SOURCE: Infinity Energy Resources, Inc.
OVERLAND PARK, KS--(Marketwired - Apr 1, 2014) - Infinity Energy Resources, Inc. (OTCQB: IFNY), an independent oil and gas exploration and development company, today announced that initial analysis of recent seismic data has revealed encouraging information that was not evident from the older, reprocessed 2-D seismic data that was acquired in 2009. CGG, a fully integrated geoscience company that provides geological, geophysical and reservoir services to the global oil and gas industry, recently completed the data processing of the latest 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. During the past week, Infinity's geophysicist reviewed the new seismic data at the "data room" that has been opened in CGG's headquarters facility in Houston.
"One of the most exciting features revealed by the latest seismic mapping is the presence of a fifth structure beneath our offshore oil and gas concessions," stated Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "Our previous estimates of the multi-billion-barrel resource potential of the Tyra and Perlas blocks was based upon the four large structures along the Nica-Tinkham Ridge that were evident in 2-D seismic data that was collected during surveys conducted in the 1960s and 1970s. The new CGG seismic survey not only confirms and clarifies the existence of the geological features that were exposed by the older data, as we had expected, but there clearly appears to be a fifth structure in the Miocene and Eocene geological zones, along with indications that a gas chimney exists above the target features."
"The 3-D seismic data that was acquired by CGG also suggests the presence of Cretaceous rocks, which serve as the reservoir rock for numerous billion barrel-plus fields stretching from the Cantarel Field in Mexico to the Maracaibo Basin Cretaceous fields in Venezuela," continued Ross. "While we have long believed that the Cretaceous zone was present beneath the Tertiary rocks on our concessions, the strong seismic reflections evident in the CGG survey provide further indications of potential Cretaceous hydrocarbon deposits."
Infinity has commenced the scheduling of data room visits by a number of potential industry and/or financial partners that have expressed interest in reviewing the results of the latest seismic survey, and such visits will take place over the next several weeks. "If possible, we would like to identify and enter into a strategic relationship with a partner in time to schedule the drilling of our first exploratory well within the next 12 months. Analysis of the CGG seismic data increases our confidence that interest from potential partners will increase after visiting the data room in coming weeks," concluded Ross.
The Company also announced that it plans to host an investor conference call after the filing of its Form 10-K with the SEC later this month.
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 Company and CGG are successful in modeling the Cretaceous geologic zone beneath the Company's concessions; whether the Cretaceous rocks believed to lie beneath the Company's concessions are hydrocarbon-bearing; 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.