Infinity Acquires 24,500 Acres in Comanche County
Infinity has signed a definitive agreement for the acquisition of approximately 24,500 gross and net acres in Comanche County in the Fort Worth Basin of Texas, subject to customary closing conditions. In addition, Infinity-Texas holds an option to acquire any additional leases taken by the seller in Comanche County, which currently approximates 6,000 gross and net acres. Separately, Infinity-Texas has acquired approximately 4,000 acres net to Infinity's interest in Erath County in the Fort Worth Basin of Texas. Including acreage previously owned, Infinity-Texas now effectively holds and operates approximately 67,500 gross acres (approximately 56,300 acres net to Infinity's interest) of leasehold in Erath, Hamilton and Comanche Counties, Texas.
The Company's management believes the Comanche County acreage offers prospective vertical and horizontal drilling and production opportunities, targeting the prolific Barnett Shale and Lower Marble Falls formations. Infinity expects to close the Comanche transaction on or before April 19, 2005. The leased properties are located approximately 30 miles southwest of Infinity-Texas' existing acreage in Erath and Hamilton Counties, Texas. Infinity-Texas agreed to drill at least one test well on the Comanche acreage during the next twelve months.
Stanton E. Ross, Infinity, Inc.'s President and CEO, said: "We are pleased
to have significantly increased our acreage position in the Fort Worth Basin.
The potential for production from two formations in the Comanche County area
and the reasonable price paid for the acreage were very attractive to us. We
are also pleased to have been able to secure additional acreage in a
competitive market for our emerging prospect in Erath County and look forward
to continuing to grow this prospect."
- Infinity Acquires 24,500 Acres in Comanche County (Feb 22)
- Infinity to Acquire Acreage in the Fort Worth Basin (Mar 23)
- Infinity Wins 24 Blocks Offshore Nicaragua (May 16)