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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Index Oil and Gas Inc (CE) | USOTC:IXOG | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
|X|
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|_|
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
|
Nevada
(State
or other jurisdiction of incorporation or organization)
|
20-0815369
(I.R.S.
Employer Identification No.)
|
10000
Memorial Drive, Suite 440
Houston,
Texas 77024
(Address
of principal executive offices)
|
PART
I. FINANCIAL INFORMATION
|
|
|
|
|
Page
#
|
ITEM
1.
|
Condensed
Consolidated financial statements (unaudited)
|
|
|
Condensed
Consolidated balance sheets at September 30, 2007 and March 31,
2007
|
3
|
|
Condensed
Consolidated statements of losses for the three and six months ended
September 30, 2007 and 2006
|
4
|
|
Condensed
Consolidated statement of cash flows for the six months ended September
30, 2007 and 2006
|
5
|
|
Notes
to Condensed Consolidated financial statements
|
6
|
|
|
|
ITEM
2
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
24
|
|
|
|
ITEM
3
|
Quantitative
and Qualitative Disclosures About Market Risk
|
33
|
|
|
|
ITEM
4
|
Controls
and Procedures
|
34
|
|
|
|
PART
II. OTHER INFORMATION
|
|
|
|
|
|
ITEM
1
|
Legal
Proceedings
|
35
|
|
|
|
ITEM
1A.
|
Risk
Factors
|
35
|
|
|
|
ITEM
2.
|
Unregistered
Sales of Equity Securities and Use Of Proceeds
|
35
|
|
|
|
ITEM
3.
|
Defaults
Upon Senior Securities
|
35
|
|
|
|
ITEM
4.
|
Submission
Of Matters to a Vote of Security Holders.
|
35
|
|
|
|
ITEM
5.
|
Other
Information
|
35
|
|
|
|
ITEM
6
|
Exhibits
|
36
|
|
|
|
|
Signatures
|
37
|
|
|
September
30, 2007
(unaudited)
|
|
|
March
31, 2007
|
|
||
ASSETS
|
|
|
|
|
|
|
||
Current
Assets:
|
|
|
|
|
|
|
||
Cash
and cash equivalents (Note 2)
|
|
$
|
4,856,625
|
|
|
$
|
10,141,125
|
|
Trade
receivables (Note 2)
|
|
|
80,494
|
|
|
|
80,342
|
|
Other
receivables
|
|
|
3,454
|
|
|
|
6,688
|
|
Other
current assets
|
|
|
71,172
|
|
|
|
72,936
|
|
Total
Current Assets
|
|
|
5,011,745
|
|
|
|
10,301,091
|
|
|
|
|
|
|
|
|
|
|
Oil
& Gas Properties, full cost, net of accumulated depletion (Notes 2,
3,
6, 11 and 12)
|
|
|
9,090,700
|
|
|
|
4,866,050
|
|
Property
and Equipment, net of accumulated depreciation (Notes 2 and
3)
|
|
|
18,250
|
|
|
|
12,493
|
|
Total
Oil & Properties and Property and Equipment
|
|
|
9,108,950
|
|
|
|
4,878,543
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
14,120,695
|
|
|
$
|
15,179,634
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
|
$
|
510,986
|
|
|
$
|
814,449
|
|
Bank
loan (Note 5)
|
|
|
-
|
|
|
|
-
|
|
Total
Current Liabilities
|
|
|
510,986
|
|
|
|
814,449
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities:
|
|
|
|
|
|
|
|
|
Asset
retirement obligation (Notes 2 and 6)
|
|
|
53,089
|
|
|
|
41,552
|
|
Total
Liabilities
|
|
|
564,075
|
|
|
|
856,001
|
|
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies (Note 7)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Stockholders
Equity: (Notes 5, 7, 8, and 9)
|
|
|
|
|
|
|
|
|
Common
stock, par value $0.001, 500 million shares authorized , 65,803,698
and
65,737,036 issued and outstanding at September 30, 2007 and March
31,
2007, respectively (see Note 8)
|
|
|
65,804
|
|
|
|
65,737
|
|
Additional
paid in capital
|
|
|
19,194,740
|
|
|
|
19,043,734
|
|
Accumulated
deficit
|
|
|
(5,712,715
|
)
|
|
|
(4,801,237
|
)
|
Other
comprehensive income (Notes 2 and 4)
|
|
|
8,791
|
|
|
|
15,399
|
|
Total
Stockholders' Equity
|
|
|
13,556,620
|
|
|
|
14,323,633
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
|
$
|
14,120,695
|
|
|
$
|
15,179,634
|
|
For
the Three Months Ended
|
For
the Six Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Revenue:
(Note 11)
|
|
|
|
|
||||||||||||
Oil
and gas sales
|
$ |
137,575
|
$ |
103,354
|
$ |
288,948
|
$ |
173,811
|
||||||||
|
||||||||||||||||
Operating
Expenses:
|
||||||||||||||||
Operating
costs
|
48,174
|
23,323
|
82,423
|
47,239
|
||||||||||||
Depreciation
and amortization (Note 3)
|
74,560
|
31,223
|
147,961
|
52,771
|
||||||||||||
General
and administrative expenses (Note 2)
|
549,420
|
651,965
|
1,119,297
|
1,039,963
|
||||||||||||
Total
Operating Expenses
|
672,154
|
706,511
|
1,349,681
|
1,139,973
|
||||||||||||
|
||||||||||||||||
Loss
from Operations
|
(534,579 | ) | (603,157 | ) | (1,060,732 | ) | (966,162 | ) | ||||||||
|
||||||||||||||||
Other
Income (Expense):
|
||||||||||||||||
Interest
income
|
59,938
|
62,229
|
149,254
|
105,834
|
||||||||||||
Total
Other Income (Expense)
|
59,938
|
62,229
|
149,254
|
105,834
|
||||||||||||
|
||||||||||||||||
Loss
before Income Taxes
|
(474,641 | ) | (540,928 | ) | (911,478 | ) | (860,328 | ) | ||||||||
|
||||||||||||||||
Income
Taxes Benefit
|
-
|
-
|
-
|
-
|
||||||||||||
|
||||||||||||||||
Net
Loss
|
$ | (474,641 | ) | $ | (540,928 | ) | $ | (911,478 | ) | $ | (860,328 | ) | ||||
|
||||||||||||||||
|
||||||||||||||||
Loss
per share (Note 10):
|
||||||||||||||||
Basic
and assuming dilution
|
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||
Weighted
average shares outstanding (Note 10):
|
||||||||||||||||
Basic
and assuming dilution
|
65,803,698
|
57,013,179
|
65,770,913
|
57,013,179
|
||||||||||||
|
|
|
For
the Six Months Ended
|
|
|||||
|
|
September
30, 2007
|
|
|
September
30, 2006
|
|
||
Cash
Flows From Operating Activities:
|
|
|
|
|
|
|
||
Net
loss
|
|
$
|
(911,478
|
)
|
|
$
|
(860,328
|
)
|
Adjustments
to reconcile net loss to net cash (Used In) operating
activities:
|
|
|
|
|
|
|
|
|
Non
cash stock based compensation cost
|
|
|
141,739
|
|
|
|
355,001
|
|
Depreciation
and amortization
|
|
|
147,961
|
|
|
|
52,771
|
|
Decrease
(Increase) in receivables
|
|
|
5,154
|
|
|
|
(125,035
|
)
|
(Decrease)
Increase in accounts payable and accrued expenses
|
|
|
(304,137
|
)
|
|
|
31,371
|
|
Net
Cash (Used In) Operating Activities
|
|
|
(920,760
|
)
|
|
|
(546,221
|
)
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
Payments
for oil and gas properties and property and equipment
|
|
|
(4,366,831
|
)
|
|
|
(995,540
|
)
|
Net
Cash (Used In) Investing Activities
|
|
|
(4,366,831
|
)
|
|
|
(995,540
|
)
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds
from issue of common stock
|
|
|
9,333
|
|
|
|
7,097,898
|
|
Proceeds
from stock subscriptions received, net of costs of
$316,185
|
-
|
2,747,765
|
||||||
Repayment
of bank term debt
|
|
|
-
|
|
|
|
(51,797
|
)
|
Payment
for share issue costs
|
-
|
(730,000
|
)
|
|||||
Net
Cash Provided by Financing Activities
|
|
|
9,333
|
|
|
|
9,063,866
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
|
(6,242
|
)
|
|
|
9,795
|
|
|
|
|
|
|
|
|
|
|
Net
(decrease) increase in Cash and Cash Equivalents
|
|
|
(5,284,500
|
)
|
|
|
7,531,900
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents at beginning of period
|
|
$
|
10,141,125
|
|
|
$
|
5,536,005
|
|
Cash
and cash equivalents at the end of period
|
|
$
|
4,856,625
|
|
|
$
|
13,067,906
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
|
|
|
|
|
Cash
(received) during the period for interest
|
|
$
|
(149,254
|
)
|
|
$
|
(105,834
|
)
|
Cash
paid during the period for taxes
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Non-cash
Financing and Investing Transactions:
|
|
|
|
|
|
|
|
|
Non
cash stock based compensation cost
|
|
$
|
141,739
|
|
|
$
|
355,001
|
|
September
30, 2007
|
March
31,
2007
|
|||||||
Proved
properties
|
$
|
4,664,709
|
$
|
3,254,211
|
||||
Unevaluated
and unproved properties
|
4,888,383
|
1,927,776
|
||||||
Gross
oil and gas properties-onshore
|
9,553,092
|
5,181,987
|
||||||
Less: accumulated
depletion
|
(462,392
|
)
|
(315,937
|
)
|
||||
Net
oil and gas properties-onshore
|
$
|
9,090,700
|
$
|
4,866,050
|
September
30, 2007
|
March
31,
2007
|
|||||||
Not
subject to depletion-onshore:
|
||||||||
Exploration
costs
|
$
|
4,281,114
|
$
|
1,669,478
|
||||
Cost
of undeveloped acreage
|
607,269
|
258,298
|
||||||
Total
not subject to depletion
|
$
|
4,888,383
|
$
|
1,927,776
|
September
30, 2007
|
March
31,
2007
|
|||||||
Computer
costs and furniture and fixtures, including foreign translation
adjustment
|
$
|
43,009
|
$
|
23,858
|
||||
Less:
accumulated depreciation
|
(24,759
|
)
|
(11,365
|
)
|
||||
Total
other property and equipment
|
$
|
18,250
|
$
|
12,493
|
For
the Six Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
Net
loss
|
$
|
(911,478
|
)
|
$
|
(860,328
|
)
|
||
Foreign
currency translation gain / (loss)
|
(6,608
|
)
|
4,035
|
|||||
Comprehensive
Loss
|
$
|
(918,086
|
)
|
$
|
(856,293
|
)
|
For
the Six Months Ended September 30, 2007
|
||||
ARO
as of beginning of period
|
$
|
41,552
|
||
Liabilities
incurred during period
|
11,537
|
|||
Liabilities
settled during period
|
-
|
|||
Accretion
expense
|
-
|
|||
Balance
of ARO as of end of period
|
$
|
53,089
|
Balance
at June 30, 2007
|
65,803,698
|
|||
Issuance
of stock
|
-
|
|||
Balance
of September 30, 2007
|
65,803,698
|
Number
of Shares
|
Weighted
Average Exercise Price Per Share
|
|||||||
Outstanding
at March 31, 2007
|
5,077,526
|
$
|
0.46
|
|||||
Granted
|
125,000
|
$
|
0.83
|
|||||
Exercised
|
-
|
-
|
||||||
Canceled,
forfeited or expired
|
(250,000
|
)
|
$
|
1.42
|
||||
Outstanding
at September 30, 2007
|
4,952,526
|
$
|
0.42
|
Options
Outstanding
|
Options
Exercisable
|
|||||||||||||||||||||
Exercise
Price
|
Number
Outstanding
|
Weighted
Average Remaining Contractual Life (Years)
|
Weighted
Average Exercise Price
|
Number
Exercisable
|
Weighted
Average Exercise Price
|
|||||||||||||||||
$ |
0.35
|
4,577,526
|
3.33
|
$ |
0.35
|
3,433,145
|
$ |
0.35
|
||||||||||||||
$ |
1.42
|
250,000
|
0.47
|
$ |
1.42
|
250,000
|
$ |
1.42
|
||||||||||||||
$ |
0.83
|
125,000
|
5.00
|
$ |
0.83
|
62,500
|
$ |
0.83
|
||||||||||||||
$ |
0.42
|
4,952,526
|
3.23
|
$ |
0.42
|
3,745,645
|
$ |
0.43
|
Number
of Shares
|
Weighted
Average Exercise Price Per Share
|
|||||||
Outstanding
and Exercisable March 31, 2007
|
968,083
|
$
|
0.13
|
|||||
Exercised
|
(66,662
|
)
|
(0.14
|
)
|
||||
Exchanged
|
-
|
-
|
||||||
Canceled
or expired
|
-
|
-
|
||||||
Outstanding
and Exercisable at September 30, 2007
|
901,421
|
$
|
0.13
|
|||||
|
|
|
|
|
|
|
|
|
Warrants
Outstanding
|
Warrants
Exercisable
|
|||||||||||||||||||||
Exercise
Prices
|
Number
Outstanding
|
Weighted
Average Remaining Contractual Life (Years)
|
Weighted
Average Exercise Price
|
Number
Exercisable
|
Weighted
Average Exercise Price
|
|||||||||||||||||
$
|
0.07
|
138,655
|
3.00
|
$
|
0.07
|
138,655
|
$
|
0.07
|
||||||||||||||
$
|
0.14
|
143,037
|
3.00
|
$
|
0.14
|
143,037
|
$
|
0.14
|
||||||||||||||
$
|
0.14
|
253,961
|
3.00
|
$
|
0.14
|
253,961
|
$
|
0.14
|
||||||||||||||
$
|
0.14
|
339,033
|
3.00
|
$
|
0.14
|
339,033
|
$
|
0.14
|
||||||||||||||
$
|
0.14
|
26,735
|
3.00
|
$
|
0.14
|
26,735
|
$
|
0.14
|
||||||||||||||
901,421
|
3.00
|
$
|
0.13
|
901,421
|
$
|
0.13
|
For
the Three Months Ended
|
For
the Six Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Shares—basic
|
65,803,698
|
57,013,179
|
65,770,913
|
57,013,179
|
||||||||||||
Dilution
effect of stock option and awards at end of period
|
-
|
-
|
-
|
-
|
||||||||||||
Shares—diluted
|
65,803,698
|
57,013,179
|
65,770,913
|
57,013,179
|
||||||||||||
Stock
awards and shares excluded from diluted earnings per share due to
anti-dilutive effect
|
5,503,947
|
5,670,202
|
5,503,947
|
5,670,202
|
||||||||||||
Earnings
per share
|
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) |
September
30, 2007
|
||||||||
Total Oil & Gas
Revenue
|
Total Oil
and Gas Assets (1)
|
|||||||
Kansas
|
$
|
77,712
|
$
|
768,824
|
||||
Louisiana
|
111,111
|
2,411,601
|
||||||
Texas
|
100,125
|
6,407,126
|
||||||
Total
|
$
|
288,948
|
$
|
9,587,551
|
(1)
|
Total
oil and gas property assets at September 30, 2007 are reported gross.
Under the full cost method of accounting for oil and gas properties,
depreciation, depletion and amortization and impairment is not allocated
to properties. Asset Retirement Obligation assets are also not
included.
|
|
•
|
|
our
ability to attract and retain management;
|
|
|
|
|
|
•
|
|
our
growth strategies;
|
|
|
||
|
•
|
|
anticipated
trends in our business;
|
|
|
||
|
•
|
|
our
future results of operations;
|
|
|
||
|
•
|
|
our
ability to make or integrate acquisitions;
|
|
|
||
|
•
|
|
our
liquidity and ability to finance our exploration, acquisition and
development activities;
|
|
|
||
|
•
|
|
our
ability to successfully and economically explore for and develop
oil and
gas resources;
|
|
|
||
|
•
|
|
market
conditions in the oil and gas industry;
|
|
|
||
|
•
|
|
the
timing, cost and procedure for proposed acquisitions;
|
|
|
||
|
•
|
|
the
impact of government regulation;
|
|
|
||
|
•
|
|
estimates
regarding future net revenues from oil and natural gas reserves and
the
present value thereof;
|
|
|
||
|
•
|
|
planned
capital expenditures (including the amount and nature
thereof);
|
|
|
||
|
•
|
|
increases
in oil and gas production;
|
|
|
||
|
•
|
|
the
number of wells we anticipate drilling in the future;
|
|
|
||
|
•
|
|
estimates,
plans and projections relating to acquired properties;
|
|
|
||
|
•
|
|
the
number of potential drilling locations;
|
|
|
||
|
•
|
|
our
financial position, business strategy and other plans and objectives
for
future operations;
|
|
•
|
|
the
possibility that our acquisitions may involve unexpected
costs;
|
|
|
||
|
•
|
|
the
volatility in commodity prices for oil and gas;
|
|
|
||
|
•
|
|
the
accuracy of internally estimated proved reserves;
|
|
|
||
|
•
|
|
the
presence or recoverability of estimated oil and gas
reserves;
|
|
|
||
|
•
|
|
the
ability to replace oil and gas reserves;
|
|
|
||
|
•
|
|
the
availability and costs of drilling rigs and other oilfield
services;
|
|
|
||
|
•
|
|
environmental
risks;
|
|
|
||
|
•
|
|
exploration
and development risks;
|
|
|
||
|
•
|
|
competition;
|
|
|
||
|
•
|
|
the
inability to realize expected value from acquisitions;
|
|
|
||
|
•
|
|
the
ability of our management team to execute its plans to meet its
goals;
|
|
|
||
|
•
|
|
general
economic conditions, whether internationally, nationally or in the
regional and local market areas in which we are doing business, that
may
be less favorable than expected; and
|
|
|
||
|
•
|
|
other
economic, competitive, governmental, legislative, regulatory, geopolitical
and technological factors that may negatively impact our businesses,
operations and pricing.
|
|
•
|
Efficiently
influencing the management of ongoing projects;
|
|
•
|
Identifying,
characterizing, and capturing appropriate gas and oil opportunities;
and
|
|
•
|
Efficiently
using its business assets to raise additional capital as
needed.
|
Three
Months Ended September 30,
|
Increase/
|
|||||||||||
2007
|
2006
|
(Decrease)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|||
Oil
sales
|
$
|
72,362
|
$
|
100,467
|
$
|
(28,105
|
)
|
|||||
Gas
sales
|
65,213
|
2,887
|
62,326
|
|||||||||
Total
revenue
|
137,575
|
103,354
|
34,221
|
|||||||||
Production
expenses:
|
||||||||||||
Lease
operating
|
37,216
|
16,368
|
20,848
|
|||||||||
Taxes
other than income
|
10,958
|
6,955
|
4,003
|
|||||||||
General
and administrative:
|
||||||||||||
General
and administrative
|
504,504
|
467,295
|
37,209
|
|||||||||
Stock-based
compensation
|
44,916
|
184,670
|
(139,754
|
)
|
||||||||
Depletion
— Full cost
|
73,808
|
31,060
|
42,748
|
|||||||||
Depreciation
— Other
|
753
|
163
|
590
|
|||||||||
Impairment
|
-
|
-
|
-
|
|||||||||
Interest
expense (income) and other
|
(59,939
|
)
|
(62,229
|
)
|
2,290
|
|
||||||
Income
tax benefit (provision)
|
-
|
-
|
-
|
|||||||||
Net
(loss) income
|
$
|
(474,641
|
)
|
$
|
(540,928
|
)
|
$
|
66,287
|
|
|||
Production:
|
||||||||||||
Natural
Gas — Mcf
|
12,328
|
594
|
11,734
|
|||||||||
Crude
Oil — Mbbl
|
0.952
|
1.511
|
(0.559
|
)
|
||||||||
Equivalent
— Mboe
|
3.007
|
1.610
|
1.397
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
price per unit :
|
||||||||||||
Gas
price per Mcf
|
$
|
5.29
|
$
|
4.86
|
$
|
0.43
|
||||||
Oil
price per Bbl
|
$
|
76.01
|
$
|
66.49
|
$
|
9.52
|
||||||
Equivalent
per Boe
|
$
|
45.76
|
$
|
64.20
|
$
|
(18.44
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
cost per Boe:
|
||||||||||||
Production
expenses:
|
||||||||||||
Lease
operating
|
$
|
12.38
|
$
|
10.17
|
$
|
2.21
|
||||||
Taxes
other than income
|
$
|
3.64
|
$
|
4.32
|
$
|
(0.68
|
)
|
|||||
General
and administrative expense:
|
||||||||||||
General
and administrative
|
$
|
167.80
|
$
|
290.25
|
$
|
(122.45
|
)
|
|||||
Stock-based
compensation
|
$
|
14.94
|
$
|
114.70
|
$
|
(99.76
|
)
|
|||||
Depletion
expense
|
$
|
24.55
|
$
|
19.29
|
$
|
5.26
|
Six
Months Ended September 30,
|
Increase/
|
|||||||||||
2007
|
2006
|
(Decrease)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|||
Oil
sales
|
$
|
159,784
|
$
|
170,924
|
$
|
(11,140
|
)
|
|||||
Gas
sales
|
129,164
|
2,887
|
126,277
|
|||||||||
Total
revenue
|
288,948
|
173,811
|
115,137
|
|||||||||
Production
expenses:
|
||||||||||||
Lease
operating
|
59,495
|
37,604
|
21,891
|
|||||||||
Taxes
other than income
|
22,928
|
9,635
|
13,293
|
|||||||||
General
and administrative:
|
||||||||||||
General
and administrative
|
977,557
|
684,962
|
292,595
|
|||||||||
Stock-based
compensation
|
141,739
|
355,001
|
(213,262
|
)
|
||||||||
Depletion
— Full cost
|
146,456
|
52,445
|
94,011
|
|||||||||
Depreciation
— Other
|
1,505
|
326
|
1,179
|
|||||||||
Impairment
|
-
|
-
|
-
|
|||||||||
Interest
expense (income) and other
|
(149,254
|
)
|
(105,834
|
)
|
(43,420
|
)
|
||||||
Income
tax benefit (provision)
|
-
|
-
|
-
|
|||||||||
Net
(loss) income
|
$
|
(911,478
|
)
|
$
|
(860,328
|
)
|
$
|
(51,150
|
)
|
|||
Production:
|
||||||||||||
Natural
Gas — Mcf
|
21,128
|
594
|
20,534
|
|||||||||
Crude
Oil — Mbbl
|
2.306
|
2.634
|
(0.328
|
)
|
||||||||
Equivalent
— Mboe
|
5.827
|
2.733
|
3.094
|
|||||||||
Average
price per unit :
|
||||||||||||
Gas
price per Mcf
|
$
|
6.11
|
$
|
4.86
|
$
|
1.25
|
||||||
Oil
price per Bbl
|
$
|
69.29
|
$
|
64.89
|
$
|
4.40
|
||||||
Equivalent
per Boe
|
$
|
49.59
|
$
|
63.60
|
$
|
(14.01
|
)
|
|||||
Average
cost per Boe:
|
||||||||||||
Production
expenses:
|
||||||||||||
Lease
operating
|
$
|
10.21
|
$
|
13.76
|
$
|
(3.55
|
)
|
|||||
Taxes
other than income
|
$
|
3.93
|
$
|
3.53
|
$
|
0.40
|
||||||
General
and administrative expense:
|
||||||||||||
General
and administrative
|
$
|
167.76
|
$
|
250.62
|
$
|
(82.86
|
)
|
|||||
Stock-based
compensation
|
$
|
24.32
|
$
|
129.89
|
$
|
(105.57
|
)
|
|||||
Depletion
expense
|
$
|
25.13
|
$
|
19.19
|
$
|
5.94
|
Six
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
Cash
flows (used in) operating activities
|
$
|
(920,760
|
)
|
$
|
(546,221
|
)
|
||
Cash
flows (used in) investing activities
|
(4,366,831
|
)
|
(995,540
|
)
|
||||
Cash
flows provided by financing activities
|
9,333
|
9,063,866
|
||||||
Effect
of exchange rate changes
|
(6,242
|
)
|
9,795
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
$
|
(5,284,500
|
)
|
$
|
7,531,900
|
|
•
|
|
The
domestic and foreign supply of oil and gas;
|
|
|
||
|
•
|
|
The
level of consumer product demand;
|
|
|
||
|
•
|
|
Weather
conditions;
|
|
|
||
|
•
|
|
Political
conditions in oil producing regions, including the Middle
East;
|
|
|
||
|
•
|
|
The
ability of the members of the Organization of Petroleum Exporting
Countries to agree to and maintain oil price and production
controls;
|
|
|
||
|
•
|
|
The
price of foreign imports;
|
|
|
||
|
•
|
|
Actions
of governmental authorities;
|
|
|
||
|
•
|
|
Domestic
and foreign governmental regulations;
|
|
|
||
|
•
|
|
The
price, availability and acceptance of alternative fuels;
and
|
|
|
||
|
•
|
|
Overall
economic conditions.
|
Number
|
|
Description
|
3(i)1
|
|
Articles
of Incorporation of Index Oil & Gas, Inc. (2)
|
|
|
|
3(i)(2)
|
|
Certificate
of Amendment to the Articles of Incorporation of Index Oil and Gas
Inc.
(the "Company"), filed with the Secretary of the State of Nevada
on
November 28, 2005, changing the name of the Company from Thai One
On Inc.
to Index Oil and Gas, Inc., and increasing the number of authorized
shares
from 25,000,000 to 75,000,000. (1)
|
|
|
|
3(i)(2)
|
|
Certificate
of Amendment to the Articles of Incorporation of Index Oil and Gas
Inc.
(the "Company"), filed with the Secretary of the State of Nevada
on
September 21, 2006, increasing the number of authorized shares from
75,000,000 to 500,000,000, and creating a class of preferred stock,
authorizing the issuance of 10,000,000 shares, $0.001 par value per
share,
of preferred stock. (3)
|
|
|
|
3(ii)
|
|
By-laws
of Index Oil and Gas Inc. (2)
|
|
|
|
31.1
|
|
Certification
of Lyndon West in satisfaction of Section 302 of the Sarbanes-Oxley
Act of
2002. *
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
Certification
of the Chief Executive Officer pursuant to U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*
|
|
|
|
32.2
|
|
Certification
of the Chief Financial Officer pursuant to U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*
|
(1)
Incorporated by reference to the Company’s Amended Current Report filed on
Form 8-K/A with the SEC on March 15, 2006.
|
(2)
Incorporated by reference to the Company’s Registration Statement filed on
Form SB-2 with the SEC on May 24, 2004.
|
(3)
Incorporated by reference to the Company’s Current Report filed on Form
8-K with the SEC on September 28,
2006.
|
|
|
|
|
||
|
|
|
Date: November
14, 2007
|
By:
|
/s/ Lyndon
West
|
|
Lyndon
West
|
|
|
Chief
Executive Officer
|
|
|
|
|
|
|
|
|
|
Date: November
14, 2007
|
By:
|
/s/ Andrew
Boetius
|
|
Andrew Boetius |
|
|
Chief
Financial Officer (and acting Principal Accounting
Officer)
|
1 Year Index Oil and Gas (CE) Chart |
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