Infiniti Resources International Ltd.

Infiniti Resources International Ltd.

June 01, 2005 08:30 ET

Infiniti Resources Puts Another Ricinus Deep Gas Well on Production

CALGARY, ALBERTA--(CCNMatthews - June 1, 2005) - Infiniti Resources International Ltd. (TSX VENTURE:IRL) is pleased to announce that production has commenced from another of its deep gas wells at Ricinus, in the Alberta foothills west of Calgary.

Well 13-12-35-8W5M (Infiniti 8.8% interest) was placed on production during May 2005. This well is the seventh consecutive producer in the current Ricinus program of drilling and recompletions, and the fifth in which Infiniti has participated.

Infiniti holds interests ranging from 8.2% to 20.89% in 29 sections in the area, a large portion of which is subject to a downspacing application for up to two Cardium wells per section. In this area, the Cardium formation is at depths of approximately 2,650 metres.

With this well on production, Infiniti's total production has now increased to an estimated 135 to 140 barrels of oil equivalent per day (boe/d). Drilling at Ricinus through the balance of 2005 and into 2006 has the potential to double Infiniti's production from current levels.

Arrangement Agreement with Welton Energy Corporation ("Welton")

As announced in a joint news release dated May 30, 2005, Infiniti and Welton have entered into an agreement to effect a business combination by way of a plan of arrangement. The information circular is to be mailed to Infiniti shareholders in early June for a shareholder meeting in mid-July 2005.

The plan of arrangement provides that shareholders of Infiniti will receive one share plus a one-quarter warrant of Welton for each five Infiniti shares. Each full warrant gives the holder the right to acquire one Welton share at a price of $1.75 for a term of two years from closing of this transaction. Welton's most recent financing on March 31, 2005 consisted of C$2.5 million of half common and half flow-through shares, all of which were priced at C$1.50 per share.

Welton has applied to have its shares listed for trading on the Toronto Stock Exchange.

Welton is an oil and natural gas exploration company with assets focused in Alberta and northeast British Columbia. Welton has built its production and extensive portfolio of drilling opportunities through a series of farm-ins, joint ventures and acquisitions. Welton has an active drilling program planned for the remainder of 2005 and beyond. Welton is managed by a full technical team including executives and employees who have successfully built other businesses, including the Brompton Group of companies that manages over C$2.4 billion of assets. Detailed biographical information is provided on Welton's website at

Infiniti Resources International Ltd. is an emerging Canadian exploration and production company focused on creating profitable growth through deep, high-impact projects in Western Canada. Infiniti trades on the TSX Venture Exchange under the symbol "IRL".

Infiniti's public disclosure is available on SEDAR at Supplemental information may be found at

Forward-looking and estimated information is included in the foregoing. While considered reasonable by Infiniti at the time, such forward-looking and estimated information may be incorrect, and future events and results may differ materially from forward-looking information.

WARNING: Infiniti relies on litigation protection for forward-looking statements.

A barrel of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent. A boe conversion may be misleading, particularly if used in isolation, as it is based on an energy equivalency conversion method primarily applicable at the burner tip and may not represent a value equivalency at the wellhead.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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