OVERLAND PARK, KS--(Marketwired - Jul 24, 2013) - Infinity Energy Resources, Inc. (
"To date, we have received and are evaluating offers from two major international geophysical service companies, and we anticipate receipt of an offer from a third company within the next few days," stated Stanton Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "If we accept one of these offers and are able to enter into a definitive agreement, as contemplated, our new strategic partner would agree to commence shooting at least 1,000 kilometers of additional 2-D seismic before the end of 2013. We believe this additional seismic mapping would allow Infinity and its geological and geophysical consultants to more effectively identify the most attractive initial drilling prospects beneath its 1.4 million-acre Tyra and Perlas concessions in the Caribbean Sea offshore Nicaragua. We consider the proposals to be favorable for Infinity and its shareholders, and they involve equity stakes of no more than a 20% stake in the Nicaraguan project. In addition to the seismic shoot, both parties have agreed to lend the expertise of their technical teams to the processing and interpretation of seismic data derived from mapping activities."
"We consider a strategic partnership with a global geophysical company the best path at this time to further enhance the value of our offshore Nicaraguan oil concessions, while awaiting initial drilling results from Noble Energy and Repsol S.A. In recent news releases, Noble has stated that it intends to begin drilling the first well on its 1.8 million-acre concessions, which are located directly east of and adjacent to our concessions, in August 2013. In recent weeks, media reports have revealed that Spanish oil giant Repsol, which has a presence in 30 countries, has been negotiating with the Nicaraguan government and also intends to commence drilling its initial well in the Caribbean Sea next month," concluded Ross.
About Infinity Energy Resources, Inc.
Infinity Energy Resources, Inc.'s operations consist of exploration and development activities associated with oil and gas concessions covering approximately 1.4 million acres offshore Nicaragua in the Caribbean Sea. The Company's concessions are located adjacent to Noble Energy's 1.8 million-acre offshore concessions. Noble has announced plans to commence drilling on its Nicaraguan concessions in the current quarter.
Infinity is headquartered in Overland Park, Kansas and its common stock is currently traded on the OTCQB under the symbol "IFNY". The Company's financial statements and additional information are available on the Internet at www.sec.gov or www.ifnyoil.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Such forward-looking statements may include the words "believes," "expects," "anticipates," "intends," "estimates," "plans," "projections" or other expressions that are predictions of or indicate future events. A wide variety of factors that may cause the actual results to differ materially from these statements include, but are not limited to, the following: the Company's ability to raise sufficient capital and/or obtain a partner on acceptable terms, or at all, to pursue exploration and development activities regarding its Nicaraguan Concessions; whether it will be able to negotiate and enter into a definitive agreement on favorable or acceptable terms with a geophysical service company; the success of its efforts to acquire and process seismic data relating to such Concessions; the quantity of hydrocarbons beneath the Concession blocks; the costs of drilling and completion of any wells; risks that drilling wells will not result in commercially viable oil and natural gas production; operating risks, delays and problems; the availability of services on acceptable terms; changes in the prices of oil and gas; unexpected negative geological variances; governmental uncertainties in Nicaragua; actions by creditors with respect to debt obligations, liquidity and capital requirements; competition from larger, more established companies with far greater economic and human resources; the effect of changing economic conditions; changes in U.S. government regulations, tax rates and similar matters; and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2012 and its Quarterly Report on Form 10-Q for the three months ended March 31, 2013 filed with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
- Oil, Gas, & Consumable Fuels
- Noble Energy
Stanton E. Ross