Under current Rule 144, as promulgated under the Securities Act of 1933, as amended, any investor, who is not an affiliate of the Company (as that term is defined under the securities laws) and has not been an affiliate of the Company for the previous three months, may sell Securities without restriction if the investor has beneficially owned the securities for more than one year. Because all Securities listed in the Resale Registration Statement for ``Selling Stockholders'' were purchased more than one year before the date of this letter, the Company will instruct its transfer agent, Continental Stock Transfer Company, to allow transfers by non-affiliate ``Selling Stockholders'' to occur for the securities under Rule 144. The Company does not intend to file an updated registration statement covering the Securities.

Inquiries should be directed to:

                  Continental Stock Transfer Company
                    Phone: (212) 509-4000, ext. 541
                  Email: cstmail@continentalstock.com

                      or

                 Chief Executive Officer, Lyndon West
                   10000 Memorial Drive, Suite 440
                        Houston, Texas 77024
                        Phone: (713) 683-0800

About Index Oil and Gas

Index Oil and Gas Inc. (OTC BB:IXOG.OB - News) is a dynamic oil and gas exploration and production company, with activities primarily in Texas, Louisiana and Kansas, and offices in Houston. The Company's goal is to generate increasing reserves and cash flow from a portfolio of moderate and higher risk potential prospects. After successfully focusing on lower risk prospects to build reserves and near term cash flow in FY 2007 (ended March 31, 2007), Index embarked upon a drilling program in FY 2008 of a balanced, risk-managed portfolio of prospects designed to generate significantly higher reserves and production. The Company has a successful drilling record and intends to grow its existing asset base and revenues through further investment in the U.S.

To learn more about Index Oil and Gas (OTC BB:IXOG.OB - News), 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 abrooks@cfsg1.com or 1-800-625-2236.

The statements in this press release that relate to the Company's expectations with regard to the future impact on 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. This document may also contain other ``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. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. Because 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 the expected results. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

For a description of risks and other factors that may affect the Company's results of operations and financial performance, see the Company's reports filed with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the fiscal year ended March 31, 2008 and the Company's quarterly reports on Forms 10-Q, copies of which may be obtained from the SEC's web site at http://www.sec.gov.