Infinity Energy Resources, Inc. (OTCQB: IFNY), an independent oil and gas exploration and development company, today announced that it has received strategic partnership offers from two global geophysical service companies regarding seismic exploration and development activities on its 1.4 million-acre oil concessions offshore Nicaragua in the Caribbean Sea.
"To date, we have received and are evaluating offers from two major international geophysical service companies, and we anticipate receipt of an offer from a third company within the next few days," stated Stanton Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "If we accept one of these offers and are able to enter into a definitive agreement, as contemplated, our new strategic partner would agree to commence shooting at least 1,000 kilometers of additional 2-D seismic before the end of 2013. We believe this additional seismic mapping would allow Infinity and its geological and geophysical consultants to more effectively identify the most attractive initial drilling prospects beneath its 1.4 million-acre Tyra and Perlas concessions in the Caribbean Sea offshore Nicaragua. We consider the proposals to be favorable for Infinity and its shareholders, and they involve equity stakes of no more than a 20% stake in the Nicaraguan project. In addition to the seismic shoot, both parties have agreed to lend the expertise of their technical teams to the processing and interpretation of seismic data derived from mapping activities."
"We consider a strategic partnership with a global geophysical company the best path at this time to further enhance the value of our offshore Nicaraguan oil concessions, while awaiting initial drilling results from Noble Energy and Repsol S.A. In recent news releases, Noble has stated that it intends to begin drilling the first well on its 1.8 million-acre concessions, which are located directly east of and adjacent to our concessions, in August 2013. In recent weeks, media reports have revealed that Spanish oil giant Repsol, which has a presence in 30 countries, has been negotiating with the Nicaraguan government and also intends to commence drilling its initial well in the Caribbean Sea next month," concluded Ross.
