Index Oil and Gas, Inc (IXOG.OB) announced that the company’s Shadyside 1 well, located in Saint Mary’s Parish, Louisiana, has been connected to their sales pipeline network. As a result, this well is flowing at an initial rate of approximately 1.6 million cubic feet of gas per day. However, Index Oil seeks to increase production rates in a gradual manner during year 2008.
Furthermore, Index’s Hawkins 1 well has also been connected to their sales pipeline network. Initially, this well is flowing at a rate of approximately 0.55 million cubic feet of gas per day.
Lyndon West, CEO of Index, stated, “Shadyside is a significant well for Index, and we are pleased to report that the initial test results and flow rates to sales are very encouraging. If sustained, this will add significantly to the company’s production and revenue. The well will also add to the Company’s reserves, which will be audited at fiscal year end. The Hawkins well has also finally come on stream following some frustrating operational and weather delays in South Texas.”
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