Infinity Energy Resources' Data Room Reveals Fifth Structure
01 Abril 2014 - 5:30AM
Marketwired
Infinity Energy Resources' Data Room Reveals Fifth Structure
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.
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 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.
For additional information, please contact: Stanton E. Ross
President/CEO (913) 948-9512
Infinity Energy Resources (QB) (USOTC:IFNY)
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