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Infinity, Inc. Enters Into Agreement with Babcock & Brown Energy for Initial Test Phase of Wyoming Coalbed Methane Property Development.

CHANUTE, Kan., Oct. 1 /PRNewswire/ -- Infinity, Inc. (Nasdaq: IFNY) the largest oilfield services company in Eastern Kansas and Northeastern Oklahoma, and an emerging independent oil and gas producer, announced today it has entered into an interim agreement with Babcock & Brown Energy (BBE) for the initial testing of its property in Wyoming's Green River Basin.

Under terms of the agreement, BBE will obtain all necessary permits, drill the Green River Project's initial test well, supervise all field operations related to that effort, and otherwise manage the drilling operation. BBE will also be responsible for evaluation and production of the initial well and will coordinate the efforts of all parties involved on behalf of Infinity.

Commenting on the agreement, Infinity President and Chief Executive Officer Stanton E. Ross said, "We are very pleased to be working with BBE as we start the process of developing our Green River project. Their extensive experience in developing and operating projects for a number of energy companies, including many of the largest in our industry, makes us certain that the results generated from initial tests will give us the clearest possible picture of the full potential of the Green River Basin project. It also makes us confident that we can maintain the schedule we announced in previous releases for testing and, assuming the results from the test well meet our expectations, for a full pilot project."

"Depending on the success of the test well, it is our intention to continue discussions with BBE with the intent of reaching a longer term agreement under which they would assist us with all of the actions, including permitting drilling and project management for the full project," Ross added.

Infinity said it expects the test well to be spud by year-end and analysis of the results to be completed by early spring.

Babcock & Brown Energy is a unit of Babcock & Brown, Inc. (BBI), a private international investment/merchant bank specializing in structuring and managing large asset-based, tax-based, and project-based financings. Headquartered in San Francisco, BBI is the largest firm of its type in the world. BBE is responsible for all oil and gas related activity within BBI, including direct investment in certain projects, contract management of third party oil and gas holdings, and project screening for a number of separate entities. Through its longstanding affiliation with Denver's Duncan Energy Company, BBE has extensive experience in all phases of the oil and gas business.

Infinity, Inc. is the largest oilfield services company in Eastern Kansas and Northeastern Oklahoma. The company provides well enhancement, fracturing, cementing, acidizing, nitrogen pumping and other related services in the region. Infinity is also involved in oil and gas exploration, development and production activities. Infinity operates primarily in Kansas, Oklahoma, and Colorado.

This press release contains forward-looking statements within the meaning of federal securities laws, including forward-looking statements. These statements are subject to various uncertainties. Actual results could differ materially from these forward-looking statements as a result of a variety of risks. Accordingly, there can be no assurance that actual results will be as projected in these forward-looking statements.

For more information about Infinity, Inc toll-free via fax, dial 1-800-PRO-INFO or 1-800-776-4636, follow the voice menu prompts and enter the company code "IFNY" or 4369 on any touch tone phone.
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Publication:PR Newswire
Geographic Code:1USA
Date:Oct 1, 1999
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