Infinity Energy Resources, Haas Petroleum enter into operating agreement
Infinity Energy Resources announced that it has signed an operating agreement which appoints Haas Petroleum as the operator for the Company's planned purchase of existing production and mineral rights to oil & gas properties in Central Kansas that cover over 11,000 contiguous acres/. The Agreement sets forth the terms and conditions under which Haas Petroleum will oversee and direct the day-to-day activities at Infinity's domestic oil and gas leases. Infinity is moving forward with its strategic plan to expand into domestic exploration and development projects, principally the completion of the purchase of existing production and mineral rights to the Properties in Central Kansas. The purchase will include the existing production equipment and access to existing 3-D seismic data on the acreage. Haas will implement the Company's exploration and development plan regarding the Company's planned purchase of existing production and mineral rights to the Properties in Central Kansas. The Properties include one existing horizontal producing well, one horizontal saltwater injection well, one conventional saltwater disposal well, and two conventional, vertical producing wells which produce from the Reagan Sand Zone from an approximate depth of 3,600 feet. The acquisition is expected to close prior to December 31, 2019, subject to the Company obtaining adequate financing. The exploration and development program will include the drilling of at least six conventional production wells following the closing of the acquisition, subject to obtaining sufficient financing.