In November 2005, Thai entered into a Letter of Intent agreement with Index Oil and Gas Ltd. for the proposed acquisition of all of the outstanding shares of the Index Ltd.'s equity stock by Index. Subsequently, Thai changed its name from Thai One On Inc. to Index Oil and Gas Inc.
On January 20, 2006, in connection with the Letter of Intent, the stockholders of Index Ltd. entered into Acquisition and Share Exchange Agreements with the Company. As a result of the Acquisition, there was a change in control of the public entity.
Index is the parent company with four group subsidiaries: Index Ltd. comprises a United Kingdom holding company, which provides management services and United States operating subsidiaries; Index Oil & Gas (USA), LLC, an operating company; Index Investments North America Inc. and Index Offshore LLC, a wholly owned subsidiary of Index Investments and also an operating company. Index, Inc., through its subsidiaries, is engaged in the exploration for and development, production and sale of oil and natural gas. The Company does not currently operate any of its properties and sells its oil and gas production to domestic purchasers.
In addition, the Company completed a private placement on January 20, 2006 for 8,533,333 shares of its common stock, $0.001 par value per share at a price of $0.60 per share for aggregate gross proceeds of $5,120,000, received by the Company, in order to raise capital for investment in select oil and gas projects identified by the Company and for operating and working capital purposes.
