| 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 |

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

----

EXPLANATORY NOTE

----

| Name                    | Age    | Position(s)                                                                                                    | Director      Since |
|-------------------------|--------|----------------------------------------------------------------------------------------------------------------|---------------------|
|                    |   |                                                                                                           |                |
| Lyndon      West (1)    | 48     | Director      and Chief Executive Officer                                                                      | January      2006   |
| Andrew      Boetius (1) | 44     | Director      and Chief Financial Officer (Principal Accounting Officer and Principal      Accounting Officer) | January      2006   |
| Daniel      Murphy (1)  | 65     | Chairman      of the Board of Directors and Secretary                                                          | January      2006   |
| David      Jenkins (1)  | 58     | Director                                                                                                       | January      2006   |

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

----

| Name      and Relationship | Number      of Late Reports | Transactions      Not Timely Reported | Known      Failures to File a Required Form |
|----------------------------|-----------------------------|---------------------------------------|---------------------------------------------|
|                       |                        |                                  |                                        |
| Lyndon      West           | 0                           | 0                                     | 0                                           |
| Andrew      Boetius        | 0                           | 0                                     | 0                                           |
| Daniel      Murphy         | 0                           | 0                                     | 0                                           |
| David      Jenkins         | 0                           | 0                                     | 0                                           |
| Michael      Scrutton      | 0                           | 0                                     | 0                                           |

----

| Name      and Principal Position               | Year   | Salary      ($)  | Bonus      ($) (5) | Stock      Awards ($) | Option      Awards ($) | Non-Equity      Incentive Plan Compensation ($) | Change      in Pension Value and Non-Qualified Deferred Compensation Earnings      ($) | All      Other Compensation ($) (1) | Total  ($) |
|------------------------------------------------|--------|------------------|--------------------|-----------------------|------------------------|-------------------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------|------------|
|                                           |   |             |               |                  |                   |                                            |                                                                                   |                                |       |
| Lyndon      West  CEO      and Director (2)    | 2008   | 169,930      (4) | --                 | --                    | --      (5)            | --                                              | --                                                                                     | 16,993      (6)                     | 186,923    |
|                                           | 2007   | 118,501      (4) | 73,553             | --                    | --      (5)            | --                                              | --                                                                                     | --                                  | 192,054    |
| Andrew      Boetius  CFO      and Director (3) | 2008   | 158,603      (4) | --                 | --                    | --      (5)            | --                                              | --                                                                                     | 15,860      (6)                     | 174,463    |
|                                           | 2007   | 114,415      (4) | 68,649             | --                    | --      (5)            | --                                              | --                                                                                     | --                                  | 183,064    |
| Daniel      Murphy  Chairman                   | 2008   | 158,603      (4) | --                 | --                    | --      (5)            | --                                              | --                                                                                     | 20,267      (6)                     | 178,870    |
|                                           | 2007   | 114,415      (4) | 68,649             | --                    | --      (5)            | --                                              | --                                                                                     | --                                  | 183,064    |

| (1) | With      the exception of reimbursement of expenses incurred by our named executive      officers during the scope of their employment, none of the named executive      officers received any other compensation, perquisites or personal benefits      in excess of $10,000 in the year ended March 31,  2007. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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) | From      April 1, 2006 to October 30, 2006, Mr. West, Mr. Boetius and Mr. Murphy      received an annual salary of $98,070 each. Effective as of November 1,      2006, their annual salaries were increased to $147,105, $137,298 and      $137,298, respectively. On April 1, 2007, their annual salaries increased      to 169,930, $158,603 and $158,603, respectively.  The amounts      stated for fiscal year 2007 (ended March 31, 2007) represent their      aggregate salaries paid based on a pro rata basis of the applicable annual      base salary amounts. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)    | The      remaining 370,916 stock options out of the original grant by the Company      of 1,482,584 stock options made on January 20, 2006 to each of Mr. West      and Mr. Boetius vested during the fiscal year ended March 31, 2008. The      remaining 277,717 stock options out of the original grant by the Company      of 1,110,870 stock options made on January 20, 2006 to Mr. Murphy vested      during the fiscal year ended March 31, 2008.  During the fiscal      year ended March 31, 2007, 370,916 stock options out of the original grant      by the Company of 1,482,584 stock options made on January 20, 2006 to each      of Mr. West and Mr. Boetius vested. In addition, 277,717 stock options out      of the original grant by the Company of 1,110,870 stock options made on      January 20, 2006 to Mr. Murphy vested during the fiscal year ended March      31, 2007. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (6)    | Represents      an annual pension contribution equal to ten percent of base annual salary      for Mr. West, Mr. Boetius and Mr. Murphy.  It also includes a      pro rata portion for seven months of annual contribution by the Company to      Mr. Murphy’s medical and life insurance in the combined amount of      $4,407.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

|   |   | All      2008 and 2007 British pound-denominated executive compensation amounts      were translated into U.S. dollars based on March 31, 2008 and March 30,      2007 exchange rates of U.S. $1.9875 and $1.9614, respectively equal one      British pound. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                  | Option      Awards                                                         | Stock      Awards                                                            |
|-----------------------|----------------------------------------------------------------------------|------------------------------------------------------------------------------|
|                  |                                                                       |                                                                         |
| 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    | 301,375                                                                    | --                                                                           | -- | 0.35 | 1/20/11 | N/A | N/A | N/A | N/A |
|                  |                                                                       |                                                                         |   |   |   |   |   |   |   |
| Michael      Scrutton | 200,112                                                                    |  --                                                                     | -- | 0.35 | 1/20/11 | N/A | N/A | N/A | N/A |

| Name  (a)             | Fees      Earned or Paid in Cash  ($)      (b) | Stock      Awards  ($)      (c) | Option      Awards  ($)      (d)(1) | Non-Equity      Incentive Plan Compensation  ($)      (e) | Change      in Pension Value and Nonqualified Deferred Compensation      Earnings  (f) | All      Other Compensation  ($)      (g) | Total  ($)      (h) |
|-----------------------|------------------------------------------------|---------------------------------|-------------------------------------|-----------------------------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------------|---------------------|
| Lyndon      West      | --                                             | --                              | --                                  | --                                                        | --                                                                                     | --                                        | --                  |
| Andrew      Boetius   | --                                             | --                              | --                                  | --                                                        | --                                                                                     | --                                        | --                  |
| Daniel      Murphy    | --                                             | --                              | --                                  | --                                                        | --                                                                                     | --                                        | --                  |
| John      Williams    | --                                             | --                              | --                                  | --                                                        | --                                                                                     | --                                        | --                  |
| David      Jenkins    | 18,900      (1)                                | --                              | --                                  | --                                                        | --                                                                                     | --                                        | 18,900              |
| Michael      Scrutton | 16,101      (1)                                | --                              | --                                  | --                                                        | --                                                                                     | --                                        | 16,101              |

| (1) | The      salaries for Mr. Jenkins and Mr. Scrutton in the year to March 31, 2008      were $1,575 per month and $1,789 per month, respectively. The amounts      stated represent Mr. Scrutton’s aggregate annual compensation paid on a      pro rata basis of the applicable annual salary until his death in December      2007. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | Full      time Employment Agreements with Mr. West and Mr. Boetius. The agreements      initially provided for Mr. West and Mr. Boetius to receive each an annual      salary of $90,909 per year. Effective as of April 1, 2007, Mr. West’s      annual salary was $169,930 and Mr. Boetius’ annual salary was $158,600.      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 3 months notice. Additionally, Index Ltd may terminate      Mr. West’s and/or Mr. Boetius’ employment agreement upon not less than 6      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      the agreements; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | • | A      full time Employment Agreement with Mr. Murphy. The agreement initially      provided for Mr. Murphy to receive an annual salary of $75,000 per year,      which effective as of April 1, 2007, was $158,600. 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; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | • | Non      executive director Service Agreements with Mr. Scrutton and Mr. Jenkins,      whose non-executive director Service Agreement was subsequently assigned      to Index Oil by Index Ltd. Under the Agreements during the year ended      March 31, 2008 Mr. Jenkins received a salary of $1,575 per month, and Mr.      Scrutton received a salary of $1,789 per month. Mr. Scrutton’s employment      terminated in December 2007 upon his death.  Mr. Jenkins’      employment is terminated immediately upon his death or permanent      disability. Mr. Jenkins’ employment may also be terminated by Index Oil or      Index Ltd, as applicable, 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 Oil 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 his      unvested stock options up to the date of  termination.                          |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | *       | Certain      compensation amounts are based on salaries that are to be paid in British      pounds. All 2008 and 2007 British pound-denominated executive compensation      amounts were translated into U.S. dollars based on March 31, 2008 and      March 31, 2007 exchange rates of U.S. $1.9875 and $1.9614, respectively      equal one British pound.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

----

|   |   | • | 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                     | 5,801,671      (3)                                     | 7.92%                    |
|                                                                                                                                 |                |                                      |                                                   |                     |
| 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 | 2,740,553      (4)                                     | 3.75%                    |
|                                                                                                                                 |                |                                      |                                                   |                     |
| Daniel      Murphy  c/o      Index Oil & Gas Ltd.,  Lawrence      House, Lower Bristol Road,  Bath      BA2 9ET, United Kingdom  | Common      Stock   | Chairman      of the Board and Secretary  | 1,548,924      (5)                                     | 2.13%                    |
|                                                                                                                                 |                |                                      |                                                   |                     |
| David      Jenkins  c/o      Index Oil & Gas Ltd.,  Lawrence      House, Lower Bristol Road,  Bath      BA2 9ET, United Kingdom  | Common      Stock   | Director                                  | 1,303,228      (6)                                     | 1.82%                    |
|                                                                                                                                 |                |                                      |                                                   |                     |
| Douglas      Wordsworth  44      Heath Lane,  Little      Sutton, Ellesmere Port, Cheshire, UK CH66 NT                               | Common      Stock   | --                                        | 3,829,433      (7)                                     | 5.35%                    |
|                                                                                                                                 |                |                                      |                                                   |                     |
| All      officers and Directors as a Group (4 persons)                                                                               | Common      Stock   | --                                        | 11,394,376                                             | 14.96%                   |

| (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 71,455,594 shares of Common Stock      outstanding as of June 30, 2008, together with securities exercisable or      convertible into shares of Common Stock within 60 days of June 30, 2008,      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, 2008, 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. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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   |
| Michael      Scrutton (deceased) | 301,375      options   |

----

|                    |   |   | FYE      2008  |   |   |   | FYE      2007  |   |
|-------------------------|--------|--------|---------------------|--------|--------|--------|---------------------|--------|
|                    |   |   | $              |   |   |   | %              |   |   |   | $  |   |   |   | %  |   |
|                    |   |   |                |   |   |   |                |   |   |   |   |   |   |   |   |   |
| Audit      Fees         |   |   | 104,850             |   |   |   | 88.3                |   |   |   | 222,000 |   |   |   | 87.4 |   |
| Audit-Related      Fees |   |   | -                   |   |   |   | -                   |   |   |   | - |   |   |   | - |   |
| Tax      Fees           |   |   | 10,525              |   |   |   | 8.9                 |   |   |   | 15,000 |   |   |   | 5.9 |   |
| All      Other Fees (1) |   |   | 3,350               |   |   |   | 2.8                 |   |   |   | 17,000 |   |   |   | 6.7 |   |

| (1)   | Fees      for other professional services related to our Registration Statements      that we filed with the SEC on Form SB-2 and on Form S-8 rendered by our      principal accountants during the fiscal years ended March 31, 2007 and      March 31, 2008. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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      29, 2008 | By:                         | /s/ Lyndon    West                    |   |
|                          |                        | Lyndon      West                           |   |
|                          |                        | President      and Chief Executive Officer |   |
|                          |                        |                                       |   |
|                     |                        |                                       |   |   |

----

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3(i)(1)       |   | Articles      of Incorporation of Index Oil and Gas Inc., Inc. (4)                                                                                                                                                                                                                                                                                                                                                                           |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 3(i)(2)       |   | Certificate      of Amendment to the Articles of Incorporation of Index Oil and Gas Inc.      (the “Company”), filed with the Secretary of the State of Nevada on      November 30, 2005, changing the name of the Company from Thai One On Inc.      to Index Oil and Gas Inc., Inc., and increasing the number of authorized      shares from 25,000,000 to 75,000,000. (1)                                                    |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 3(i)(2)       |   | Certificate      of Amendment to the Articles of Incorporation of Index Oil and Gas Inc.      (the “Company”), filed with the Secretary of the State of Nevada on      September 21, 2006, increasing the number of authorized shares from      75,000,000 to 500,000,000, and creating a class of preferred stock,      authorizing the issuance of 10,000,000 shares, $0.001 par value per share,      of preferred stock. (7) |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 3(ii)         |   | Bylaws      of Index Oil and Gas Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                    |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 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.      (1)                                                                                                                                                                                                                                                                      |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 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.      (1)                                                                                                                                                                                                                                                                   |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.3+         |   | Employment      Agreement entered into by and between Index Oil & Gas Ltd and Lyndon      West, dated January 20, 2006. (1)                                                                                                                                                                                                                                                                                                              |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.4+         |   | Employment      Agreement entered into by and between Index Oil & Gas Ltd and Andy      Boetius, dated January 20, 2006. (1)                                                                                                                                                                                                                                                                                                             |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.5+         |   | Employment      Agreement entered into by and between Index Oil & Gas Ltd and Daniel      Murphy, dated January 20, 2006. (1)                                                                                                                                                                                                                                                                                                            |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.6+         |   | Letter      Agreement entered into by and between Index Oil & Gas Ltd and David      Jenkins, dated January 20, 2006. (1)                                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.7+         |   | Letter      Agreement entered into by and between Index Oil & Gas Ltd and Michael      Scrutton, dated January 20, 2006. (1)                                                                                                                                                                                                                                                                                                             |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.8+         |   | Employment      Agreement entered into by and between Index Oil and Gas Inc. and John G.      Williams, dated August 29, 2006. (5)                                                                                                                                                                                                                                                                                                           |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.9          |   | Form      of Subscription Agreement dated as of January 20, 2006.  (1)                                                                                                                                                                                                                                                                                                                                                                       |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.10         |   | Form      of Subscription Agreement dated as of August 29 and October 4, 2006.      (6)                                                                                                                                                                                                                                                                                                                                                      |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.11         |   | Form      of Registration Rights Agreement dated as of August 29, 2006.      (6)                                                                                                                                                                                                                                                                                                                                                             |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.12+        |   | Index      Oil and Gas Inc. 2006 Incentive Stock Option Plan. (9)                                                                                                                                                                                                                                                                                                                                                                            |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.13         |   | Securities      Purchase Agreement dated as of November 5, 2007. (10)                                                                                                                                                                                                                                                                                                                                                                        |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.14         |   | Form      of Warrant to Purchase Common Stock.(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. (3)         |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                |
| 21.1   |   | List      of subsidiaries of the Company. (11)                                                                                                                                                      |
|   |   |                                                                                                                                                                                                |
| 23.1   |   | Consent      of RBSM LLP. (11)                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                |
| 23.2   |   | Consent      of Ancell Energy Consulting, Inc. (11)                                                                                                                                                 |
|   |   |                                                                                                                                                                                                |
| 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. (11) |
|   |   |                                                                                                                                                                                                |
| 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. (11) |

| *      Filed Herewith                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| +      Compensatory plan or arrangement                                                                                                                                                                                                                            |
| (1)      Incorporated by reference to the Company’s Amended Current Report filed on      Form 8-K/A with the SEC on March 15, 2006.                                                                                                                          |
| (2)      Incorporated by reference to the Company’s Annual Report filed on Form      10-K with the SEC on July 17, 2006.                                                                                                                                     |
| (3)      Incorporated by reference to the Company’s Annual Report filed on Form      10-KSB with the SEC on April 10, 2006.                                                                                                                                  |
| (4)      Incorporated by reference to the Company’s Registration Statement filed on      Form SB-2 with the SEC on May 24, 2004.                                                                                                                             |
| (5)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on September 8, 2006.                                                                                                                                 |
| (6)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on September 11, 2006.                                                                                                                                |
| (7)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on September 28, 2006.                                                                                                                                |
| (8)      Incorporated by reference to the Company’s Registration Statement filed on      Form SB-2 with the SEC on October 11, 2006.                                                                                                                         |
| (9)      Incorporated by reference to the Company’s Registration Statement filed on      Form S-8 with the SEC on October 3, 2007.                                                                                                                           |
| (10)      Incorporated by reference to the Company’s Current Report filed on Form      8-K with the SEC on February 29, 2008.(11)      Incorporated by reference to the Company’s Annual Report filed on Form      10-K with the SEC on June 30, 2008. |