SOURCE: Infinity Energy Resources, Inc.

Infinity Energy Resources, Inc.

March 20, 2014 07:28 ET

Infinity Energy Resources to Open Seismic 'Data Room' to Potential Strategic and/or Financial Partners

OVERLAND PARK, KS--(Marketwired - Mar 20, 2014) - Infinity Energy Resources, Inc. (OTCQB: IFNY), an independent oil and gas exploration and development company, today announced that CGG, a fully integrated Geoscience company that provides geological, geophysical and reservoir services to the global oil and gas industry, has completed the processing and interpretation of 2-D and 3-D 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. Next week, a seismic "data room" will open at CGG's Houston headquarters, in order to allow Infinity to invite potential strategic and/or financial partners to view the fully processed results of the seismic survey activities conducted by CGG during the final months of 2013 and the first month of 2014. 

"We are very satisfied with the 2-D and 3-D seismic data collected, processed and interpreted by CGG, which confirms and clarifies the existence of the geological features along the Nica-Tinkham Ridge that were evident from the reprocessed older seismic that was previously available to our Company," stated Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "The 3-D seismic revealed the presence of the Cretaceous geologic zone beneath the younger tertiary zones, and we believe the Cretaceous can be modeled from the seismic information now available."

"CGG has done a tremendous job with our seismic program, in spite of having to contend with shallow water depths, weather-related issues and certain technical challenges, and we are proud to announce that a 'data room' will be opened at CGG's headquarters next week. We believe that a number of prospective partners will send technical teams to evaluate the new state-of-the-art seismic results. 

"If we are successful in developing a partnership with a strategic operating company or a financial group later this year, we look forward to the commencement of the drilling of our first exploratory well, perhaps within the next 12 months," concluded Ross. 

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.

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 Company and CGG are successful in modeling the Cretaceous geologic zone beneath the Company's concessions; 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.

Contact Information

  • For additional information, please contact:

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