SOURCE: Infinity Energy Resources, Inc.

Infinity Energy Resources, Inc.

November 12, 2013 14:00 ET

Infinity Energy Resources Enters Into Agreement With CGG for Seismic Mapping Offshore Nicaragua

Leading Geoscience Company to Collect and Process Both 2-D and 3-D Seismic Data

OVERLAND PARK, KS--(Marketwired - Nov 12, 2013) - Infinity Energy Resources, Inc. (OTCQB: IFNY), an independent oil and gas exploration and development company, today announced that it has entered into an agreement with CGG, a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to the global oil and gas industry. Under the terms of the agreement, CGG will provide 2-D and 3-D seismic mapping and processing services on Infinity's oil and gas concessions offshore Nicaragua.

"We expect CGG to 'shoot' approximately 1,050 linear kilometers of 2-D seismic and approximately 500 square kilometers of 3-D seismic focused on at least two high-potential prospects that we have identified along the Nica-Tinkham Ridge beneath the waters of our Tyra and Perlas concessions," stated Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "Our concessions cover approximately 1.4 million acres and are immediately west of, and adjacent to, Noble Energy's 1.8 million-acre offshore concessions, where drilling of an initial exploratory well is currently underway."

"We believe the seismic surveys conducted by CGG will meet Infinity's total requirements for both 2-D and 3-D mapping under the terms of its exploratory contract with the Government of Nicaragua," continued Ross. "We selected CGG for our seismic work, not only because of its outstanding global reputation in seismic data collection, but also because of its excellent technical skills in the processing and interpretation of such data."

"We expect CGG to have a seismic survey vessel on location and available to begin mapping later this month, and processing and interpretation of initial seismic data should be completed and available for review in the first quarter of 2014. Depending on the results of the seismic mapping conducted by CGG, the conclusions derived from the processing of such data, and the availability of sufficient capital, Infinity could schedule the drilling of an initial exploratory well sometime during the second half of 2014. The results of Noble Energy's initial exploratory drilling program will also influence the timing and scope of Infinity's exploratory activities during the next 12-24 months," concluded Ross.

The Company's obligations under its agreement with CGG are payable over the next several months, and it is considering a number of funding proposals from industry and financial partners.

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 commenced the drilling of an initial exploratory well on its Nicaraguan concessions in late August 2013 and has stated that it expects to announce well test results by the end of the current year.

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 planned seismic surveys will occur in the anticipated timeframe and satisfy Infinity's total requirement for 2-D and 3-D 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; whether the Company will schedule the drilling of an initial exploratory well in the second half of 2014; 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.

Contact Information

  • For additional information, please contact:
    Stanton E. Ross
    President/CEO
    (913) 948-9512