Infinity Energy Resources Receives Strategic Proposals From Global Geophysical Service Companies
July 24 2013 - 8:00AM
Marketwired
Infinity Energy Resources, Inc. (OTCQB: IFNY), an independent oil
and gas exploration and development company, today announced that
it has received strategic partnership offers from two global
geophysical service companies regarding seismic exploration and
development activities on its 1.4 million-acre oil concessions
offshore Nicaragua in the Caribbean Sea.
"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.
Forward-Looking Statements
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.
For additional information, please contact: Stanton E. Ross
President/CEO (913) 948-9512
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