Infinity Energy Resources, Inc., 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.