Infinity Energy Resources signs agreement with Haas Petroleum

Infinity Energy Resources has appointed Haas Petroleum as the operator for its planned purchase of existing production and mineral rights to oil and gas properties in central Kansas.

These properties cover more than 11,000 contiguous acres. Haas Petroleum will be responsible for overseeing and directing the everyday activities at Infinity’s domestic oil and gas leases.

US-based Infinity stated that it is proceeding with its strategic plan to expand into exploration and development projects in the state, primarily with the completion of the acquisition of existing production and mineral rights and adding them to properties in central Kansas.

The acquisition will include existing production equipment and access as well as 3D seismic data on the properties.

Set up in 1935, Haas Petroleum currently operates more than 1,600 wells across Kansas. Its affiliated company, Sky Drilling, owns and operates five drilling rigs with drilling capability of up to 5,000ft.

Haas will be responsible for implementing Infinity’s exploration and development plan.

The properties include an existing horizontal producing well, a conventional saltwater disposal well, a horizontal saltwater injection well, and two conventional, vertical producing wells that produce from the Reagan Sand Zone from an approximate depth of 3,600ft.

The purchase is expected to be finalised by the end of the year, provided Infinity secures sufficient financing.

Infinity Energy Resources chairman and CEO Stanton E Ross said: “We are excited to work with such a well-known and experienced oil and gas lease operator such as Haas Petroleum.”

Ross continued: “Haas Petroleum has the capabilities and resources to economically and effectively implement the operational plan and drilling services we require. Haas Petroleum also is the current operator on the properties, which provides us with invaluable historical knowledge of the properties as we develop our specific drilling and exploration plans.”

Haas Petroleum president Mark Haas is a member of Core Energy, which owns the properties.

Haas said: “We are pleased to partner with Infinity Energy on its domestic exploration and development plans and excited about the potential development of the oil and gas reserves located on the Properties.

“Based on available data and subject to further analysis, we believe the properties will provide Infinity the opportunity for significant discovery and development of oil and gas reserves that can be economically produced at relatively low risk with low lifting costs, in one of the more prolific basins in the heartland of USA.”