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.
