SOURCE: Infinity Energy Resources, Inc.

Infinity Energy Resources, Inc.

April 15, 2011 07:28 ET

Infinity Energy Resources Files Initial Environmental Impact Statement With Nicaraguan Government

Company Plans to Begin Seismic Activities Before Year-End

OVERLAND PARK, KS--(Marketwire - Apr 15, 2011) - Infinity Energy Resources, Inc. (PINKSHEETS: IFNY) ("Infinity" or the "Company"), an independent oil and gas exploration and development company, today announced that it has completed and filed with the Nicaraguan government its Environmental Impact Assessment ("EIA") covering proposed seismic activities on its 1.4 million-acre oil and gas concessions in the Caribbean Sea offshore Nicaragua.

The filing of the EIA will be followed by a "comment period" during which there will be considerable interaction between Infinity; the Ministerio del Ambiente y los Recursos Naturales de Nicaragua, an agency of the Nicaraguan government; and the autonomous regions of Nicaragua that are nearest the offshore concessions. Based on conversations with the government, the Company anticipates that this process should be completed within the next 90 days. Once the EIA has been formally approved, Infinity will be cleared to commence 2-D and 3-D seismic mapping activities in the area.

"During this process, Infinity has continued its relationship with the autonomous regions," stated Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "We do not expect any major problems gaining approval of our EIA, based upon the previous approval granted Noble Energy, Inc. for its recently completed 3-D seismic mapping program on its oil and gas concessions, which are located adjacent to and east of Infinity's concessions offshore Nicaragua."

"Our current business plan anticipates that, subject to sufficient capital availability, Infinity should commence its seismic mapping activities during the fourth quarter of 2011 or, at the latest, in the first quarter of next year," continued Ross. "Our 3-D seismic program will seek to further evaluate the structures that were previously identified with 2-D seismic in the Eocene Zone. Our geological consultants have estimated that these Eocene structures may contain up to 10 billion barrels of recoverable oil in place. In addition, 3-D seismic should provide our first look at the potential for oil resources in the Cretaceous Zone, which we could not evaluate using less precise 2-D seismic mapping."

Infinity also announced that it is in the final stages of completing its Form 10 registration, which includes 2009 and 2010 audited financials, for filing with the Securities and Exchange Commission. Upon this registration becoming effective with the SEC, the Company will once again become a fully-reporting company.

About Infinity Energy Resources, Inc.

Infinity Energy Resources, Inc. has oil and gas concessions covering approximately 1.4 million acres offshore Nicaragua in the Caribbean Sea. The Company also owns oil and gas assets in Texas and the Rocky Mountain region of the United States.

Infinity is headquartered in Overland Park, Kansas and its common stock is listed on the Pink Sheets under the symbol "IFNY.PK". The Company's financial statements and additional information are available on the Internet at www.pinksheets.com or www.ifnyoil.com .

Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements in this press release include the success of the Company's plans to move forward with exploration and development activities in Nicaragua; the benefit to the Company's shareholders and the citizens of Nicaragua of the development of the Company's Nicaraguan concessions; whether the Company will be able to secure the approvals necessary to commence its 2-D and 3-D seismic mapping activities; the quantity of hydrocarbons beneath the Company's concession blocks; the inability to predict, in advance of drilling and testing, whether any particular prospect will yield oil in sufficient quantities to recover drilling and/or completion costs or to be economically viable; the fact that the process of estimating the quantity of oil in a prospect is complex, requiring the interpretation of available technical data and many assumptions; the potential for significant inaccuracies in such interpretations and assumptions that could materially affect the Company's estimates or those of its consultants; the necessity for estimates to be based upon available geological, geophysical and engineering data that can vary in quality and reliability; the inherent lack of precision in estimates involving the quantity of oil in the concession blocks as a result of the foregoing; the success of the Company's efforts to secure the necessary capital to acquire and process seismic data and for other purposes; the Company's ability to obtain the appropriate financial guarantees; its ability to find a qualified partner with whom to pursue its exploration and development program in Nicaragua on terms and conditions acceptable to the Company; the Company's ability to extract oil from the concessions and the costs and technical and other challenges of extracting oil from the offshore concessions; and the Company's ability to attract buyers for its remaining domestic properties and the price, timing, and terms of any such sale. Additional factors that could cause or contribute to such differences include, but are not limited to, operating risks, delays and problems, the availability of services on acceptable terms, the results of drilling and completions, changes in the prices of oil and gas, unexpected negative geological variances, governmental uncertainties in Nicaragua, actions by Amegy Bank and/or other creditors with respect to debt obligations, liquidity and capital requirements, the availability of capital on acceptable terms or at all, and other risks described in the Company's press releases and other information available on the Internet at www.pinksheets.com.

Contact Information

  • For additional information, please contact:

    Stanton E. Ross
    President/CEO
    (913) 948-9512