Index Oil and Gas, Inc. is Pleased to Provide an Update on Its Operations in Kansas; Development Drilling Success in Seward; Ba

Index Oil and Gas, Inc. ("Index", OTCBB:IXOG) holds a
5% working interest in oil and gas leases through an Area of Mutual
Interest (AMI) initially covering approximately 8,500 acres located in
Stafford County, Kansas. The current retained AMI area is
approximately 3871 acres. The project areas are named Seward North,
Globe and Seward Townsite, collectively "Seward".
   Index is participating in a 5 well drilling program which
commenced in mid January 2006. The first 4 wells in a 5 well program
(Schilling #1-32, Marvin Drach #2-2, Neeland #1-32 and Witt #1-14)
have been drilled successfully. Index plans that all of these will be
completed as producing wells, with Schilling #1-32 having now
commenced production. The operator is currently drilling the final
well in this series (Conner-Jackson #1-29).
   Subject to the success of Conner-Jackson #1-29 this program will
increase the number of producing Seward wells from 14 to 19.

   Kansas - Barton County exploration project

   As referred to in the current report filed on Form 8-K with the
Securities and Exchange Commission on 15 March 2006, Index has also
acquired a working interest in an exploration project to the north of
Seward in Barton County, Kansas.
   The 5% working interest in the Barton County project is in an AMI
of some 4879 acres. The operator has recently acquired, through a
geophysical contractor, approximately 6.6 square miles of new 3
Dimensional ("3D") seismic data. This is currently being processed
prior to evaluation.
   Index believes that the acquisition and processing of new 3D
seismic data may enable the project partners to identify undrilled
structural highs in this proven petroleum province.
   Both the Seward producing field and the Barton County project are
located on a structure known as the Central Kansas uplift. Since the
early 1900's, several billion barrels of oil have been produced from
the Central Kansas Uplift, primarily from carbonate reservoirs of the
Pennsylvanian, Lansing Group through to the Arbuckle Group of
Cambro-Ordovician age.

   About Index

   Index is a gas biased oil and gas exploration and production
company, with activities in Kansas, Texas and Louisiana. It has
offices in Bath, England and Houston, Texas. Index is focused on
efficiently building a broad portfolio of producing properties with
what it believes to be significant upside potential and intends to
grow its existing asset base and revenues through further investment
in the U.S. The company seeks to develop its activities in areas
containing prolific petroleum systems set in stable political and
economic environments.

   For more information visit our website www.indexoil.com

   Forward-Looking Statements

   The statements in the press release that relate to the company's
expectations with regard to the future impact the company's results
from acquisitions or actions in development are forward looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The statements in this document may also contain
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934.Since the information may contain statements that involve risk
and uncertainties and are subject to change at any time, the company's
actual results may differ materially from expected results.