| x | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|------------------------------------------------------------------------------------------------|

|  ̈ | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|----------------------------------------------------------------------------------------------------|

| Nevada                                                                                                                                | 20-0815369               |
|---------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
| (State      or Other Jurisdiction of                                                                                                  | (I.R.S.      Employer    |
| Incorporation      or Organization)                                                                                                   | Identification      No.) |
|  10000      Memorial Drive, Suite 440Houston,      Texas 77024(Address      of principal executive offices, including zip  code) |

| (713)      683-0800                                            |
|----------------------------------------------------------------|
| (Registrant’s      Telephone Number, including areacode) |

| Title      of each class             |
|--------------------------------------|
| Common      Stock - $0.001 par value |

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|   | Large      accelerated filer   ̈      | Accelerated      filer   ̈ |   |
|--------|----------------------------------------------------------|------------------------------------------|--------|
|   | Non-accelerated      filer       ̈    | Smaller      reporting company      x    |   |
|   | (Do      not check if a smaller reporting company)       |                                     |   |

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| Name                     | Age    | Position(s)                                                                                                              | Director      Since |
|--------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|---------------------|
|                     |   |                                                                                                                     |                |
| Lyndon      West (1)     | 49     | Director      and Chief Executive Officer                                                                                | January      2006   |
| Andrew      Boetius (1)  | 45     | Director,      Chief Financial Officer (Principal Accounting Officer and Principal      Financial Officer) and Secretary | January      2006   |
| Daniel      Murphy (1)   | 66     | Chairman      of the Board of Directors                                                                                  | January      2006   |
| David      Jenkins (1)   | 59     | Director                                                                                                                 | January      2006   |
| Dr.      Ronald Bain (2) | 62     | Chief      Operating Officer                                                                                             | Not      applicable |

| (1)   | Each      of these respective directors and officers of the Company was appointed to      his position effective as of January 20, 2006. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|
| (2)   | Dr.      Bain was appointed to his position effective July 1,    2008.                                                                   |

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| Name      and Principal Position               | Year   | Salary      ($)  | Bonus      ($) | Stock      Awards ($) | Option      Awards ($) | Non-Equity      Incentive Plan Compensation ($) | Change      in Pension Value and Non-Qualified Deferred Compensation Earnings      ($) | All      Other Compensation ($) (1) (4) (7) | Total  ($) |
|------------------------------------------------|--------|------------------|----------------|-----------------------|------------------------|-------------------------------------------------|----------------------------------------------------------------------------------------|---------------------------------------------|------------|
|                                           |   |             |           |                  |                   |                                            |                                                                                   |                                        |       |
| Lyndon      West  CEO      and Director (2)    | 2009   | 118,001  (4)     | --             | 3,495 (8)        | --      (5)            | --                                              | --                                                                                     | 10,019      (6)                             | 131,515    |
|                                           | 2008   | 169,930          | --             | --                    | --      (5)            | --                                              | --                                                                                     | 16,993      6)                              | 186,923    |
| Andrew      Boetius  CFO      and Director (3) | 2009   | 110,134  (4)     | --             | 3,262 (8)        | --      (5)            | --                                              | --                                                                                     | 9,351      (6)                              | 122,747    |
|                                           | 2008   | 158,603          | --             | --                    | --      (5)            | --                                              | --                                                                                     | 15,860      (6)                             | 174,463    |
| Daniel      Murphy  Chairman                   | 2009   | 66,080  (4)      | --             | 1,957      (8)        | --      (5)            | --                                              | --                                                                                     | 11,382      (6)                             | 79,419     |
|                                           | 2008   | 158,603          | --             | --                    | --      (5)            | --                                              | --                                                                                     | 20,267      (6)                             | 178,870    |
| Dr      Ronald Bain  COO      (7)              | 2009   | 247,500      (7) |           | 71,354      (7)       | --                     | --                                              | --                                                                                     | --                                          | 318,854    |
|                                           | 2008   | --               | --             | --                    | --                     | --                                              | --                                                                                     | --                                          | --         |

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| (1) | With      the exception of reimbursement of expenses incurred during the scope of      their employment or services, only amounts received in aggregate in excess      of $9,000 for other compensation, perquisites or personal benefits in the      year ended March 31, 2009 are reported as All Other Compensation for the      named executive officers. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Appointed      as the Company’s CEO and a director in January of  2006. |
|-----|-------------------------------------------------------------------------------|

| (3) | Appointed      as the Company’s CFO and a director in January of  2006. |
|-----|-------------------------------------------------------------------------------|

| (4) | For      the year to March 31, 2009, the annual salaries for Mr. West and      Boetius were $133,586 and $124,680, respectively, and for Mr. Murphy      $74,808 (for three days working per week). For the period December 1, 2008      to February 28, 2009 salaries were paid at a 70% level and from March 1,      2009 at a 50% level. Payment of pension contributions were suspended      effective January 1, 2009. Each employee is entitled to an award of stock      of a value equivalent to and in lieu of foregone salary and pension      contributions. See note 8below. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)    | All      the original grants by the Company of stock options made on January 20,      2006 of 1,482,584 to each of Mr. West and Mr. Boetius and of 1,110,870 to      Mr. Murphy vested prior to March 31, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (6)    | Represents      an annual pension contribution equal to ten percent of base annual salary      for Mr. West, Mr. Boetius and Mr. Murphy, for the period April 2007 to      December 2008. Also see notes 4 and 8.  It also includes an      annual payment by the Company of Mr. Murphy’s medical and life insurance      coverage in the combined amount of $5,772 for 2009 and $4,407 for      2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (7)    | Effective      July 1, 2008, Dr. Bain was appointed to the newly created position of      Chief Operating Officer of Index Oil and Gas Inc. (the “Company”). Dr.      Bain joined the Company as its Senior Vice President of Exploration and      Production on February 1, 2008. Dr. Bain provides exploration, production      and strategic business services to the Company pursuant to the terms of an      Agreement for Exploration, Production and Strategic Services between the      Company and ConRon Consulting Inc. (“ConRon”), of which Dr. Bain is the      sole owner. All of the compensation under that Agreement, and amended and      restated, is included for the whole of the year to March 31, 2009, of      which base compensation is included in the column “Salary”.      ConRon   was also awarded certain bonuses paid in shares of      common stock of the Company, and the value of such stock that was approved      and issued in the year to March 31, 2009 is included in the column “Stock      Awards”. The value of the stock awards are calculated in the following      manner: (1) under the original agreement, for 98,152 shares of stock that      were awarded, based on the ruling stock price on the relevant contractual      award and vesting dates; (2) under the amended and restated agreement,      being the sum of contractual daily monetary bonuses due, and for which      66,167 shares of stock were awarded in the year based on the ruling stock      price on the date of approval of the award by the board of      directors. |

| (8) | 55,643      shares in aggregate were awarded as a stock award under the 2008 Stock      Incentive Plan to Mr. Murphy, Mr. West and Mr. Boetius in lieu of reduced      salary for the month of December 2008. Equivalent arrangements for reduced      salaries and benefits for these individuals continued for the months of      January 2009 through May 2009, with stock awards due following the end of      the period. For these employees, under a provisional calculation an      aggregate of 422,288 shares are issuable for the period January to March      2009, and a further 521,879 for the months of April and May 2009, and      assuming the Company does not withhold any shares otherwise distributable      in order to satisfy any tax obligations with respect to the issuance of      such shares. The equivalent amounts of foregone salary are as follows: (1)      for the period January to March 2009: Total $41,969; Mr. West $16,309; Mr.      Boetius $15,222; Mr. Murphy $10,438; (2) for the period April to May 2009:      Total $35,725; Mr. West $13,979; Mr. Boetius $13,048; Mr. Murphy $8,698.      These awards are subject to approval of the Board of Directors and have      not been made as of the date of this report. All awards are to be made      under the shareholder approved 2008 Stock Incentive Plan. The Board of      Directors is also currently seeking to extend the reduced salary      arrangements through to July 31, 2009. No compensation is included in this      table for stock awards that have not yet been approved and made. For the      purposes of calculating the value of salary and benefits foregone an      exchange rate of U.S $1.5 equal to one British pound has been      used. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | All      fiscal year 2009 and 2008 British pound-denominated executive compensation      amounts were translated into U.S. dollars based on March 31, 2009 and      March 30, 2008 exchange rates of U.S. $1.4334 and $1.9875, respectively,      equal to one British pound, unless otherwise  disclosed. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 | Option      Awards                                                         | Stock      Awards (1)                                                        |
|----------------------|----------------------------------------------------------------------------|------------------------------------------------------------------------------|
|                 |                                                                       |                                                                         |
| Name                 | Number  of  Securities  Underlying  Unexercised  Options  (#)  Exercisable | Number  of  Securities  Underlying  Unexercised  Options  (#)  Unexercisable | Equity  Incentive  Plan  Awards:  Number  of  Securities  Underlying  Unexercised  Unearned  Options  (#) | Option  Exercise  Price  ($) | Option  Expiration  Date | Number  of  Shares  or      Units  of      Stock  That  Have  Not  Vested  (#) | Market  Value  of  Shares  or  Units  of  Stock  That  Have  Not  Vested  ($) | Equity  Incentive  Plan  Awards:  Number  of  Unearned  Shares,  Units      or  Other  Rights  That  Have  Not  Vested  (#) | Equity      Incentive  Plan      Awards:  Market      or Payout  Value  of  Unearned  Shares,  Units      or  Other  Rights  That      Have  Not  Vested  ($) |
|                 |                                                                       |                                                                         |   |   |   |   |   |   |   |
| Lyndon      West     | 1,482,584                                                                  | --                                                                           | -- | 0.35 | 1/20/11 | N/A | N/A | N/A | N/A |
|                 |                                                                       |                                                                         |   |   |   |   |   |   |   |
| Andrew      Boetius  | 1,482,584                                                                  | --                                                                           | -- | 0.35 | 1/20/11 | N/A | N/A | N/A | N/A |
|                 |                                                                       |                                                                         |   |   |   |   |   |   |   |
| Daniel      Murphy   | 1,110,871                                                                  |                                                                         | -- | 0.35 | 1/20/11 | N/A | N/A | N/A | N/A |
|                 |                                                                       |                                                                         |   |   |   |   |   |   |   |
| David      Jenkins   | 200,112                                                                    | --                                                                           | -- | 0.35 | 1/20/11 | N/A | N/A | N/A | N/A |
|                 |                                                                       |                                                                         |   |   |   |   |   |   |   |
| Dr.      Ronald Bain | --                                                                         | --                                                                           | -- | -- | -- | N/A | N/A | N/A | N/A |

| (1) | Does      not include stock awards approved by the Board of Directors subsequent to      March 31, 2009. Subsequent to March 31, 2009 and to the date of this      amended report a stock award of 20,833 shares has been made to ConRon      Consulting Inc., a company solely owned by Dr. Bain, with a value of      $1,875, as a bonus for services provided in the three months to March 31,      2009. For details of pending stock awards (a) to our executive management,      see note 8 to the table headed “Summary Compensation Table” above, and (b)      to our non-executive director, see note 1 to the table below headed      “Director Compensation”, both in this Item 11.   As      of the date of this amended report no stock awards have been made to the      above officers and directors that did not vest      immediately. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name  (a)           | Fees      Earned or Paid in Cash  ($)      (b) | Stock      Awards  ($)      (c) | Option      Awards  ($)      (d) | Non-Equity      Incentive Plan Compensation  ($)      (e) | Change      in Pension Value and Nonqualified Deferred Compensation      Earnings  (f) | All      Other Compensation  ($)      (g) | Total  ($)      (h) |
|---------------------|------------------------------------------------|---------------------------------|----------------------------------|-----------------------------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------------|---------------------|
| Lyndon      West    | --                                             | --                              | --                               | --                                                        | --                                                                                     | --                                        | --                  |
| Andrew      Boetius | --                                             | --                              | --                               | --                                                        | --                                                                                     | --                                        | --                  |
| Daniel      Murphy  | --                                             | --                              | --                               | --                                                        | --                                                                                     | --                                        | --                  |
| David      Jenkins  | 18,370      (1)                                | 520      (1)                    | --      (2)                      | --                                                        | --                                                                                     | --                                        | 18,890              |

| (1) | For      the year to March 31, 2009, the annual fee for Mr. Jenkins’ services was      $20,796. For the period December 1, 2008 to February 28, 2009 Mr. Jenkins’      fees were paid at a 70% level and from March 1, 2009 at a 50% level. Mr.      Jenkins is entitled to an award of stock of a value equivalent to and in      lieu of foregone fees.   3,320      shares were awarded to Mr. Jenkins as a stock award under the 2008 Stock      Incentive Plan in lieu of reduced salary for the month of December 2008.      An equivalent arrangements for reduced fees continued for the months of      January 2009 through May 2009, with stock awards due following the end of      the period. Under a provisional calculation 12,173 shares are issuable to      Mr. Jenkins for the period January to March 2009, and a further 11,066 for      the months of April and May 2009, and assuming the Company does not      withhold any shares otherwise distributable in order to satisfy any tax      obligations with respect to the issuance of such shares. The equivalent      amounts of foregone salary are as follows: (1) for the period January to      March 2009, $1,906; (2) for the period April to May 2009,      $1,733. These awards are subject to approval of the Board of      Directors and have not been made as of date of this report. All awards are      to be made under the shareholder approved 2008 Stock Incentive Plan. The      Board of Directors is also currently seeking to extend the reduced salary      arrangements through to July 31, 2009. No compensation is included in this      table for stock awards that have not yet been approved and made. For the      purposes of calculating the value of salary and benefits foregone an      exchange rate of U.S $1.5 equal to one British pound has been      used. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | All      the original grant by the Company of stock options made on January 20,      2006 of 200,112 to Mr. Jenkins vested prior to March 31,      2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

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|   | • | Full      time Employment Agreements with Mr. West and Mr. Boetius. Effective as of      April 1, 2008, Mr. West’s annual salary was $133,586 and Mr. Boetius’      annual salary was $124,680. Mr. West’s and Mr. Boetius’ employment      agreements provide for continuous employment without a set date of      termination. Index Ltd may terminate Mr. West’s or Mr. Boetius’ employment      when Mr. West or Mr. Boetius, respectively reach such age as Index’s Board      of Directors determines as the appropriate retirement age for the senior      employees of our Company. Mr. West and Mr. Boetius may terminate their      employment with Index Ltd upon not less than three months notice.      Additionally, Index Ltd may terminate Mr. West’s and/or Mr. Boetius’      employment agreement upon not less than six months notice. Pursuant to      Termination of Control protection, upon termination of Mr. West’s or Mr.      Boetius’ employment due to a change of control of Index Ltd, Mr. West      and/or Mr. Boetius are entitled to severance pay. The severance pay is      equal to four times the amount of Mr. West’s or Mr. Boetius’ compensation      package, respectively, as defined in theagreements; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | • | A      part time Employment Agreement with Mr. Murphy, for three days working per      week. Effective as of April 1, 2008, Mr. Murphy’s salary was $74,808. Mr.      Murphy’s is employed continuously by Index Ltd. without a set date of      termination; however, his employment is terminated immediately upon his      death or permanent disability. Index Ltd. may also terminate Mr. Murphy’s      employment upon six months notice. Mr. Murphy may terminate his employment      upon three months notice to Index Ltd. Pursuant to his employment      agreement Index Ltd. provides Mr. Murphy with Directors Liability      Insurance and contributes to his private pension plan. Furthermore, the      employment agreement provides for a Termination of Control Protection      which entitles Mr. Murphy to receive an amount equivalent to four times of      annual compensation amount;                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | • | Non      executive director Service Agreement with Mr. Jenkins, whose Agreement was      subsequently assigned to Index Oil by Index Ltd. Under the Agreement      during the year ended March 31, 2009 Mr. Jenkins received a salary of      $1,733 per month.  Mr. Jenkins’ employment is terminated      immediately upon his death or permanent disability. Mr. Jenkins’      employment may also be terminated by the Company upon three months written      notice. Mr. Jenkins may terminate his employment upon three months written      notice to the applicable entity. Pursuant to his employment agreement, as      an alternative to serving notice, Index Inc. or Index Ltd., as applicable,      may, in its absolute discretion, terminate his employment without prior      notice and make a payment in compensation for loss of employment equal to      the salaries which he would otherwise have received during his notice      period. Furthermore, his employment agreement provides for a Termination      of Control Protection which entitles Mr. Jenkins to achieve vesting of any      unvested stock options up to the date of  termination.                                                                                                                               |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |    | For      each of Mr. West, Mr. Boetius, Mr. Murphy and Mr. Jenkins, for the period      December 1, 2008 to February 28, 2009 salaries were paid at a 70% level      and from March 1, 2009 at a 50% level. Payment of pension contributions      for Mr. West, Mr. Boetius and Mr. Murphy were suspended effective January      1, 2009. Each employee is entitled to an award of stock of a value      equivalent to and in lieu of foregone salary and, where appropriate,      pension contributions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | *       | Certain      compensation amounts are based on salaries that are to be paid in British      pounds. All 2009 and 2008 British pound-denominated executive compensation      amounts were translated into U.S. dollars based on March 31, 2009 and      March 31, 2008 exchange rates of U.S. $1.4334 and $1.9875 and,      respectively equal to one British pound, unless otherwise      disclosed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

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|   |   | • | all      directors and nominees, namingthem, |
|--------|--------|---------|----------------------------------------------|

|   |   | • | our      named executive officers, |
|--------|--------|---------|------------------------------------|

|   |   | • | our      directors and executive officers as a group, without naming them,      and |
|--------|--------|---------|-------------------------------------------------------------------------------------|

|   |   | • | persons      or groups known by us to own beneficially 5% or more of our Common Stock      or our Preferred Stock having votingrights: |
|--------|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------|

| Name      and Address of Owner                                                                                                       | Title      of Class | Capacity      with Company                      | Number      of Shares Beneficially Owned  (1)      (2) | Percentage      of Class |
|--------------------------------------------------------------------------------------------------------------------------------------|---------------------|-------------------------------------------------|--------------------------------------------------------|--------------------------|
|                                                                                                                                 |                |                                            |                                                   |                     |
| Lyndon      West  c/o      Index Oil & Gas Ltd.,  Lawrence      House, Lower Bristol Road,  Bath      BA2 9ET, United Kingdom    | Common      Stock   | CEO      and Director                           | 5,833,988      (3)                                     | 7.95%                    |
|                                                                                                                                 |                |                                            |                                                   |                     |
| Andrew      Boetius  c/o      Index Oil & Gas Ltd.,  Lawrence      House, Lower Bristol Road,  Bath      BA2 9ET, United Kingdom | Common      Stock   | Chief      Financial Officer and Director       | 2,761,382(4)                                           | 3.77%                    |
|                                                                                                                                 |                |                                            |                                                   |                     |
| Daniel      Murphy  c/o      Index Oil & Gas Ltd.,  Lawrence      House, Lower Bristol Road,  Bath      BA2 9ET, United Kingdom  | Common      Stock   | Chairman      of the Board                      | 1,618,368(5)                                           | 2.22%                    |
|                                                                                                                                 |                |                                            |                                                   |                     |
| David      Jenkins  c/o      Index Oil & Gas Ltd.,  Lawrence      House, Lower Bristol Road,  Bath      BA2 9ET, United Kingdom  | Common      Stock   | Director                                        | 1,306,548      (6)                                     | 1.82%                    |
|                                                                                                                                 |                |                                            |                                                   |                     |
| ConRon      Consulting Inc.,  9406      Fenchurch Drive, Spring,  Texas,      77379                                        | Common      Stock   | Chief      Operating Officer  (Dr      R. Bain) | 185,152                                                | 0.26%                    |
|                                                                                                                                 |                |                                            |                                                   |                     |
| Douglas      Wordsworth  44      Heath Lane,  Little      Sutton, Ellesmere Port, Cheshire, UK CH66 NT                               | Common      Stock   | --                                              | 3,829,433      (7)                                     | 5.34%                    |
|                                                                                                                                 |                |                                            |                                                   |                     |
| All      officers and Directors as a Group (5 persons)                                                                               | Common      Stock   | --                                              | 11,705,438                                             | 15.34%                   |

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| (1) | This      column represents the total number of votes each named stockholder is      entitled to vote upon matters presented to the stockholders for a      vote. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Applicable      percentage ownership is based on 71,656,852 shares of Common Stock      outstanding as of June 30, 2009, together with securities exercisable or      convertible into shares of Common Stock within 60 days of June 30, 2009,      for each stockholder. Beneficial ownership is determined in accordance      with the rules of the Securities and Exchange Commission and generally      includes voting or investment power with respect to securities. Shares of      Common Stock that are currently exercisable or exercisable within 60 days      of June 30, 2009, are deemed to be beneficially owned by the person      holding such securities for the purpose of computing the percentage of      ownership of such person, but are not treated as outstanding for the      purpose of computing the percentage ownership of any other      person. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes      (i) warrants to purchase 266,380 shares of Common Stock of the Company      exercisable at $0.14 per share, and (ii) options to purchase 1,482,584      shares of Common Stock of the Company exercisable at $0.35 per share,      which are presently exercisable or exercisable within 60 days, and (iii)      10,000 shares Common Stock of the Company beneficially      owned. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes      (i) warrants to purchase 124,488 shares of Common Stock of the Company      exercisable at $0.14 per share, and (ii) options to purchase 1,482,584      shares of Common Stock of the Company exercisable at $0.35 per share,      which are presently exercisable or exercisable within 60      days. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes      (i) options to purchase 1,110,871 shares of Common Stock of the Company      exercisable at $0.35 per share, which are presently exercisable or      exercisable within 60 days and (ii) 56,947 shares Common Stock of the      Company beneficially owned. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Includes      (i) warrants to purchase 12,539 shares of Common Stock of the Company      exercisable at $0.14 per share, and (ii) options to purchase 200,112      shares of Common Stock of the Company exercisable at $0.35 per share,      which are presently exercisable or exercisable within 60      days. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (7) | Includes      warrants to purchase 42,126 shares of Common Stock of the Company      exercisable at $0.14 per share which are presently exercisable or      exercisable within 60 days. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Lyndon      West    | 1,482,584      options |
|---------------------|------------------------|
| Andrew      Boetius | 1,482,584      options |
| Daniel      Murphy  | 1,110,871      options |
| David      Jenkins  | 200,112      options   |

----

|                                         |   |   | FYE      2009 |   |   |   | FYE      2008 |   |
|----------------------------------------------|--------|--------|---------------|--------|--------|--------|---------------|--------|
|                                         |   |   | $             |   |   |   | %        |   |   |   | $ |   |   |   | %  |   |
|                                         |   |   |          |   |   |   |          |   |   |   |   |   |   |   |   |   |
| Audit      Fees & Audit-Related Fees (2) |   |   | 110,170       |   |   |   | 88.9          |   |   |   | 104,850 |   |   |   | 88.3 |   |
| Tax      Fees                                |   |   | 12,913        |   |   |   | 10.4          |   |   |   | 10,525 |   |   |   | 8.9 |   |
| All      Other Fees (1)                      |   |   | 900           |   |   |   | 0.7           |   |   |   | 3,350 |   |   |   | 2.8 |   |

| (1)   | Fees      for other professional services related to our Registration Statements      that we filed with the SEC on Forms S-8 rendered by our principal      accountants during the fiscal years ended March 31, 2009 and March 31,      2008. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)   | Includes      review of periodic filings with the SEC on Forms 10-Q and      10-K.                                                                                                                                                             |

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| 31.1   |   | Certification      of Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley      Act of 2002. |
|--------|--------|---------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                          |
| 31.2   |   | Certification      of Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley      Act of 2002. |

----

|                           | INDEX      OIL AND GAS INC. |                                       |
|--------------------------------|-----------------------------|--------------------------------------------|
|                           |                        |                                       |   |
| Date:  July      30, 2009 | By:                         | /s/ Lyndon    West                    |   |
|                           |                        | Lyndon      West                           |   |
|                           |                        | President      and Chief Executive Officer |   |
|                           |                        |                                       |   |
|                      |                        |                                       |   |   |

----

| ExhibitNumber |   | Description                                                                                                                                                                                                                              |
|---------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1           |   | Restated      Articles of Incorporation of Index Oil and Gas Inc. (1)                                                                                                                                                                    |
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| 3.2           |   | Bylaws      of Index Oil and Gas Inc. (2)                                                                                                                                                                                                |
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| 10.1          |   | Acquisition      Agreement between Index Oil and Gas Inc., certain stockholders of Index      Oil & Gas Ltd, and Briner Group Inc. dated January 20, 2006.      (3)                                                                  |
|          |   |                                                                                                                                                                                                                                     |
| 10.2          |   | Form      of Share and Warrant Exchange Agreement entered into by and between Index      Oil and Gas Inc., Inc. and certain Index Oil & Gas Ltd stockholders.      (3)                                                               |
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| 10.3+         |   | Employment      Agreement entered into by and between Index Oil & Gas Ltd and Lyndon      West, dated January 20, 2006. (3)                                                                                                          |
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| 10.4+         |   | Employment      Agreement entered into by and between Index Oil & Gas Ltd and Andy      Boetius, dated January 20, 2006. (3)                                                                                                         |
|          |   |                                                                                                                                                                                                                                     |
| 10.5+         |   | Employment      Agreement entered into by and between Index Oil & Gas Ltd and Daniel      Murphy, dated January 20, 2006. (3)                                                                                                        |
|          |   |                                                                                                                                                                                                                                     |
| 10.6+         |   | Letter      Agreement entered into by and between Index Oil & Gas Ltd and David      Jenkins, dated January 20, 2006. (3)                                                                                                            |
|          |   |                                                                                                                                                                                                                                     |
| 10.7+         |   | Letter      Agreement entered into by and between Index Oil & Gas Ltd and Michael      Scrutton, dated January 20, 2006. (3)                                                                                                         |
|          |   |                                                                                                                                                                                                                                     |
| 10.8+         |   | Employment      Agreement entered into by and between Index Oil and Gas Inc. and John G.      Williams, dated August 29, 2006. (4)                                                                                                       |
|          |   |                                                                                                                                                                                                                                     |
| 10.9          |   | Form      of Subscription Agreement dated as of January 20, 2006.  (3)                                                                                                                                                                   |
|          |   |                                                                                                                                                                                                                                     |
| 10.10         |   | Form      of Subscription Agreement dated as of August 29 and October 4, 2006.      (5)                                                                                                                                                  |
|          |   |                                                                                                                                                                                                                                     |
| 10.11         |   | Form      of Registration Rights Agreement dated as of August 29, 2006.      (5)                                                                                                                                                         |
|          |   |                                                                                                                                                                                                                                     |
| 10.12+        |   | Index      Oil and Gas Inc. 2006 Incentive Stock Option Plan. (6)                                                                                                                                                                        |
|          |   |                                                                                                                                                                                                                                     |
| 10.13         |   | Securities      Purchase Agreement dated as of November 5, 2007. (7)                                                                                                                                                                     |
|          |   |                                                                                                                                                                                                                                     |
| 10.14         |   | Form      of Warrant to Purchase Common Stock. (7)                                                                                                                                                                                       |
|          |   |                                                                                                                                                                                                                                     |
| 10.15+        |   | Agreement      for Exploration, Production and Strategic Services dated February 1, 2008      between the Company and ConRon Consulting Inc., as amended by Addendum #1      dated June 1, 2008 and Addendum #2 dated July 1, 2008.  (8) |
|          |   |                                                                                                                                                                                                                                     |
| 10.16+        |   | Amended      and Restated Agreement for Exploration, Production and Strategic Services      between Index Oil and Gas Inc. and ConRon Consulting Inc. dated December      8, 2008. (9)                                                   |
|          |   |                                                                                                                                                                                                                                     |
| 10.17+        |   | Amended      Employment Agreement of Daniel Murphy, dated March 4, 2009.      (10)                                                                                                                                                       |
|          |   |                                                                                                                                                                                                                                     |
| 10.18+        |   | Amended      Employment Agreement of Lyndon West, dated March 4, 2009.    (10)                                                                                                                                                           |
|          |   |                                                                                                                                                                                                                                     |
| 10.19+        |   | Amended      Employment Agreement of Andrew Boetius, dated March 4, 2009.      (10)                                                                                                                                                      |
|          |   |                                                                                                                                                                                                                                     |
| 14.1          |   | Code      of Ethics and Business Conduct for officers, directors and employees of      Index Oil and Gas Inc. adopted by the Company’s Board of Directors on      March 31, 2006. (11)                                             |
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| 21.1          |   | List      of subsidiaries of the Company. (12)                                                                                                                                                                                           |
|          |   |                                                                                                                                                                                                                                     |
| 23.1          |   | Consent      of RBSM LLP. (12)                                                                                                                                                                                                           |
|          |   |                                                                                                                                                                                                                                     |
| 23.2          |   | Consent      of Ancell Energy Consulting, Inc. (12)                                                                                                                                                                                      |
|          |   |                                                                                                                                                                                                                                     |
| 31.1          |   | Certification      by Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of      the Exchange Act. *                                                                                                                   |
|          |   |                                                                                                                                                                                                                                     |
| 31.2          |   | Certification      by Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of      the Exchange Act. *                                                                                                                   |
|          |   |                                                                                                                                                                                                                                     |
| 32.1          |   | Certification      by Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) of      the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United      States Code. *                                         |
|          |   |                                                                                                                                                                                                                                     |
| 32.2          |   | Certification      by Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) of      the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United      States Code. *                                         |

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| *      Filed Herewith                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------|
| +      Compensatory plan or arrangement                                                                                                   |
| (1)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on September 5, 2008.        |
| (2)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on October 9, 2008.          |
| (3)      Incorporated by reference to the Company’s Amended Current Report filed on      Form 8-K/A with the SEC on March 15, 2006. |
| (4)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on September 8, 2006.        |
| (5)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on September 11, 2006.       |
| (6)      Incorporated by reference to the Company’s Registration Statement filed on      Form S-8 with the SEC on October 3, 2007.  |
| (7)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on February 29, 2008.        |
| (8)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on July 8, 2008.             |
| (9)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on December 12, 2008.        |
| (10)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on March 6, 2009.           |
| (11)      Incorporated by reference to the Company’s Annual Report filed on Form      10-KSB with the SEC on April 10, 2006.        |
| (12)      Filed previously with the Company’s Annual Report filed on Form 10-K with      the SEC on July 10, 2009                   |