SOURCE: Infinity Energy Resources, Inc.
OVERLAND PARK, KS--(Marketwired - Jan 2, 2014) - Infinity Energy Resources, Inc. (OTCQB: IFNY), an independent oil and gas exploration and development company, today announced that it has completed a 2-D seismic survey covering selected areas within the boundaries of its 1.4 million-acre oil and gas Concessions in the Caribbean Sea offshore Nicaragua.
"Despite having to deal with extremely difficult weather conditions, water depth issues, and scheduling conflicts, we are pleased to report that the 2-D seismic survey was completed prior to the deadline incorporated into our exploration contract with the Government of Nicaragua," stated Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "Our Company has thus complied with its requirements for 2-D seismic mapping on both the Tyra and Perlas blocks that comprise its Concessions, and we will work with CGG to schedule a 3-D seismic survey in the second quarter of 2014. CGG, a fully integrated Geoscience company that provides geological, geophysical and reservoir services to the global oil and gas industry, conducted the water depth analyses and the 2-D seismic mapping 'shoot' over the past several weeks."
"We were extremely impressed with the ability of CGG to complete the seismic survey on a timely basis, given the variety of challenges encountered offshore," continued Ross. "The skills, professionalism and integrity of CGG's managers and technical team are outstanding, and we look forward to working with them as we move forward with our exploration activities in the coming months and years."
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.
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 planned seismic surveys, including the mapping, processing and interpretation services, will occur in the anticipated timeframe and satisfy Infinity's current requirements for mapping under its contract with the Nicaraguan government; the timing and success of its efforts, in concert with CGG, to acquire and process seismic data relating to the 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 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.