Infinity Announces Sale of Oilfield Subsidiaries

Infinity Energy Resources, Inc., today announced that it has signed a definitive Purchase Agreement to sell its Consolidated Oil Well Services, Inc. and CIS-Oklahoma, Inc. oilfield service subsidiaries to a privately-held, non-disclosed company.%9
The transaction is subject to ordinary and customary closing conditions and is scheduled to close on or before December 15, 2006.
Net proceeds from the sale of Consolidated are expected to exceed the total amount of principal and interest owed by Infinity to its current senior secured note holders. Infinity plans to notify its current senior lenders that it will repay all principal and interest outstanding under its Senior Secured Notes Facility upon the closing of the sale of Consolidated. The amount of principal and interest currently outstanding under the Senior Secured Notes Facility approximates $51 million.

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