices inHouston. This release may also containother "forward-looking statements"' within the meaning of Section 27A of theSecurities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.Although the Company believes that the expectations reflected in theforward-looking statements are reasonable, such statements should not beregarded as a representation by the Company, or any other person, that suchforward-looking statements will be achieved. Because the information may containstatements that involve risk and uncertainties and are subject to change at anytime, the Company's actual results may differ materially from expected results.The Company disclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information, futureevents, or otherwise.

In light of the foregoing, readers are cautioned not toplace undue reliance on such forward-looking statements.For a description of risks and other factors that may affect the Company'sresults of operations and financial performance, see the Company's reports filedwith the Securities and Exchange Commission, including the Company's annualreport on Forms 10-K and 10-K/A for the fiscal year ended March 31, 2008 and theCompany's quarterly reports on Forms 10-Q, copies of which may be obtained fromthe SEC's website at http:// Oil and GasInvestors:Lyndon West, Chief Executive Officer1-713-715-9275Media:Janice Aston White1-713-666-45431-713-806-8458. Southwell at fly-half Never saw that one coming, though apparently he has been featuring at first receiver during play for Stade Decent enough defense, and a solid left boot (some days) Could be very interesting, damn shame its not on the telly. Still if you are in the Borders and have nothing better to do on a Friday night, entry is free and kick-off is at 7:30 p.m., Netherdale. WATERLOO, Ontario, Jan.

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