Infinity, INE Negotiate Terms for Offshore E&P Contracts

Texan oil independent Infinity Energy Resources (NASDAQ: IFNY) and Nicaragua's energy regulator INE have negotiated the final terms of E&P contracts for the Tyra and Perlas blocks in the Caribbean Sea, Infinity announced in its first quarter operations update.

The blocks comprise 1.4 million acres offshore Nicaragua. The contracts now await final approval and signatures by the country's president.

"We continue to expect the final approvals and execution of the contract with the government to occur in 2006 and plan to acquire existing 2D seismic data, reprocess and interpret the data, and seek a partner or partners thereafter," Infinity president and CEO James Tuell said in the update.

Nicaragua's government awarded Infinity an offshore concession in shallow waters offshore Nicaragua in the Caribbean in May 2003, according to Infinity.

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