August 14, 2008
Northern Regional Government Council Approves Infinity Energy Resources Offshore Nicaraguan Exploration and Development Contracts
DENVER, Aug. 14 /PRNewswire-FirstCall/ -- Infinity Energy Resources, Inc. (Pink Sheets: IFNY) (the "Company"), an independent oil and gas exploration and development company, today announced that the regional government council of the Autonomous Region of the Northern Atlantic ("RAAN") voted to ratify the Company's offshore Nicaraguan exploration and development contracts on August 13, 2008. This follows the previously announced ratification of the contracts by the regional government council of the Autonomous Region of the Southern Atlantic ("RAAS") on July 4, 2008.
"The approval of our offshore exploration and development contracts by the RAAN represents the achievement of a critical milestone in Infinity's ongoing efforts to secure all of the governmental approvals necessary for us to move forward with environmental, seismic and other exploration activities on our 1.4 million-acre offshore concessions in the Caribbean Sea," commented Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. "We would like to thank the Council Members of the RAAN and express our appreciation for the support we have received from Nicaragua's President, ProNicaragua (the Nicaraguan Investment Promotion Agency) and the Ministry of Energy and Mines during our negotiations in recent months. The citizens of Nicaragua will benefit significantly if we are successful in the discovery, development and production of oil and gas resources beneath our offshore concessions."
"The contracts must now go to the national government in Managua for final review and signature by Nicaragua's President, which we hope will be forthcoming in a timely manner," added Ross. "Infinity is prepared to move forward immediately with training of personnel, environmental studies, seismic and other exploratory activities once final approval is granted by the Nicaraguan government. We believe that the Perlas and Tyra concession blocks potentially contain substantial quantities of hydrocarbons beneath waters that range in depth from 100 feet to 300 feet."
"We have been in contact with a number of international oil and gas companies regarding their potential interests in working and/or partnering with Infinity to develop the concessions. We are confident in our ability to access the resources necessary to pursue the benefits that a successful exploration and development program can bring to the citizens of Nicaragua and Infinity's shareholders," concluded Ross.
About Infinity Energy Resources, Inc.
Infinity Energy Resources, Inc. 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 million acres offshore Nicaragua in the Caribbean Sea.
The Company is headquartered in Denver, Colorado and its common stock is listed on the Pink Sheets under the symbol "IFNY.PK". For more information on Infinity Energy Resources, Inc., please visit the following link: http://www.b2i.us/irpass.asp?BzID=1253&to=ea&s=0 .
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements in this press release include the ability of Company to obtain final national government approval of the contracts, success of the Company's plans to move forward with exploration in Nicaragua, the potential quantity of hydrocarbons on the concessions, the benefits to be received by the citizens of Nicaragua and Infinity's stockholders, and plans to partner with other industry operators to develop the Nicaraguan acreage. Factors that could cause or contribute to such differences include, but are not limited to, the results of exploration activities, delays and problems, the availability of drilling rigs and services on acceptable terms, changes in the prices of oil and gas, unexpected negative geological variances, governmental uncertainties in Nicaragua, increases in interest rates, the Company's liquidity and capital needs, the unavailability of capital on acceptable terms or at all, and other risks described under "Risk Factors" in the Company's Annual Report on Form 10-K and in the Company's periodic report filings with the Securities and Exchange Commission.
For additional information, please contact:
Stanton E. Ross, President/CEO at (720) 932-7800
Infinity Energy Resources, Inc.
CONTACT: Stanton E. Ross, President|CEO of Infinity Energy Resources,Inc., +1-720-932-7800
Web site: http://www.b2i.us/irpass.asp?BzID=1253&to=ea&s=0