Infinity Energy Resources Announces Approval of Environmental Impact Assessment by Nicaraguan Government
April 16 2013 - 8:28AM
Marketwired
Infinity Energy Resources, Inc. (OTCQB: IFNY) ("Infinity") (the
"Company"), an independent oil and gas exploration and development
company, today announced that it has received approval of its
Environmental Impact Assessment ("EIA") from the Nicaraguan
Government relating to its 1.4 million-acre oil and gas concession
in the Caribbean Sea offshore Nicaragua.
Approval of the EIA allows the Company to proceed with
exploration activities on the concession, subject to compliance
with the conditions set forth in the EIA approval. The approval is
divided into two phases. Phase I authorizes seismic mapping
activities (2-D and 3-D) on the Tyra and Perlas blocks that
comprise the concession. Phase II involves exploratory drilling
activities to determine the existence of hydrocarbon reserves
beneath the Nicaraguan continental shelf located within the
boundaries of the Tyra and Perlas blocks.
"We are very excited, not only for Infinity but for the country
of Nicaragua and its citizens, to receive official approval of the
EIA," noted Stanton E. Ross, Chief Executive Officer of Infinity
Energy Resources, Inc. "With the recent announcement by Noble
Energy that it intends to commence a drilling program on its 1.8
million-acre offshore Nicaraguan concession, which is adjacent to
Infinity's concession, in the third quarter of 2013, and the
resolution of disputed water boundaries with Colombia, Nicaragua
has gained the attention of world-class exploration and production
companies. As a result of this growing interest in the potential
for hydrocarbon resources beneath Nicaragua's offshore waters in
the Caribbean Sea, Infinity has received, and continues to receive,
inquiries from large oil and gas firms and other companies
interested in partnering with us to explore and develop the Tyra
and Perlas blocks."
"Approval of the EIA by the Nicaraguan Government follows an
investment in excess of $500,000 by Infinity over a period of more
than two years," continued Ross. "With such approval now in hand,
we expect our discussions with potential partners to become
considerably more active in the coming months. Recent conversations
with potential partners and seismic companies provide us with
confidence that Infinity may be able to commence 3-D seismic
mapping activities later this year. Upon completion and evaluation
of our seismic mapping program, we intend to move forward to timely
update our EIA in hopes that initial drilling activities may begin
in late 2014."
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 within the next few months.
Infinity is headquartered in Overland Park, Kansas and its
common stock is currently traded on the OTCQB market 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.
Forward-Looking Statements
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "expect" or similar expressions.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Forward-looking statements in
this press release include the ability of the Company to comply
with the conditions set forth in the EIA by the Nicaraguan
Government; the success of the Company's plans to move forward with
exploration and development activities in Nicaragua; the Company's
ability to obtain financing to conduct a 3-D seismic mapping
program; the Company's ability to raise sufficient capital to
implement its business plan and the availability of capital on
acceptable terms or at all; the ultimate economic benefit, if any,
to the Company's shareholders and the citizens of Nicaragua from
the Company's development of its Nicaraguan concession; the
quantity of hydrocarbons beneath the concession blocks; the costs
of drilling a completion of any wells; risks of dry holes and
non-commercial wells; risks that drilling wells will not result in
commercially viable oil and/or natural gas production; the
Company's ability to obtain the appropriate financial guarantees
and to find an acceptable partner with which to pursue its
exploration and development program in Nicaragua; operating risks,
delays and problems, including transportation problems; the
availability of services on acceptable terms; the results of
drilling and completions; 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. governmental regulations, tax rates and similar
matters; and other risks described under "Risk Factors" in the
Company's Annual Report on Form 10-K and its periodic reports filed
with the Securities and Exchange Commission.
For additional information, please contact: Stanton E. Ross
President/CEO (913) 948-9512
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