Infinity Energy Resources Announces Resumption of Production at Barnett Shale Wells in Texas
OVERLAND PARK, Kan., Aug. 31 /PRNewswire-FirstCall/ — Infinity Energy Resources, Inc. (Pink Sheets: IFNY) (“Infinity” or the “Company”), an independent oil and gas exploration and development company, today announced that production has resumed at the Company’s wells in the Barnett Shale play in Earth County, Texas.
Production was restricted this year as we changed out compressors and following a lightning strike that damaged a salt water disposal well during a thunderstorm in April 2009.
“I am pleased to report that our wells in Erath County are back on line on a limited basis, and initial production rates have been encouraging,” stated Stanton E. Ross, Chief Executive Officer of Infinity Energy Resources, Inc. “The wells re-commenced production at cumulative rates exceeding the 2 million cubic feet per day (Mmcf/d) capacity of our compressor, although we expect production to stabilize at a cumulative rate of about 1.5 Mmcf/d over the next few weeks.”
“Now that the field is operational, we intend to solicit potential buyers for our Barnett Shale properties, in order to reduce our outstanding debt in accordance with our agreement with Amegy Bank,” continued Ross.
The Company also announced that is has launched a new website at www.ifnyoil.com. Visitors to the website will be able to view a video of the Company’s most recent investor conference, which was held in Overland Park, Kansas on July 9, 2009. The conference included a detailed presentation covering the Company’s plans for the exploration and development of its 1.4 million-acre oil concessions offshore Nicaragua in the Caribbean Sea.
About Infinity Energy Resources, Inc.
Infinity Energy Resources, Inc. has oil and gas concessions covering 1.4 million acres offshore Nicaragua in the Caribbean Sea. The Company is also 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 is headquartered in Overland Park, Kansas and its common stock is listed on the Pink Sheets under the symbol “IFNY.PK”.
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 success of the Company’s plans to move forward with exploration and development activities in Nicaragua; the benefit to the Company’s shareholders and the citizens of Nicaragua of the development of the Company’s Nicaraguan concessions; the quantity of hydrocarbons beneath the Company’s concession blocks, including in the Cretaceous zone at the water depths indicated; the success of the Company’s efforts to secure the necessary capital to acquire and process seismic data and for other purposes; the Company’s ability to obtain the appropriate financial guarantees; its ability to find a qualified partner with which to pursue its exploration and development program in Nicaragua; its ability to obtain such partner on terms and conditions acceptable to the Company; and the Company’s ability to attract buyers for its remaining domestic properties and the price, timing, and terms of any such sale. Factors that could cause or contribute to such differences include, but are not limited to, operating risks, delays and problems, the availability of services on acceptable terms, the results of drilling and completions, changes in the prices of oil and gas, unexpected negative geological variances, governmental uncertainties in Nicaragua, actions by Amegy and/or other creditors with respect to debt obligations, liquidity and capital requirements, the availability of capital on acceptable terms or at all, and other risks described in the Company’s press releases and other information available on the Internet at www.pinksheets.com.
For additional information, please contact: Stanton E. Ross, President/CEO at (913) 948-9512
SOURCE Infinity Energy Resources, Inc.