Infinity Energy Resources to Open Seismic 'Data Room' to Potential Strategic and/or Financial Partners
March 20 2014 - 7:28AM
Marketwired
Infinity Energy Resources to Open Seismic 'Data Room' to Potential
Strategic and/or Financial Partners
OVERLAND PARK, KS--(Marketwired - Mar 20, 2014) - Infinity
Energy Resources, Inc. (OTCQB: IFNY), an independent oil and gas
exploration and development company, today announced that CGG, a
fully integrated Geoscience company that provides geological,
geophysical and reservoir services to the global oil and gas
industry, has completed the processing and interpretation of 2-D
and 3-D seismic data covering selected areas within the boundaries
of Infinity's 1.4 million-acre oil and gas Concessions in the
Caribbean Sea offshore Nicaragua. Next week, a seismic "data
room" will open at CGG's Houston headquarters, in order to allow
Infinity to invite potential strategic and/or financial partners to
view the fully processed results of the seismic survey activities
conducted by CGG during the final months of 2013 and the first
month of 2014.
"We are very satisfied with the 2-D and 3-D seismic data
collected, processed and interpreted by CGG, which confirms and
clarifies the existence of the geological features along the
Nica-Tinkham Ridge that were evident from the reprocessed older
seismic that was previously available to our Company," stated
Stanton E. Ross, Chief Executive Officer of Infinity Energy
Resources, Inc. "The 3-D seismic revealed the presence of the
Cretaceous geologic zone beneath the younger tertiary zones, and we
believe the Cretaceous can be modeled from the seismic information
now available."
"CGG has done a tremendous job with our seismic program, in
spite of having to contend with shallow water depths,
weather-related issues and certain technical challenges, and we are
proud to announce that a 'data room' will be opened at CGG's
headquarters next week. We believe that a number of
prospective partners will send technical teams to evaluate the new
state-of-the-art seismic results.
"If we are successful in developing a partnership with a
strategic operating company or a financial group later this year,
we look forward to the commencement of the drilling of our first
exploratory well, perhaps within the next 12 months," 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.
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 fund its obligations under its
agreement with CGG and pursue exploration and development
activities regarding its Nicaraguan Concessions; whether the
Company and CGG are successful in modeling the Cretaceous geologic
zone beneath the Company's concessions; whether results of the
seismic mapping activities will attract attention from prospective
financial and/or strategic partners; 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 nine months ended September 30, 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
Infinity Energy Resources (QB) (USOTC:IFNY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Infinity Energy Resources (QB) (USOTC:IFNY)
Historical Stock Chart
From Jul 2023 to Jul 2024