IXOG Index Oil and Gas Inc (CE)

Dutton Associates initiates coverage of Index Oil and Gas (OTCBB:IXOG) with a Speculative Buy rating and a $1.80 price target. The 28-page report by Dutton senior analyst Richard Wolfe, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. Index Oil and Gas is a recently established oil and gas exploration and production company with producing properties in Texas, Louisiana, and Kansas. Index has branched out from an initial, successful purchase of low-risk exploration projects in Kansas to a portfolio of higher-potential Gulf Coast properties and is in the process of investigating the purchase of acreage plays along the lines of recent industry activity in unconventional crude oil and natural gas exploitation. Dutton Associates estimates indicate substantially higher oil and gas revenues during the Company�s fiscal year ending March 31, 2008, followed by substantial growth of discretionary cash flow in subsequent years. The Company has a successful drilling track record and is guided by a carefully crafted operational strategy with a sophisticated risk-management system. Its management team and board of directors has operated at the top levels of the exploration operations of major international oil companies and can lay claim to a record of success in getting new-business startups off the ground. Our rating is based on our confidence in the Company�s business plan and in the very experienced and highly accomplished management team, coupled with our expectation of strong cash-flow growth and our industry outlook calling for favorable crude-oil and natural-gas product markets. We have set a 12-month price target of $1.80 per share. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 145 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 4/09/2007. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.