Nicaragua finalizes offshore contracts with Infinity Energy Resources

Mar 06, 2009 01:00 AM

Infinity Energy Resources announced that the Nicaraguan government and the company have finalized all of the documents necessary to validate the exploration contracts associated with oil and gas concessions covering 1.4 mm acres offshore Nicaragua in the Caribbean Sea.
"The final approval of our offshore exploration and development contracts by the Ministry of Energy and Mines and the Government of Nicaragua represents the achievement of a tremendous milestone that will allow our company to proceed with environmental, seismic, exploration and development activities that, we believe, have the potential to significantly benefit our shareholders and the citizens of Nicaragua in coming years," stated Stanton E. Ross, Chairman and Chief Executive Officer of Infinity Energy Resources. "We believe that the Perlas and Tyra concession blocks, which cover approximately 1.4 mm acres offshore Nicaragua, contain substantial quantities of hydrocarbons beneath relatively shallow waters that range in depth from 100 feet to 300 feet."

"Our concessions are located in an area of the Caribbean Sea that is beginning to attract interest among larger exploration and production organizations, including Noble Energy, a $ 7.2 bn (market capitalization) company engaged in the exploration, development, production and marketing of oil and natural gas in the United States and internationally," Ross continued.
"We have already secured the capital necessary to acquire and process additional seismic information across our concessions, and to proceed with initial environmental studies over the next twelve months. In addition, our primary lender, Amegy Bank, through one of its correspondent banks in Nicaragua, has agreed to provide the financial guarantees required under our contracts. We have also been in contact with a number of international oil and gas companies, including national petroleum companies in several countries, regarding their potential interests in working and/or partnering with Infinity to develop the concessions, subject to any approval required by the Nicaraguan government."

Ross concluded, "With the signing of the Nicaragua contracts, the company plans to move forward with the sale of its remaining domestic properties, including its acreage in the Barnett Shale in Texas, along with its Rocky Mountain assets."
"Proceeds from such sales will allow us to pay down our debt, provide additional funds for operations, and focus exclusively on the 'world-class' potential that we believe exists in our offshore Nicaraguan concessions."

Infinity Energy Resources is an independent energy company engaged in the exploration, development and production of natural gas and oil in Texas and the Rocky Mountain region of the United States. The company also has oil and gas concessions covering 1.4 mm acres offshore Nicaragua in the Caribbean Sea.
The company is headquartered in Overland Park, Kansas.

Source / Infinity Energy Resources, Inc.
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