American Noble Gas (AMNI) 10-K4 Feb 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Jan. 27, 2015	Jun. 30, 2014
Document and Entity Information:
Entity Registrant Name	INFINITY ENERGY RESOURCES, INC
Entity Trading Symbol	INFI
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Entity Central Index Key	822746
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		25,559,678
Entity Public Float			$0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$13,664	$74
Prepaid expenses	23,046	12,723
Total current assets	36,710	12,797
Oil and gas properties, using full cost accounting, net of accumulated depreciation, depletion and amortization:Unproved	9,628,098	10,477,214
Other asset - deposit	0
Total assets	9,664,808	10,490,011
Current liabilities
Accounts payable	5,960,225	5,705,367
Accrued liabilities (including $788,520 and $788,520 due to related parties at December 31, 2014 and 2013, respectively)	2,484,238	2,733,500
Income tax liability	150,000	150,000
Accrued interest and fees - bank and other	341,748	194,238
Asset retirement obligations	1,716,003	1,716,003
Derivative liabilities	701,214	853,365
Line-of-credit with related party	33,807	94,640
Notes payable, net of discount of $284,245 and $784,096 at December 31, 2014 and 2013, respectively	1,340,755	265,904
Total current liabilities	12,727,990	11,713,017
Redeemable, convertible preferred stock, par value $.0001, 6% cumulative dividend, authorized 10,000,000 shares:Series-A, -0- shares issued and outstanding at December 31, 2014 and 2013		0
Series-B (related party), -0- and 15,016 shares issued and outstanding at December31, 2014 and 2013, respectively, liquidation preference $-0- and $1,501,600 plus undeclared dividends of $-0- and $154,665 at December 31, 2014 and 2013, respectively		1,656,265
Total redeemable, convertible preferred stock		1,656,265
Commitments and contingencies
Stockholders' deficit:
Common stock, par value $.0001, authorized 75,000,000 shares, 25,559,678 and 25,039,230 shares issued and outstanding at December 31, 2014 and 2013, respectively	2,556	2,503
Additional paid-in capital	107,239,985	103,742,424
Accumulated deficit	-110,305,723	-106,624,198
Total stockholders' deficit	-3,063,182	-2,879,271
Total liabilities and stockholders' deficit	$9,664,808	$10,490,011

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parenthetical (USD $)	Dec. 31, 2014	Dec. 31, 2013
Parentheticals
Due to related party	$788,520	$788,520
Note payable, net of discount	284,245	784,096
Redeemable, convertible preferred stock, par value	$0	$0
Redeemable, convertible preferred stock, authorized	10,000,000	10,000,000
Cumulative dividends	0	0
Common stock, par value	$0	$0
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	25,039,230	25,039,230
Common stock, outstanding	25,039,230	25,039,230
Redeemable, convertible Preferred stock, issued	0	0
Redeemable, convertible Preferred stock, outstanding	0	0
Redeemable, convertible Preferred stock, issued	0	15,016
Redeemable, convertible Preferred stock, outstanding	0	15,016
Redeemable, convertible Preferred stock, liquidation preference value	0	1,501,600
Undeclared dividends	$0	$154,665

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
Consolidated Statements of Operations (USD $)	Dec. 31, 2014	Dec. 31, 2013
Operating expenses (income):
Stock-based compensation	$1,087,103	$1,631,098
General and administrative expenses	734,702	817,199
Gain on sale of undeveloped leases	-10,000	-68,640
Gain on settlement of litigation	-179,877
Total operating expenses, net	1,631,928	2,379,657
Operating loss	-1,631,928	-2,379,657
Other income (expense):
Interest expense	-3,498,808	-832,651
Change in derivative fair value	1,376,311	-75,017
Loss on conversion of note payable		-11,085
Other income	72,900	218,543
Total other income (expense)	-2,049,597	-700,209
Loss before income taxes	-3,681,525	-3,079,866
Income tax benefit (expense)	0	653,000
Net loss	-3,681,525	-2,426,866
Accrual of 6% dividend payable on Series A and B redeemable, convertible preferred stock	-25,527	-896,096
Accretion of Series A and B redeemable, convertible preferred stock to liquidation value		-2,264,947
Loss applicable to common shareholders	($3,707,052)	($5,587,909)
Net loss per share - basic and diluted	$0	$0
Weighted average shares outstanding - basic and diluted	25,452,573	21,205,155

Consolidated_Statements_of_Ope1

Consolidated Statements of Operations Parentheticals	12 Months Ended
Consolidated Statements of Operations Parentheticals	Dec. 31, 2014	Dec. 31, 2013
Statements of Operations Parentheticals
Percentage of convertible preferred stock dividends payable	6.00%	6.00%

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders' Deficit (USD $)	Common Stock Shares	Common Stock Amount	Additional Paid-in Capital	Accumulated Deficit	Stockholders' Deficit
	Common Stock Shares	Common Stock Amount	USD ($)	USD ($)	USD ($)
Balance, at Dec. 31, 2012	20,668,575	2,066	88,843,628	-104,197,332	-15,351,638
Stock-based compensation			$1,631,098		$1,631,098
Common stock purchase warrants issued for debt issuance costs			60,290		60,290
Transition of derivative liability to equity			695,723		695,723
Issuance of common stock and warrants for cash	556,250	56	889,944		890,000
Issuance of common stock for services rendered	40,000	4	80,746		80,750
Issuance of common stock on conversion of notes payable	151,634	15	337,400		337,415
Exercise of common stock purchase warrants on a cashless basis	31,521	3	-3
Conversion of Series A preferred stock to common stock	3,591,250	359	14,364,641		14,365,000
Accretion of Series A and B redeemable, convertible preferred stock to liquidation value			-2,264,947		-2,264,947
Accrual of 6% dividend payable on Series A and B redeemable, convertible preferred stock			-896,096		-896,096
Net loss				-2,426,866	-2,426,866
Balance, at Dec. 31, 2013	25,039,230	2,503	103,742,424	-106,624,198	-2,879,271
Stock-based compensation			1,087,103		1,087,103
Common stock purchase warrants issued for debt issuance costs			603,966		603,966
Common stock issued in settlement of litigation	100,000	10	114,990		115,000
Transition of derivative liability to equity			35,280		35,280
Accrual of 6% dividend payable on Series A and B redeemable, convertible preferred stock			-25,527		-25,527
Conversion of Series B redeemable, convertible preferred stock to common stock	420,448	43	1,681,749		1,681,792
Net loss				($3,681,525)	($3,681,525)
Balance, at Dec. 31, 2014	25,559,678	2,556	107,239,985	-110,305,723	-3,063,182

Stockholders_Deficit_Parenthet

Stockholders' Deficit Parentheticals	12 Months Ended
Stockholders' Deficit Parentheticals	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Deficit Parentheticals
Percentage Of Dividend Payable On Redeemable Convertible Preferred Stock	6.00%	6.00%

Consolidated_Statements_Cash_F

Consolidated Statements Cash Flows (USD $)	12 Months Ended
Consolidated Statements Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($3,681,525)	($2,426,866)
Adjustments to reconcile net loss to net cash used in operating activities:
Income tax benefit		-653,000
Stock-based compensation	1,087,103	1,631,098
Common stock issued for services rendered		80,750
Change in fair value of derivative liability	-1,376,311	75,017
Gain on settlement of litigation	-179,877
Gain on sale of undeveloped leases	-10,000	-68,640
Amortization of debt discount and debt issuance cost	3,317,672	776,421
Loss on conversion of note		11,085
Decrease in prepaid expenses and other assets		5,805
Increase (decrease) in accounts payable and accrued liabilities	447,983	-186,322
Net cash used in operating activities	-394,955	-754,652
Cash flows from investing activities:
Investment in oil and gas properties	-115,622	-211,275
Proceeds from sale of undeveloped leases	10,000	68,640
Decrease in deposit		5,000
Net cash used in investing activities	-105,622	-137,635
Cash flows from financing activities:
Proceeds (repayment) from line-of-credit, net	-60,833	94,640
Repayment of note payable to related party	-60,000	-250,000
Proceeds from debt and subordinated note payable	635,000	825,000
Proceeds from private placement of common stock and warrants		890,000
Repayment of notes payable	-60,000	-700,000
Net cash provided by financing activities	514,167	859,640
Net increase (decrease) in cash and cash equivalents	13,590	-32,647
Cash and cash equivalents:
Beginning	74	32,721
End	13,664	74
Supplemental cash flow information:
Cash paid for interest	33,626	23,428
Supplemental noncash disclosures:
Warrant derivative issued in connection with notes payable	1,225,589	1,488,167
Issuance of revenue sharing interest in Nicaraguan Concession to note holder	964,838
Investments in oil and gas properties funded by accounts payable		4,840,136
Investments in oil and gas properties financed through issuance of note		1,000,000
Noncash capitalized interest		12,500
Noncash transaction; Series A Preferred shares and related accrued dividends fees satisfied by issuance of common shares		14,365,000
Noncash transaction; Series B preferred shares and related accrued dividends satisfied by issuance of common shares	1,681,792
Conversion of note and accrued interest to common stock		337,415
Transition of derivative liability to equity	35,280	695,723
Accretion in fair value of redeemable preferred stock		2,264,947
Preferred dividends accrued	25,527	896,096
Common stock purchase warrants issued for debt issuance costs	603,966	60,290
Cashless exercise of common stock purchase warrants		$3

Organization_Consolidation_and

Organization, Consolidation and Presentation of Financial Statements

12 Months Ended

Dec. 31, 2014

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies

Note 1 – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies

Nature of Operations

Infinity Energy Resources, Inc. (the “Company,” “Infinity,” “we”, “our”) is engaged in the exploration of potential oil and gas resources in the Perlas and Tyra concession blocks offshore Nicaragua in the Caribbean Sea (the “Nicaraguan Concessions” or “Concessions”). The Company sold its wholly-owned subsidiary Infinity Oil and Gas of Texas, Inc. in 2012 and continues to hold its wholly-owned subsidiary Infinity Oil and Gas of Wyoming, Inc., which has been inactive in recent years.

On March 5, 2009 Infinity signed the contracts relating to its Nicaraguan Concessions. Infinity is conducting activities to develop geological information from the processing and evaluation of newly acquired and existing 2-D and 3-D seismic data that was acquired for the Nicaraguan Concessions. Infinity is seeking capital from various sources to continue the geological and exploration activities of the Nicaraguan Concessions. It is seeking offers from industry operators and other third parties for interests in the acreage in the Nicaraguan Concessions in exchange for cash and a carried interest in exploration and development operations or other joint venture arrangement.

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of Infinity Energy Resources, Inc. and its wholly-owned subsidiary, Infinity Oil & Gas of Wyoming, Inc. (“Infinity-Wyoming”). All significant intercompany balances and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States.

Going Concern

As reflected in the accompanying consolidated statements of operations, the Company has had a history of losses. In addition, the Company has a significant working capital deficit and is currently experiencing substantial liquidity issues.

The Company has been seeking capital to develop geological information from the processing and evaluation of newly acquired and existing 2-D and 3-D seismic data and to conduct exploration activities to discover and exploit oil and gas deposits within its Nicaraguan Concessions. In 2012 Infinity converted debt owed to Amegy Bank (“Amegy”) and Off-Shore Finance, LLC (“Off-Shore”) to Preferred Stock (see Note 3). On December 30, 2013, we completed the exchange of all 130,000 shares of Series A Preferred Stock and the related accrued dividends that Amegy owned for a total of 3,591,250 shares of our common stock. In addition, on February 28, 2014 we completed the exchange of all 15,016 shares of Series B Preferred Stock and the related accrued dividends that Off-Shore owned for a total of 420,448 shares of our common stock. We have also raised additional capital through the issuance of short-term debt with detachable common stock purchase warrants during 2012 through 2014 to process seismic data and to pay ongoing Nicaraguan Concession costs and corporate overhead. Although the cash outflow necessary to pay Amegy and Off-Shore has been eliminated under terms of the agreements, we are still in need of additional capital to meet our obligations under the Nicaraguan Concessions, to service the outstanding short-term debt and other obligations and to continue normal corporate activities, and are seeking sources of additional equity or debt financing. There can be no assurance that we will be able to obtain such capital or obtain it on favorable terms.

The Company received notification of final approval of the Environmental Impact Assessment (“EIA”) by the Nicaraguan government on April 13, 2013, which began Sub-Period 2 as defined in the Nicaraguan concessions. Therefore, the Company has progressed to Sub-Period 2 of the exploration phase of the 30-year Concession for both Perlas and Tyra as of December 31, 2014. In accordance with the Nicaraguan Concession agreements, the Company had provided the Ministry of Energy with the required letters of credit in the amounts totaling $851,550 for this and additional work on the leases as required by the Nicaraguan Concessions, which letters of credit have now expired. The Company is in negotiations with the Nicaraguan Government and its lenders to renew the letters of credit, although there is no assurance that it will be successful in that regard. The Company must resolve this issue to be in compliance with its requirements under the Concessions. The Company has completed certain activity under the initial work plan to date, but there remain significant additional activities to comply with the Nicaraguan Concessions. The Company intends to seek joint venture or working interest partners prior to the commencement of any significant exploration or drilling operations on the Nicaraguan Concessions. The Company satisfied its commitment under the Nicaraguan Concessions to acquire, process and interpret additional 2-D/3-D seismic data. The Company is evaluating the newly acquired seismic data and is in process of selecting potential exploratory drill sites in accordance with the Nicaragua Concessions. The Company must gain approval of the drill sites upon submission of an updated environmental impact assessment before commencing with exploration activities. The Company currently does not have the working capital to complete the activities required by the work plan and consequently it must raise the necessary funding to fulfil such requirements. This are substantial operational and financial issues that must be successfully mitigated during 2015 or the Company’s ability to satisfy the conditions necessary to maintain its Nicaragua Concessions will be in significant doubt.

Due to the uncertainties related to these matters, there exists substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.

Management Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates with regard to the consolidated financial statements include the estimated carrying value of unproved properties, the estimated fair value of derivative liabilities, stock-based awards and overriding royalty interests, and the realization of deferred tax assets.

Oil and Gas Properties

The Company follows the full cost method of accounting for exploration and development activities. Accordingly, all costs incurred in the acquisition, exploration, and development of properties (including costs of surrendered and abandoned leaseholds, delay lease rentals, dry holes and seismic costs) and the fair value of estimated future costs of site restoration, dismantlement, and abandonment activities are capitalized. Overhead related to development activities is also capitalized during the acquisition phase. In the years ended December 31, 2014 and 2013, the Company capitalized direct costs, overhead costs and interest as follows:

For the Years Ended

December 31,

2014

2013

Direct costs

115,622

6,051,411

In April 2013 the Environmental Impact Assessment (“EIA”) was formally approved by the Nicaraguan government and the Company was cleared to commence 2-D and 3-D seismic mapping activities in the area. In late 2013 and early 2014 we conducted 2-D and 3-D seismic mapping beneath the waters of the Tyra and Perlas Concession blocks. Concurrent with the approval of the EIA, management concluded that the acquisition phase of the Nicaraguan Concessions had been completed and the exploration phase had commenced with the start 2-D and 3-D seismic mapping activities. Accordingly, the Company ceased the capitalization of overhead, legal costs, certain consulting and ancillary costs paid to the Nicaraguan government in accordance with the Concession agreement.

Direct costs capitalized during the year ended December 31, 2013 included $5,937,013 of costs related to the acquisition of new 2D and 3D seismic data on the Nicaragua Concessions.

Depletion of proved oil and gas properties is computed on the units-of-production method, with oil and gas being converted to a common unit of measure based on relative energy content, whereby capitalized costs, as adjusted for estimated future development costs and estimated asset retirement costs, are amortized over the total estimated proved reserve quantities. Investments in unproved properties, including capitalized interest and internal costs, are not depleted pending determination of the existence of proved reserves. Unproved properties are assessed periodically (at least annually) to ascertain whether impairment has occurred. Unproved properties whose costs are individually significant are assessed individually by considering the primary lease terms of the properties, the holding period of the properties, geographic and geologic data obtained relating to the properties, and estimated discounted future net cash flows from the properties. Estimated discounted future net cash flows are based on discounted future net revenues associated with probable and possible reserves, risk adjusted as appropriate. Where it is not practicable to assess individually the amount of impairment of properties for which costs are not individually significant, such properties are grouped for purposes of assessing impairment. The amount of impairment assessed is added to the costs to be amortized, or is reported as a period expense, as appropriate. All unproved property costs as of December 31, 2014 and December 31, 2013 relate to the Nicaraguan Concessions that were entered into in March 2009. In assessing the unproved property costs for impairment, the Company takes into consideration the terms of the government concessions, the status of the Company’s compliance with the Nicaraguan Concessions’ requirements, the ongoing evaluation of the seismic data and plans to seek industry participation in the future exploration and development.

Pursuant to full cost accounting rules, the Company must perform a “ceiling test” each quarter. The ceiling test provides that capitalized costs less related accumulated depletion and deferred income taxes for each cost center may not exceed the sum of (1) the present value of future net revenue from estimated production of proved oil and gas reserves using prices based on the arithmetic mean of the previous 12 months’ first-of-month prices and current costs, including the effects of derivative instruments accounted for as cash flow hedges, but excluding the future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, and a discount factor of 10%; plus (2) the cost of properties not being amortized, if any; plus (3) the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any; less (4) income tax effects related to differences in the book and tax basis of oil and gas properties. If capitalized costs exceed the ceiling, the excess must be charged to expense and may not be reversed in future periods. As of December 31, 2014 and 2013, the Company did not have any proved oil and gas properties, and all unproved property costs relate to the Company’s Nicaraguan Concessions.

Proceeds from the sales of oil and gas properties are accounted for as adjustments to capitalized costs with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss would be recognized in the determination of the Company’s net earnings/loss.

Concentrations

The Company’s only asset is the Nicaraguan Concessions and it expects to be active in Nicaragua for the foreseeable future, given sufficient capital. The political climate in Nicaragua could become unstable and subject to radical change over a short period of time. In the event of a significant negative change in political and economic stability in the vicinity of the Nicaraguan Concessions or of the inability of the Company to obtain sufficient financing, the Company might be forced to abandon or suspend its efforts and its rights under its Nicaraguan Concessions.

Derivative Instruments

The Company accounts for derivative instruments or hedging activities under the provisions of ASC 815 Derivatives and Hedging. ASC 815 requires the Company to record derivative instruments at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income (loss) and are recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges, if any, are recognized in earnings. Changes in the fair value of derivatives that do not qualify for hedge treatment are recognized in earnings.

The purpose of hedging is to provide a measure of stability to the Company’s cash flows in an environment of volatile oil and gas prices and to manage the exposure to commodity price risk. As of December 31, 2014 and 2013 and during the years then ended, the Company had no oil and natural gas derivative arrangements outstanding.

As a result of certain terms, conditions and features included in certain common stock purchase warrants issued by the Company (Notes 6 and 7), those warrants are required to be accounted for as derivatives at estimated fair value, with changes in fair value recognized in earnings.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. This method requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between financial accounting bases and tax bases of assets and liabilities. The tax benefits of tax loss carryforwards and other deferred taxes are recorded as an asset to the extent that management assesses the utilization of such assets to be more likely than not. Management routinely assesses the realizability of the Company’s deferred income tax assets, and a valuation allowance is recognized if it is determined that deferred income tax assets may not be fully utilized in future periods. Management considers future taxable earnings in making such assessments. Numerous judgments and assumptions are inherent in the determination of future taxable earnings, including such factors as future operating conditions. When the future utilization of some portion of the deferred tax asset is determined not to be more likely than not, a valuation allowance is provided to reduce the recorded deferred tax asset. When the Company can project that a portion of the deferred tax asset can be realized through application of a portion of tax loss carryforward, the Company will record that utilization as a deferred tax benefit and recognize a deferred tax asset in the same amount. There can be no assurance that facts and circumstances will not materially change and require the Company to adjust its deferred income tax asset valuation allowance in a future period. The Company recognized a deferred tax asset, net of valuation allowance, of $0 at December 31, 2014 and 2013.

The Company is potentially subject to taxation in many jurisdictions, and the calculation of income tax liabilities (if any) involves dealing with uncertainties in the application of complex income tax laws and regulations in various taxing jurisdictions. It recognizes certain income tax positions that meet a more-likely-than not recognition threshold. If the Company ultimately determines that the payment of these liabilities will be unnecessary, it will reverse the liability and recognize an income tax benefit. No liability for unrecognized tax benefit was recorded as of December 31, 2014 and 2013.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash consists of cash on hand and demand deposits with financial institutions. Although the Company had minimal cash as of December 31, 2014 and 2013, it is the Company’s policy that all highly liquid investments with a maturity of three months or less when purchased would be cash equivalents and would be included along with cash as cash and equivalents.

Asset Retirement Obligations

The Company records estimated future asset retirement obligations pursuant to the provisions of ASC 410. ASC 410 requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred with a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the asset retirement liability is required to be accreted each period. The Company’s asset retirement obligations consist of costs related to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. Capitalized costs are depleted as a component of the full cost pool using the units of production method. Although the Company had divested all of its domestic oil properties that contain operating and abandoned wells as of December 31, 2014, the Company may have obligations related to the divestiture of certain abandoned non-producing domestic leasehold properties should the new owner not perform its obligations to reclaim abandoned wells in a timely manner. Management believes the Company has been relieved from asset retirement obligation related to Infinity-Texas because of the sale of its Texas oil and gas properties in 2011 and its sale of 100% of the stock in Infinity-Texas in 2012. The Company has recognized an additional liability of $734,897 related to its former Texas oil and gas producing properties (included in asset retirement obligations) to recognize the potential personal liability of the Company and its officers for the Infinity-Texas oil and gas properties should the new owner not perform its obligations to reclaim abandoned wells in a timely manner. In addition, management believes the Company has been relieved from asset retirement obligations related to Infinity-Wyoming because of the sale of its Wyoming and Colorado oil and gas properties in 2008, however the Company has recognized an additional liability of $981,106 related to its former Wyoming and Colorado oil and gas producing properties (included in asset retirement obligations) to recognize the potential liability of the Company and its officers should the new owner not perform its obligations to reclaim abandoned wells in a timely manner.

Fair Value of Financial Instruments

The carrying values of the Company’s accounts receivable, accounts payable and accrued liabilities and short term notes represent the estimated fair value due to the short-term nature of the accounts.

The carrying value of the Company’s debt under its line-of-credit with related party represents its estimated fair value due to its short-term nature, its rate of interest, associated fees and expenses and initially recorded discount.

In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC 820”), the Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities or a group of assets or liabilities, such as a business.

ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

Level 1 — Quoted prices in active markets for identical assets and liabilities.

Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities).

Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value.

The estimated initial fair value and subsequent re-measurement of fair values related to the Company’s Series A and B redeemable convertible preferred stock was determined based upon estimates of the expected occurrence and timing of certain future events, such as the date such shares might be redeemed or converted; an estimate of discount rates to be utilized in determining net present value of the preferred stock, based upon rates observed in similar or analogous, but not identical, market transactions, upon past Company-specific effective borrowing rates, and the assessment of each instrument’s specific rights and obligations. The fair value for the Series B redeemable convertible preferred stock outstanding as of December 31, 2013 was classified under the fair value hierarchy as Level 3.

The estimated fair value of the Company’s derivative liabilities, all of which are related to detachable warrants issued and the conversion feature granted in connection with notes payable, were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, interest rates, the probability of both the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the warrant agreement terms and non-performance risk factors, among other items . The fair values for the warrant derivatives as of December 31, 2014 and 2013 were classified under the fair value hierarchy as Level 3.

The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013:

31-Dec-14

Level 1

Level 2

Level 3

Total

Liabilities

Derivative liabilities

701,214

31-Dec-13

Level 1

Level 2

Level 3

Total

Liabilities

Derivative liabilities

853,365

Redeemable, convertible preferred stock

Series-B (related party)

1,656,265

2,509,630

There were no changes in valuation techniques or reclassifications of fair value measurements between Levels 1, 2 or 3 during the years ended December 31, 2014 and 2013.

Net Loss per Share

Pursuant to FASB ASC Topic 260, Earnings per Share, basic net income (loss) per share is computed by dividing the net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common shareholders by the weighted-average number of common and common equivalent shares outstanding during the period. Common share equivalents included in the diluted computation represent shares issuable upon assumed exercise of stock options and warrants using the treasury stock and “if converted” method. For periods in which net losses from continuing operations are incurred, weighted average shares outstanding is the same for basic and diluted loss per share calculations, as the inclusion of common share equivalents would have an anti-dilutive effect.

Potential common shares as of December 31, 2014 that have been excluded from the computation of diluted net loss per share amounted to 7,867,210 shares, which included 3,662,710 outstanding warrants and 4,204,500 outstanding stock options.

Foreign Currency

The United States dollar is the functional currency for the Company’s operations. Although the Company’s acquisition and exploration activities have been conducted in Nicaragua, a significant portion of the payments incurred for exploration activities are denominated in United States dollars. The Company expects that a significant portion of its required and discretionary expenditures in the foreseeable future will also be denominated in United States dollars. Any foreign currency gains and losses are included in the consolidated results of operations in the period in which they occur. The Company does not have any cash accounts denominated in foreign currencies.

Recent Accounting Pronouncements

The Company evaluates the pronouncements of various authoritative accounting organizations, including the FASB and the SEC, to determine the impact of new pronouncements on GAAP and the Company. There are no new accounting pronouncements that have been issued or adopted during the year ended December 31, 2014, that are expected to have a significant effect on the Company’s consolidated financial statements.

Reclassifications

Certain amounts in the prior period were reclassified to conform with the current period’s financial statement presentation. These reclassifications had no effect on previously reported net loss or accumulated deficit.

Debt

Debt	12 Months Ended
	Dec. 31, 2014
Debt:
Debt Disclosure	Note 2 – Debt

	Debt consists of the following at December 31, 2014 and 2013:

		December 31,		December 31,
		2014		2013
	Line-of-credit with related party	$	33,807	$	94,640
	Notes payable, short term:
	Note payable, net of unamortized discount of $41,011 and $784,096, of December 31, 2014 and 2013, respectively	$	1,008,989	$	265,904
	Note payable, net of unamortized discount of $822 and $-0-, as of December 31, 2014 and 2013, respectively		24,178		-
	Note payable, net of unamortized discount of $27,712 and $-0-, as of December 31, 2014 and 2013, respectively		72,288		-
	Notes payable, net of unamortized discount of $175,248 and $-0-, as of December 31, 2014 and 2013, respectively		124,752		-
	Notes payable, net of unamortized discount of $39,452 and $-0-, as of December 31, 2014 and 2013, respectively		110,548		-
	Total notes payable, short-term	$	1,340,755	$	265,904


	Line-of-Credit with Related Party

	The Company entered into a line-of-credit facility on September 23, 2013 which provides for borrowings on a revolving basis up to a maximum of $50,000 (maximum increased to $100,000 at December 31, 2013) with an initial maturity of November 23, 2013. The entity providing the credit facility is owned by an officer of another corporation for which Infinity’s president and chairman of the board serves as president and chairman of the board. The facility is unsecured, bears interest at 8% per annum, and was renewed at its maturity on November 23, 2013 for an additional two months or until January 23, 2014. On such date the parties renewed the credit facility until April 23, 2014 and subsequently renewed it until February 28, 2015. In consideration for the origination of the line of credit facility and the various renewals, the Company granted the lender common stock purchase warrants exercisable to purchase an aggregate of 450,000 shares of common stock at an exercise price of $1.50 per share (as amended on January 23, 2014), which warrants are immediately exercisable and expire on various dates from September 23, 2018 to October 23, 2019 (as amended). The parties agreed as a condition to the renewal of the facility in January 2014 that all warrants would be extended to a five-year term and the exercise price reduced to $1.50 per share. The Company estimated the fair value of the warrants at $60,290 as of the original grant date in 2013, which amount has been recorded as debt issuance costs and classified in prepaid expenses in the accompanying consolidated balance sheets. The Company estimated the fair value of the new warrants exercisable to purchase 400,000 shares issued to extend the facility during 2014 and the increased value of the amended warrants to be $603,966, which has been recorded as additional debt issuance costs and classified in prepaid expenses in the accompanying consolidated balance sheets.

	Such debt issuance costs are amortized ratably over the term of the credit facility and each respective extension, which totaled $47,568 for the year ended December 31, 2013 and the remaining unamortized balance was $12,723 as of December 31, 2013. During the year ended December 31, 2014, a total of $641,210 of debt issuance costs were amortized to interest expense and the remaining unamortized balance was $23,046 as of December 31, 2014.

	Note Payable – Short-term

	On December 27, 2013 the Company borrowed $1,050,000 under an unsecured credit facility with a private, third-party lender. The facility is represented by a promissory note (the “Note”) with an original due date of March 12, 2014. On March 7, 2014 the Company and the lender agreed to extend the maturity date of the Note to May 9, 2014 and on such date the parties agreed to extend the maturity date of the Note to December 7, 2014. On November 19, 2014 the parties agreed to further extend the maturity date of the Note to April 7, 2015 (the “New Maturity Date”). All other terms of the Note remain the same.

	In connection with one of the extensions of the Note, the Company agreed to enter into a definitive revenue sharing agreement with the lender to grant the lender under the revenue sharing agreement an irrevocable right to receive a monthly payment equal to one half of one percent (1/2%) of the gross revenue derived from the share of all hydrocarbons produced at the wellhead from the Nicaraguan Concessions and any other oil and gas concessions that the Company and its affiliates may acquire in the future. This percent increased to one percent (1%) when the Company did not pay the Note in full by August 7, 2014. Therefore, the revenue sharing agreement is fixed at one percent (1%). The Company paid no other consideration in connection with the extensions of the Note, but paid the legal expenses of the lender related to the extensions of $25,000. The Note may be prepaid without penalty at any time. The Note is subordinated to all existing and future senior indebtedness, as such terms are defined in the Note.

	The value of the one percent (1.0%) definitive revenue sharing agreement granted to the lender as consideration for the extension of the maturity date to December 7, 2014 was estimated to be $964,738. Such amount has been reflected as a reduction of oil and gas properties and as a discount on the renewed note payable and will be amortized ratably over the extended term of the note.

	In connection with its loan, the Company granted the lender a Warrant exercisable to purchase 1,000,000 shares of its common stock at an exercise price of $1.50 per share. In connection with the extension to the New Maturity Date, the parties amended the date for exercise of the Warrant to be a period commencing April 7, 2015 and expiring on the third anniversary of such date. The Company issued no additional warrants to the lender in connection with the extension of the Note to the New Maturity Date. If the Company fails to pay the Note on or before its New Maturity Date, the number of shares issuable under the Warrant increases to 13,333,333 and the exercise price drops to $0.075 per share. All other terms of the Warrant remain the same. The warrant has been treated as a derivative liability whereby the value of warrant is estimated at the date of grant and recorded as a derivative liability and as a discount on the note payable. The warrant liability is revalued to fair value at each reporting date with the corresponding income (loss) reflected in the statement of operations as change in derivative liability. The discount is amortized ratably through the original maturity date and each of the extended maturity dates.

	The total discount recorded as of the December 27, 2013 origination date of the note was $890,103. The total additional discount recorded in 2014 as a result of the amendments to the note terms and extensions of the maturity date totaled $1,048,507. Discount amortization expense aggregated $93,507 and $1,804,092 for the years ended December 31, 2014 and 2013, respectively and the remaining unamortized discount was $41,011 and $796,596 as of December 31, 2014 and 2013, respectively.

	Other than the $1,050,000 short-term note described above, during the year ended December 31, 2014 the Company borrowed a total of $635,000 from entities or individuals as follows:

	On January 2, 2014 it borrowed a total of $50,000 from an individual under a promissory note bearing interest at 8% per annum and an April 2, 2014 maturity date. The note was paid off on its maturity date. In connection with the loan, the Company issued the lender a warrant exercisable to purchase 50,000 shares of common stock at $1.50 per share for a term of two years from the date of the note. The terms of the note and warrant provided that if the note and interest are not paid in full by the note’s maturity date, the exercise price of the warrant automatically reduced to $0.50 per share. The ratchet provision in the warrant exercise price required that the warrant be accounted for as a derivative liability until the underlying promissory note was paid off. The Company recorded the estimated fair value of the warrants totaling $33,852 as a discount on the underlying note payable and as a derivative liability in the same amount as of the date of the note. Interest expense for the year ended December 31, 2014 includes discount amortization in the amount of $33,852. The value of the warrant was $35,280 as of the date the underlying promissory note was paid off which was transitioned to additional paid in capital.


	On January 7, 2014 it borrowed a total of $25,000 from an individual under a convertible note with a conversion price of $1.50 per share. The term of the note was for one year and it bears interest at 8% per annum. In connection with the loan, the Company issued the lender a warrant exercisable to purchase 25,000 shares of common stock at $1.50 per share for a term of five years from the date of the note. The terms of the note and warrant provide that if the note and interest are not paid in full by its maturity date, the conversion price of the note and exercise price of the warrant automatically reduce to $0.50 per share. The ratchet provision in the note conversion and warrant exercise price require that these be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $37,323 as discounts on note payable and as a derivative liability in the same amount, as of the date of the note. Interest expense for the year ended December 31, 2014 includes discount amortization in the amount of $36,501 and as of December 31, 2014, the remaining unamortized discount was $822. On January 7, 2015, the Company and the holder agreed to extend the maturity date of the note to February 28, 2015 and in consideration the Company granted it an additional 25,000 warrants with an exercise price of $1.00 per share for a five-year term and reduced the exercise price of the previously issued warrants to $1.00 per share.


	On March 31, 2014 it borrowed a total of $100,000 from an entity under a convertible note with a conversion price of $1.50 per share. The term of the note was for a period of 180 days and it bears interest at 8% per annum. In connection with the loan, the Company issued the lender a warrant exercisable to purchase of 100,000 shares of common stock at $1.50 per share for a term of five years from the date of the note. On September 30, 2014, the parties agreed to extend the maturity date of the note to February 28, 2015, for which the Company granted an additional warrant exercisable to purchase 100,000 shares of common stock at an exercise price of $1.00 per share for a five-year term and reduced the exercise price of the previously issued warrants to $1.00 per share. The terms of the note and warrant provide that if the note and interest are not be paid in full by its maturity date, the conversion price of the note and the exercise price of the warrant automatically reduce to $0.50 per share. The ratchet provision in the note conversion and warrant exercise price required that the conversion feature and warrants be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $143,502 as a discount on note payable and as a derivative liability in the same amount, on the origination date of the note. In addition, the fair value of the new warrants issued and changes to previously issued warrants at the date of the extension was estimated at $70,924, which was also recorded as a discount on the note and a derivative liability. The Company amortizes the discount to interest ratably over the term of the note. Interest expense for the year ended December 31, 2014 includes discount amortization in the amount of $186,714 and as of December 31, 2014, the remaining unamortized discount was $27,712.


	On April 4, 2014 and June 7, 2014 it borrowed a total of $250,000 from an entity under two convertible notes payable with a conversion price of $1.50 per share. The original terms of the April 4, 2014 and June 7, 2014 notes were for a period of 180 days and bore interest at 8% per annum. On November 19, 2014 it borrowed an additional $50,000 and renewed the previously notes to mature on February 28, 2015 and bearing interest at 8% per annum. In connection with the loans the Company issued the entity a warrant excisable to purchase 250,000 shares of common stock at $1.50 per share for a term of five years from the date of the notes. On November 19, 2014, the Company granted an additional 350,000 warrants with an exercise price of $1.00 per share and a five-year term and reduced the existing 250,000 warrants exercise price to $1.00 per share. The terms of the notes and warrants provide that if the notes and interest are not be paid in full by their respective maturity dates, the conversion price of the notes and the exercise price of the warrants automatically reduce to $0.50 per share. The ratchet provision contained in the note conversion and warrant exercise price required that these be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $278,585 as a discount on note payable and as a derivative liability in the same amount, as of the date of the respective notes. In addition, the fair value of the new warrants issued and changes to previously issued warrants at the date of the extension was estimated at $436,366 which was also recorded as a discount on the note and a derivative liability. The Company amortizes the discount to interest ratably over the term of the note. Interest expense for the year ended December 31, 2014 includes discount amortization in the amount of $539,703 and as of December 31, 2014, the remaining unamortized discount was $175,248.


	On April 14, 2014 it borrowed a total of $100,000 from an entity under a convertible note payable with the conversion rate of $1.50 per share. The term of the note was for a period of 180 days and bore interest at 8% per annum. In connection with the loan, the Company issued the entity a warrant for the purchase of 100,000 shares of common stock at $1.50 per share for a period of five years from the date of the note. On October 2, 2014 it borrowed an additional $50,000 from this entity under a convertible notes payable with the conversion rate of $1.00 per share and extended the term of the original note payable to a maturity date of February 28, 2015. In connection with the issuance of the $50,000 note and the extension of the $100,000 note the Company issued 150,000 new warrants to acquire common stock at $1.00 per share for a term of five years and the reduction in exercise price of the original 100,000 warrants from $1.50 per share to $1.00 per share. The terms of the note and warrant provide that should the note and interest not be paid in full by its maturity date, the conversion price of the note and exercise price of the warrants automatically reduce to $0.50 per share. The ratchet provision in the note conversion and warrant exercise price required that these be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $200,120 as a discount on note payable and as a derivative liability in the same amount, as of the date of the respective notes and the subsequent extension. Interest expense for the year ended December 31, 2014 includes discount amortization in the amount of $160,668 and as of December 31, 2014, the remaining unamortized discount was $39,452.


	On March 7, 2014 the Company borrowed $10,000 from an individual who is related to Infinity’s Chairman and President. The note was due on demand and bore interest at 8% per annum. This demand note was repaid in full in April 2014.


	Interest Bearing Liabilities to Vendors

	At December 31, 2014 and 2013, the Company had agreed to pay interest of 8% per annum on certain accrued liabilities aggregating $410,500. Interest expense totaled $32,840 for the each of the years ended December 31, 2014 and 2013. Total accrued interest related to this agreement was $179,855 and $147,015 as of December 31, 2014 and 2013, respectively.

Preferred_Stock

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2014
Preferred Stock:
Preferred Stock	Note 3 – Preferred Stock

	On February 28, 2012, the Company signed definitive agreements with Amegy and Off-Shore relating to outstanding debt and other obligations owed them. In accordance with these agreements, on April 13, 2012, the Company issued Amegy 2,000,000 shares of common stock and 130,000 shares of Series A redeemable convertible preferred stock, and issued Off-Shore 15,016 shares of Series B redeemable convertible preferred stock. Amegy also agreed to cancel the Amegy Warrant that had originally been issued in February 2011 exercisable to purchase 931,561 shares of common stock. In aggregate, the Company cancelled debt, accrued interest and fees and the derivative liability that had been recorded relative to the Amegy Warrant in the aggregate amount of $21,883,393.

	The Series A and Series B redeemable convertible preferred stock had a 6% annual dividend and were convertible into common stock at a price of $6.50 per share. Both series of preferred stock would automatically convert into common stock if the average of the closing prices of the common stock for 30 consecutive trading days equaled at least $7.50 per share. The Company had the right to redeem both series of preferred stock at any point for an amount equal to their issue price of $100 per share plus all accrued and unpaid dividends; however, the Series A preferred stock had a higher liquidation preference and had to be redeemed prior to any redemption of Series B preferred stock. Commencing January 1, 2013, the Series A preferred stock would vote with the common stock on all matters presented to the holders of the common stock. Beginning January 1, 2014, the Series A preferred shareholders would have a majority vote on all such matters and the right to elect a majority of the Board of Directors, if the Series A preferred stock had not been redeemed or converted into common stock. Series B preferred stock had no voting privileges. Neither series of preferred stock was transferrable for 180 days after issuance.

	On December 30, 2013, the Company completed all transactions contemplated by a Stock Exchange Agreement (the “Agreement”) between it and Amegy. Under the Agreement Amegy exchanged all of its 130,000 shares of Series A preferred stock of the Company that it owned for 3,250,000 shares of common stock. Each share of Series A preferred stock had a price of $100. Amegy also agreed to receive an additional 341,250 shares of common stock for $1,365,000, the amount of the accrued and unpaid dividends on the Series A preferred stock as of the date of the transaction. As a result, the Company issued a total of 3,591,250 new shares of common stock valued at $4.00 per share. Accordingly, the transactions were valued at $14,365,000, which has been reflected as common stock and additional paid in capital in the accompanying consolidated balance sheets.

	Effective February 28, 2014, the Company received Conversion Notices from Offshore that effected the conversion of all Series B preferred stock outstanding including accrued and unpaid dividends thereon into shares of common stock. In the transaction, Offshore exchanged all of its 15,016 shares of Series B preferred stock for 375,400 shares of common stock. Each share of Series B preferred had a liquidation and par value of $100. The Company also issued Offshore an additional 45,048 shares of common stock for $180,192, the amount of the accrued and unpaid dividends on the Series B preferred stock as of the effective date of the transaction. As a result, the Company issued a total of 420,448 shares of common stock valued at $4.00 per share, for a total of $1,681,792, which has been reflected as common stock and additional paid in capital in the accompanying consolidated balance sheets.

Common_Stock

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2014
Common Stock
Common Stock	Note 4 – Common Stock

	During 2014, the Company issued a total of 100,000 shares of common stock to an individual to settle outstanding litigation (See Note 10). The Company recorded the issuance of the 100,000 shares based upon the closing market price on the date of issuance and a corresponding credit to common stock and additional paid-in capital of $115,000.

	During the year ended December 31, 2013, the Company conducted a private placement of its common stock in which it sold 556,250 units, each consisting of one share of common stock and one half of a common stock purchase warrant at a price of $1.60 per unit, for total proceeds of $890,000. One holder of a promissory note issued by the Company in February 2013 participated in the private placement and converted the principal amount of $125,000 plus accrued interest into 79,170 units. As a result of the conversion, the Company recognized a loss on conversion of $11,085 during the year ended December 31, 2013. The common stock purchase warrants provide for an exercise price of $2.50 per share, are immediately exercisable and have a term of five years.

	During 2013, the Company issued a total of 40,000 shares of common stock to third parties for services rendered. The Company recorded general and administrative expense of $80,750 which was determined based upon the closing market price on the date of issuance and a corresponding credit to common stock and additional paid-in capital.

	During 2013, a warrant holder exercised warrants to purchase 125,000 shares of common stock on a cashless basis resulting in 31,521 net shares being issued to the warrant holder after 93,479 shares were surrendered relative to the cashless exercise provision.

Stock_Options

Stock Options	12 Months Ended
Stock Options	Dec. 31, 2014
Stock Options
Stock Options	Note 5 – Stock Options

	The Company applies ASC 718, Stock Compensation, which requires companies to recognize compensation expense for share-based payments based on the estimated fair value of the awards. ASC 718 also requires tax benefits relating to the deductibility of increases in the value of equity instruments issued under share-based compensation arrangements to be presented as financing cash inflows in the statement of cash flows. Compensation cost is recognized based on the grant-date fair value for all share-based payments granted, and is estimated in accordance with the provisions of ASC 718.

	In May 2006, the Company’s stockholders approved the 2006 Equity Incentive Plan (the “2006 Plan”), under which both incentive and non-statutory stock options may be granted to employees, officers, non-employee directors and consultants. An aggregate of 470,000 shares of the Company’s common stock are reserved for issuance under the 2006 Plan. In June 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), under which both incentive and non-statutory stock options may be granted to employees, officers, non-employee directors and consultants. An aggregate of 475,000 shares of the Company’s common stock are reserved for issuance under the 2005 Plan. Options granted under the 2005 Plan and 2006 Plan allow for the purchase of common stock at prices not less than the fair market value of such stock at the date of grant, become exercisable immediately or as directed by the Company’s Board of Directors and generally expire ten years after the date of grant. The Company also has other equity incentive plans with terms similar to the 2005 and 2006 Plans. As of December 31, 2014, 136,500 shares were available for future grants under all plans.

	The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected term of the option award, expected stock price volatility and expected dividends. These estimates involve inherent uncertainties and the application of management judgment. For purposes of estimating the expected term of options granted, the Company aggregates option recipients into groups that have similar option exercise behavioral traits. Expected volatilities used in the valuation model are based on the expected volatility that would be used by an independent market participant in the valuation of certain of the Company’s warrants. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company’s forfeiture rate assumption used in determining its stock-based compensation expense is estimated based on historical data for the years ended December 31, 2014 and 2013. The actual forfeiture rate could differ from these estimates. The following table summarizes the inputs used in the calculation of fair value of options granted during the years ended December 31, 2014 and 2013:

		Year Ended
		December 31,
		2014	2013
	Expected term (in years)	6	2.5 – 5.0
	Expected stock price volatility	136%	131% - 132%
	Expected dividends	-	-
	Risk-free rate	1.96%	0.13% - 0.60%

	The following table summarizes stock option activity for the years ended December 31, 2014 and 2013:

		Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	Outstanding at December 31, 2012	3,303,500	$	4.17	7.3 years	$	498,130
	Granted	96,000		3
	Exercised	-		-
	Forfeited	-		-
	Outstanding at December 31, 2013	3,399,500		4.14	6.4 years		389,815
	Granted	900,000		3
	Exercised	-		-	-
	Forfeited	-95,000		4.16	-
	Outstanding at December 31, 2014	4,204,500	$	3.89	6.3 years	$	90,335
	Outstanding and exercisable at December 31, 2014	3,584,500	$	4.04	5.9 years	$	90,335


	The Company recorded stock-based compensation expense in connection with the vesting of options granted aggregating $1,087,103 and $1,631,098 during the years ended December 31, 2014 and 2013, respectively.

	During the year ended December 31, 2014, the Company granted options exercisable to purchase 900,000 shares with an exercise price of $3.00 per share and a term of ten years. A total of 300,000 shares vested immediately while the remaining 600,000 shares vest at a rate of 300,000 shares for each of the two years thereafter. The weighted average grant date fair value for these options was $1.22 per share which was calculated using the Black-Scholes option model.

	During the year ended December 31, 2013, the Company granted options exercisable to purchase 96,000 shares with an exercise price of $3.00 per share and terms ranging from five to ten years. A total of 56,000 shares vested immediately while the remaining 40,000 shares vest at a rate of 20,000 shares for each of the two years thereafter. The weighted average grant date fair value for these options was $1.88 per share, which was calculated using the Black-Scholes option model.

	The unrecognized compensation cost as of December 31, 2014 related to the unvested stock options as of that date was $201,104.

Derivative_Instruments_and_War

Derivative Instruments and Warrants	12 Months Ended
Derivative Instruments and Warrants	Dec. 31, 2014
Derivative Instruments and Warrants
Derivative Instruments and Warrants	Note 6 – Derivative Instruments and Warrants

	Commodity Derivatives

	As of December 31, 2014 and 2013, the Company had no oil and natural gas derivative arrangements outstanding.

	Derivatives – Warrants Issued Relative to Note Payables

	The estimated fair value of the Company’s derivative liabilities, all of which are related to the conversion features and detachable warrants issued in connection with notes payable, were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, interest rates, the probability of both the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the note payable and warrant agreement terms (Note 2) and non-performance risk factors, among other items (ASC 820, Fair Value Measurements ("ASC 820") fair value hierarchy Level 3). When the note payable is extinguished, the derivative liability will be adjusted to fair value and the resulting derivative liability will be transitioned from a liability to equity as of such date. One of the notes payable was extinguished during the year ended December 31, 2014. A comparison of the assumptions used in calculating estimated fair value of derivative liabilities at the issue date and as of the date of the transition from liability to equity during the year ended December 31, 2014 and 2013 is as follows:

		Upon Issuance		As of date of transition to equity	As of
		Upon Issuance		As of date of transition to equity	December 31 2014

	Volatility – range	91% - 156%		105%	102% - 104%
	Contractual term	0.5 - 5 years		1.75 years	0.5 - 5 years
	Exercise price	$1.00 - $1.50		$1.50	$1.00 - $1.50
	Number of warrants in aggregate	1,125,000		50,000	2,075,000


	A comparison of the assumptions used in calculating estimated fair value of derivative liabilities at the issue date and as of the date of the transition from liability to equity during the year ended December 31, 2013 is as follows:

		Upon Issuance		As of date of transition to equity	As of
		Upon Issuance		As of date of transition to equity	31-Dec-13

	Volatility – range	89.75% - 102.3%		88.07% - 136.11%	102.20%
	Contractual term	2-3 years		2 years	3 years
	Exercise price	$1.50 - $2.50		$2.50	$1.50
	Number of warrants in aggregate	1,825,000		825,000	1,000,000

	The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs for both open and closed derivatives:

		Amount
	Balance at December 31, 2012	$	42,508
	Fair value of warrant derivative at issuance date		1,431,563
	Unrealized derivative gains included in other expense		75,017
	Transition of derivative liability to equity		-695,723
	Balance at December 31, 2013		853,365
	Fair value of warrant derivative at issuance date		1,259,440
	Unrealized derivative losses included in other expense		-1,376,311
	Transition of derivative liability to equity		-35,280

	Balance at December 31, 2014	$	701,214

Warrants

Warrants	12 Months Ended
Warrants	Dec. 31, 2014
Warrants:
Warrants	Note 7 – Warrants

	The following table summarizes warrant activity for the year ended December 31, 2014 and 2013:

		Number of Warrants	Weighted Average Exercise Price Per Share
	Outstanding and exercisable at December 31, 2012	120,000	$	2.5
	Issued in conjunction with notes payable (Note 2)	1,775,000		1.94
	Issued in private placement of common stock (Note 4)	317,710		2.5
	Issued in conjunction with line-of-credit (Note 2)	50,000		2.5
	Exercised	-125,000		-2.5

	Outstanding and exercisable at December 31, 2013	2,137,710		2.18
	Issued in conjunction with notes payable (Note 2)	1,125,000		1.03
	Issued in conjunction with line-of-credit (Note 2)	400,000		1.38
	Exercised	-		-

	Outstanding and exercisable at December 31, 2014	3,662,710	$	1.59


	The weighted average term of all outstanding common stock purchase warrants was 3.45 and 2.64 years as of December 31, 2014 and 2013, respectively. The intrinsic value of all outstanding common stock purchase warrants and the intrinsic value of all vested common stock purchase warrants was zero as of December 31, 2014 and 2013.

	During 2013, a warrant holder exercised warrants to purchase 125,000 common shares on a cashless basis resulting in 31,521 net shares being issued to the warrant holder after 93,479 shares were surrendered relative to the cashless exercise provision.

Supplemental_Oil_and_Gas_Infor

Supplemental Oil and Gas Information	12 Months Ended
Supplemental Oil and Gas Information	Dec. 31, 2014
Supplemental Oil and Gas Information
Supplemental Oil and Gas Information	Note 8 – Supplemental Oil and Gas Information

	Estimated Proved Oil and Gas Reserves (Unaudited)

	As of December 31, 2014 and 2013, the Company had no proved reserves. As such, there are no estimates of proved reserves to disclose, nor standardized measure of discounted future net cash flows relating to proved reserves.

	Costs Incurred in Oil and Gas Activities

	Costs incurred in connection with the Company’s oil and gas acquisition, exploration and development activities are shown below.

		December 31,		December 31,
		2014		2013

	Property acquisition costs:
	Proved	$	-	$	-
	Unproved		-		-
	Total property acquisition costs		-		-
	Development costs		-
	Exploration costs		115,622		6,051,411

	Total costs	$	115,622	$	6,051,411

	Exploration costs during the year ended December 31, 2014 included $55,622 in area Concession fees paid to the Nicaraguan Government and $60,000 of geologist fees related to the analysis of new and existing 2D and 3D seismic data on the Nicaragua Concessions. Exploration costs during the year ended December 31, 2013 included $5,937,013 of costs related to the acquisition of new 2D and 3D seismic data on the Nicaragua Concessions.

	Aggregate capitalized costs relating to the Company’s oil and gas producing activities, and related accumulated depreciation, depletion, amortization and ceiling write-downs are as follows:

		December 31,		December 31,
		2014		2013

	Proved oil and gas properties	$	-	$	-
	Unproved oil and gas properties		10,592,836		10,477,214
	Total		10,592,836		10,477,214
	Less amounts allocated to revenue sharing interest granted to Note holder for extension of maturity date (See Note 2)		-964,738		-
	Less accumulated depreciation, depletion and amortization		-		-

	Net capitalized costs	$	9,628,098	$	10,477,214


	Costs Not Being Amortized

	Oil and gas property costs not being amortized at December 31, 2014, by year that the costs were incurred, are as follows:

	Year Ended December 31,
	2014	$	115,622
	2013		6,051,411
	2012		581,723
	2011		731,347
	Prior		3,112,733
	Total costs not being amortized	$	10,592,836

	The above unevaluated costs relate to the Company’s approximate 1,400,000 acre Nicaraguan Concessions.

	The Company anticipates that these unproved costs in the table above will be reclassified to proved costs within the next five years.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2014
Income Tax Disclosure
Income Taxes	Note 9 – Income Taxes

	The provision for income taxes consists of the following:

		For the Years Ended
		December 31,
		2014			2013
		(in thousands)
	Current income tax expense (benefit)	$	-		$	-653
	Deferred income tax benefit		-			-
	Total income tax expense (benefit)	$	-		$	-653

	The effective income tax rate on continuing operations varies from the statutory federal income tax rate as follows:

		For the Years Ended
		December 31,
		2014		2013
	Federal income tax rate	-34.00%		-34.00%
	State income tax rate	-4.4		-4.1
	State tax assessment reversed	-		-21.2
	Change in valuation allowance	38.4		38
	Other, net	-		0.1

	Effective tax rate	0.00%		-21.20%


	The significant temporary differences and carry-forwards and their related deferred tax asset (liability) and deferred tax asset valuation allowance balances are as follows:

		For the Years Ended
		December 31,
		2014			2013
		(in thousands)
	Deferred tax assets:
	Accruals and other	$	954		$	1,049
	Asset retirement obligations		659			659
	Note payable discounts and derivatives		752			20
	Stock-based compensation		1,120			702
	Alternative minimum tax credit carry-forward		143			143
	Net operating loss carry-forward		22,160			21,801
	Gross deferred tax assets		25,788			24,374
	Less valuation allowance		-25,788			-24,374
	Deferred tax asset	$	-		$	-

	For income tax purposes, the Company has net operating loss carry-forwards of approximately $57,710,000, which expire from 2025 through 2029. The Company has provided a 100% valuation allowance due to the uncertainty of realizing the tax benefits from its net deferred tax asset.

	The Company previously appealed an assessment of Kansas corporate income tax that had been issued by the Department of Revenue for the tax year ended December 31, 2006 in the amount of approximately $653,000, which was accrued for and was reported under accrued liabilities in the consolidated balance sheet. On July 30, 2013, the Kansas Department of Revenue issued a letter to the Company advising it that it no longer owed any corporate income tax to the State of Kansas and has released the Company from the payment of such taxes. Consequently, the related accrual was reversed and an income tax benefit of $653,000 was recorded for the year ended December 31, 2013.

	The Company has not completed the filing of tax returns for the tax years 2012 through 2014. Therefore, all such tax returns are open to examination by the Internal Revenue Service.

	The Internal Revenue Code contains provisions under Section 382 which limit a company’s ability to utilize net operating loss carry-forwards in the event that it has experienced a more than 50% change in ownership over a three-year period. Current estimates prepared by the Company indicate that no ownership changes have occurred, and are currently not subject to an annual limitation, but may be further limited by additional ownership changes which may occur in the future

	As discussed in Note 1, "Summary of Significant Accounting Policies," tax positions are evaluated in a two-step process. Management first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Management has identified no tax positions taken that would meet or exceed these thresholds and therefore there are no gross interest, penalties and unrecognized tax expense/benefits that are not expected to ultimately result in payment or receipt of cash in the consolidated financial statements.

Commitment_and_Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitment and Contingencies:
Commitments and Contingencies	Note 10 – Commitments and Contingencies

	The Company has not maintained insurance coverage on its U.S domestic oil and gas properties for several years. The Company is not in compliance with Federal and State laws regarding the U.S. domestic oil and gas properties. The Company’s known compliance issues relate to the Texas Railroad Commission regarding administrative filings and renewal permits relative to its Texas oil and gas properties that were sold in 2012. The ultimate resolution of these compliance issues could have a material adverse impact on the Company’s financial statements.

	Nicaraguan Concessions

	The Company received notification of final approval of the EIA by the Nicaraguan government on April 13, 2013, which began Sub-Period 2 as defined in the Nicaraguan concessions. Therefore, the Company has progressed to Sub-Period 2 of the exploration phase of the 30-year Concession for both Perlas and Tyra as of December 31, 2014. In accordance with the Nicaraguan Concession agreements, the Company has provided the Ministry of Energy with the required letters of credit in the amounts of $443,100 for Perlas (expired March 2014) and $408,450 for Tyra (expired September 2014). The Company has also made all required expenditures related to the Nicaraguan Concessions for training programs and as “area fees,” for each respective year for 2010 through 2014. The Company is currently negotiating the renewal of the required letters of credit with the Nicaraguan Government and its lenders; however, there can be no assurance that the Company will be successful in that regard. The Company considers it is fully in compliance with the terms of the Nicaraguan Concessions agreements, except for the renewal of the expired letters of credit, and is in year three of the exploration phase of the 30-year Nicaraguan Concessions.

	Minimum Work Program – Perlas

	Block Perlas – Exploration Minimum Work Commitment and Relinquishments
	Exploration Period	Duration
	(6 Years)	(Years)	Work Commitment	Relinquishment	Irrevocable Guarantee
	Sub-Period 1	2	- Environmental Impact Study	26km²	$443,100
			- Acquisition & interpretation of 333km of new 2D seismic
			- Acquisition, processing & interpretation of 667km of new 2D seismic (or equivalent in 3D)
	Sub-Period 2	1	- Acquisition, processing & interpretation of 200km²of 3D seismic	53km²	$1,356,227
	Optional
	Sub-Period 3	1	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower	80km²	$10,220,168
	Optional
	Sub-Period 4	2	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower	All acreage except areas	$10,397,335
	Optional
			- Geochemical analysis	with discoveries


	Minimum Work Program - Tyra

	Block Tyra – Exploration Minimum Work Commitment and Relinquishments
	Exploration Period	Duration
	(6 Years)	(Years)	Work Commitment	Relinquishment	Irrevocable Guarantee
	Sub-Period 1	1.5	- Environmental Impact Study	26km²	$408,450
			- Acquisition & interpretation of 667km of existing 2D seismic
			- Acquisition of 667km of new 2D seismic (or equivalent in 3D)
	Sub-Period 2	0.5	- Processing & interpretation of the 667km 2D seismic (or equivalent in 3D) acquired in the previous sub-period	40km²	$278,450
	Optional
	Sub-Period 3	2	- Acquisition, processing & interpretation of 250km² of new 3D seismic	160km²	$1,818,667
	Optional
	Sub-Period 4 Optional	2	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower	All acreage except areas	$10,418,667
			- Geochemical analysis	with discoveries

	Contractual and Fiscal Terms

	Training Program	US $50,000 per year, per block
	Area Fee	Years 1-3	$0.05/hectare
		Years 4-7	$0.10/hectare
		Years 8 & forward	$0.15/hectare
	Royalties	Recovery Factor	Percentage
		0 – 1.5	5%
		1.5 – 3.0	10%
		>3.0	15%
	Natural Gas Royalties	Market value at production	5%
	Corporate Tax	Rate no higher than 30%
	Social Contribution	3% of the net profit (1.5% for each autonomous region)
	Investment Protection	ICSID arbitration
		OPIC insurance

	Sub-Period 2 of the exploration phase began April 13, 2013, when the Nicaraguan Government approved the environmental impact study. The minimum cash requirements related to the maintain the Nicaraguan Concessions for the next twelve month period will be approximately $7,945,000, of which $4,945,000 is related to seismic activities already performed (in December 2013) but not yet paid, approximately $2,500,000 for new seismic activities to be performed in 2015 and $500,000 is related to the training fees, area fees and other expenditures required under the Nicaraguan Concession. In addition to the minimum cash requirements related to the Nicaraguan Concessions, the Company estimates that it will require approximately $330,000 of working capital to maintain corporate operations for the next 12 months, but not including approximately $1,659,000 principal amount of short-term promissory notes due in February and April 2015, plus accrued interest, and other obligations owed to third parties.

	Revenue Sharing Commitments

	On March 23, 2009, the Company entered into a Securities Purchase Agreement, dated effective as of March 23, 2009, with Off-Shore, an accredited investor, to issue a subordinated secured promissory note in the aggregate principal amount of up to $1,275,000 and a one percent (1%) revenue sharing interest in the Nicaraguan Concessions. Off-Shore funded a total of $1,275,000 and subsequently converted the subordinated secured promissory note to common stock (See Note 3).

	Under the Revenue Sharing Agreement (the “Revenue Agreement”), Infinity assigned to Off-Shore a monthly payment (the “RSP”) equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP will be paid to Off-Shore by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for Off-Shore. In connection with its dissolution Off-Shore assigned its RSP to its individual members.

On June 6, 2009 the Company entered into a Revenue Sharing Agreement with the officers and directors for services provided. Infinity assigned to officers and directors a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for officers and directors.

The Company intends to seek joint venture or working interest partners (the “Farmout”) prior to the commencement of any exploratory drilling operations on the Nicaraguan Concessions. On September 8, 2009 the Company entered into a Revenue Sharing Agreement with Jeff Roberts to assist the Company with its technical studies of gas and oil holdings in Nicaragua and managing and assisting in the Farmout. Infinity assigned to Jeff Roberts a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid to Jeff Roberts by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for Jeff Roberts.

On September 8, 2009 the Company entered into a Revenue Sharing Agreement with Thompson Knight Global Energy Services (“Thompson Knight”) to assist the Company with its technical studies of gas and oil holdings in Nicaragua and managing and assisting in the Farmout. Infinity assigned to Thompson Knight a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP shall bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid to Thompson Knight by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for Thompson Knight. This Revenue Sharing Agreement was terminated effective December 31, 2014 as a result of the Letter of Intent entered into with Granada Exploration, LLC (See “*Letter of Intent to enter Exploration Services Agreement”*)

In connection with the extension of the Note payable with a $1,050,000 principal balance issued in December 2013, the Company entered into a Revenue Sharing Agreement in May 2014. Infinity assigned to the note holder a monthly payment equal to the revenue derived from one percent (1%) of 8/8ths of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions and any other oil and gas concessions that the Company and its affiliates may acquire in the future. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for officers and directors.

Letter of Intent to enter Exploration Services Agreement

On October 13, 2014 the Company announced that it had entered into a Letter of Intent (“LOI”) with Granada Exploration, LLC, which has agreed to join with the Company to explore for potential hydrocarbons beneath Infinity’s 1.4 million-acre oil and gas concessions in the Caribbean Sea offshore Nicaragua. Under the terms of the LOI, Granada Exploration will provide its services in exchange for a working interest in the Nicaraguan Concessions. The scope of such services will be more specifically described in a mutually acceptable Exploration Services Agreement (“ESA”), which is currently being negotiated. The ESA is anticipated to provide that Granada will earn an assignment from Infinity of an undivided 30% working interest in the Concessions, based on an 80% net revenue interest. Granada and Infinity are also anticipated to enter into a Joint Operating Agreement. Granada may, at its discretion, participate in an initial exploratory well for up to an additional undivided 20% working interest, on a prospect-by-prospect basis, with such additional interest to be based on an 80% net revenue interest.

The LOI is subject to Granada’s normal and customary due diligence, including the evaluation of the Company’s Form 10-K and 10-Q filings, documents showing that the Company is in good standing regarding the Nicaraguan Concessions and with the Nicaraguan government; negotiation and approval of mutually acceptable formal agreements; and final approval by a majority of the partners that comprise Granada Exploration, LLC. The parties continue to negotiate the terms of the ESA but have not entered into definitive agreements and Granada has not completed its normal and customary due diligence.

Lack of Compliance with Law Regarding Domestic Properties

Infinity has not been in compliance with existing federal, state and local laws, rules and regulations for its previously owned domestic oil and gas properties and this could have a material or significantly adverse effect upon the liquidity, capital expenditures, earnings or competitive position of Infinity. All domestic oil and gas properties held by Infinity – Wyoming and Infinity-Texas have been disposed of as of December 31, 2014; however, the Company may remain liable for certain asset retirement costs should the new owners not complete their obligations. Management believes the estimate of asset retirement obligations as of December 31, 2014 and 2013 is sufficient to cover any noncompliance liabilities. Management believes the total asset retirement obligations recorded of $1,716,003 as of December 31, 2014 and 2013 is sufficient to cover any potential noncompliance liabilities relative to the to the plugging of abandoned wells, the removal of facilities and equipment, and site restoration on oil and gas properties for its former oil and gas properties. The Company has not maintained insurance on the domestic properties for a number of years.

Contingent Fees

In addition to the Revenue Sharing Agreement with Thompson Knight to assist the Company with its technical studies of gas and oil holdings in Nicaragua and managing and assisting in the Farmout, the Company agreed to compensate Thompson Knight a success fee of 5% of the upfront cash fee paid to Infinity by a third party earning an interest in the Nicaragua asset up to $20 million and 10% of any amount exceeding the $20 million. A 2% success fee would be paid to Thompson Knight of the remaining cash investment in subsequent years. This success fee agreement is has been terminated effective December 31, 2014 as a result of the Letter of Intent entered into with Granada Exploration, LLC (See “*Letter of Intent to enter Exploration Services Agreement”*).

Litigation

The Company is subject to numerous claims and legal actions in which vendors are claiming breach of contract due to the Company’s failure to pay amounts due. The Company believes that it has made adequate provision for these claims in the accompanying financial statements.

The Company is currently involved in litigation as follows:

Exterran Energy Solutions, L.P., f/k/a Hanover Compression Limited Partnership, who filed an action in the District Court of Erath County, Texas, number CV30512, on March 31, 2010 against Infinity Oil and Gas of Texas, Inc., Infinity Energy Resources, Inc., Longhorn Properties, LLC, and Forest Oil Corporation. Exterran Energy Solutions, L.P. provided certain gas compressor and related equipment pursuant to a Gas Compressor/Production Equipment Master Rental & Servicing Agreement with Infinity dated January 3, 2005 in Erath County, Texas and has claiming breach of contract for failure to pay amounts due. On October 13, 2011, a default judgment was entered against the Company in the amount of $445,521 plus interest and attorney fees. The Company has included the impacts of this litigation as liabilities in its accounts payable. The Company will seek to settle the default judgment when it has the financial resources to do so.


In October 2012 the State of Texas filed a lawsuit naming Infinity-Texas, the Company and the corporate officers of Infinity-Texas, seeking $30,000 of reclamation costs associated with a single well, in addition to administrative expenses and penalties. The Company has engaged in negotiations with the State of Texas in late 2012 and early 2013 and has reached a settlement agreement that would reduce the aggregate liability, in this action and any extension of this to other Texas wells, to $45,103, which amount has been paid. Certain performance obligations remain which must be satisfied in order to finally settle and dismiss the matter.


Pending satisfactory performance of the performance obligations and their acceptance by the State of Texas, the officers retain potential liability on the above matter, and the officers are held personally harmless by indemnification provisions of the Company. Therefore these liabilities, to the extent they might become actual, are the obligations of the Company. Management estimates that the liabilities associated with this matter will not exceed $780,000, calculated as $30,000 for each of the 26 Infinity-Texas operated wells. This related liability, less the payment made to the State of Texas in 2012 in the amount of $45,103, is classified as an asset retirement obligation on the consolidated balance sheets.

Timothy Berge, who filed an action in the District Court, City and County of Denver Colorado number 09CV9566, was granted a default judgment on November 8, 2010 against the Company in the amount of $304,921 plus costs. Mr. Berge provided certain geological services to Infinity Oil and Gas of Texas, Inc. and claimed breach of contract for failure to pay amounts he alleged were due. The Company was unable to defend itself in this matter due to limited financial resources even though it believes that it had meritorious defenses. On May 27, 2014 the Company settled this litigation by the issuance of 100,000 shares of common stock and the payment of $10,000 cash. The Company had previously established a provision of $304,878 related to this litigation as an accrued liability in the accompanying balance sheet. The value of the 100,000 shares of common stock and $10,000 cash paid in settlement of this litigation totaled $125,000, resulting in a gain of $179,878 which was recorded in the statement of operations.


Cambrian Consultants America, Inc. (“Cambrian”) filed an action in the District Court of Harris County, Texas, number CV2014-55719, on September 26, 2014 against Infinity Energy Resources, Inc. resulting from certain professional consulting services provided for quality control and management of seismic operations during November and December 2013 on the Company’s offshore Nicaraguan Concessions. Cambrian provided these services pursuant to a Master Consulting Agreement with Infinity dated November 20, 2013 and is claiming breach of contract for failure to pay amounts due. On December 8, 2014, a default judgment was entered against the Company in the amount of $96,877 plus interest and attorney fees. The Company has included the impact of this litigation as a liability in its accounts payable. The Company will seek to settle the default judgment when it has the financial resources to do so.


Torrey Hills Capital, Inc. (“Torrey”) notified the Company by letter dated August 15, 2014 of its demand for the payment of $56,000, which it alleged was unpaid and owed under a consulting agreement dated October 18, 2013. The parties entered into a consulting agreement under which Torrey agreed to provide investor relations services in exchange for payment of $7,000 per month and the issuance of 15,000 shares of common stock. The agreement was for an initial three month-term with automatic renewals unless terminated upon 30 days written notice by either party. The Company made payments totaling $14,000 and issued 15,000 shares of common stock during 2013. The Company contends that Torrey breached the agreement by not performing the required services and that it had provided proper notice of termination to Torrey. Furthermore, the Company contends that the parties agreed to settle the dispute on or around June 19, 2014 under which it would issue 28,000 shares of common stock in full settlement of any balance then owed and final termination of the agreement. Torrey disputes the Company’s contentions and has submitted the dispute to binding arbitration. The Company has accrued $49,000 in accounts payable as of December 31, 2014, which management believes is sufficient to provide for the ultimate resolution of this dispute.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2014
Related Party Transactions
Related Party Transactions	Note 11 – Related Party Transactions

	The Company currently does not have any employees other than the CEO and CFO. Certain general and administrative services (for which payment is deferred) has been provided by the CFO’s accounting firm at its standard billing rates plus out-of-pocket expenses and consist primarily of accounting, tax and other administrative fees. For the years ended December 31, 2014 and 2013, the Company was billed $0 for such services. The amount due to the CFO’s firm for services provided was $767,407 at December 31, 2014 and 2013, and is included in accrued liabilities at both dates.

	On June 6, 2009 the Company entered into a Revenue Sharing Agreement with the officers and directors for services provided. Infinity assigned to officers and directors a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions and does not create any rights in the Nicaraguan Concessions for officers and directors.

	The Company entered into a subordinated loan with Off-Shore in the aggregate amount of $1,275,000 for funds used to maintain the Nicaraguan Concessions. This note was satisfied by the Company’s issuance of shares of Series B redeemable convertible preferred stock effective April 13, 2012 to Off-Shore (see Note 3) and the conversion of the Series B redeemable convertible preferred stock to common stock effective February 28, 2014. The managing partner of Off-Shore and the CFO are partners in the accounting firm which the Company uses for general corporate purposes. In the February 2014 transaction, Offshore exchanged all of its 15,016 shares of Series B preferred stock for 375,400 shares of common stock. Each share of Series B preferred had a liquidation and par value of $100. The Company also issued Offshore an additional 45,048 shares of common stock for $180,192, the amount of the accrued and unpaid dividends on the Series B preferred stock as of the effective date of the transaction. As a result, the Company issued a total of 420,448 shares of common stock valued at $4.00 per share for a total of $1,681,792, which has been reflected as common stock and additional paid in capital in the accompanying consolidated balance sheets.

	In connection with its subordinated loan, Off-Shore was granted a one percent (1%) revenue sharing interest in the Nicaraguan Concessions. The managing partner of Off-Shore and the CFO are partners in the accounting firm which the Company uses for general corporate purposes. The revenue sharing interest remains in effect after the conversion of the subordinated promissory note to Series A preferred stock and subsequently to common stock. In connection with its dissolution Off-Shore assigned its RSP to its individual members, which includes the former managing partner of Offshore.

	As of December 31, 2014 and 2013, the Company had accrued compensation to its officers and directors of $1,187,208 and $1,081,708, respectively.

	On August 28, 2012, the Company borrowed $250,000 from an entity that was 49% owned by a board member of another corporation for which Infinity’s CEO serves as CEO and chairman of the board. The Company issued a short-term note to the entity bearing interest at 8% per annum and maturing February 28, 2013. The note was repaid February 27, 2013. In connection with the transaction, the Company issued the lender a warrant exercisable to purchase 120,000 shares of the Company’s common stock at a price of $2.50 per share, expiring August 2017.

	The Company entered into a line-of-credit facility on September 23, 2013 which provides for borrowings on a revolving basis up to a maximum of $50,000 (maximum increased to $100,000 at December 31, 2013) with an initial maturity of November 23, 2013. The entity providing the credit facility is owned by an officer of another corporation for which Infinity’s president and chairman of the board serves as president and chairman of the board. The facility is unsecured, bears interest at 8% per annum, and was renewed at its maturity on November 23, 2013 for an additional two months or until January 23, 2014. On such date the parties renewed the credit facility until April 23, 2014 and subsequently renewed it until February 28, 2015. In consideration for the origination of the line of credit facility and the various renewals, the Company granted the lender common stock purchase warrants exercisable to purchase an aggregate of 450,000 shares of common stock at an exercise price of $1.50 per share (as amended on January 23, 2014), which warrants are immediately exercisable and expire on various dates from September 23, 2018 to October 23, 2019 (as amended). The parties agreed as a condition to the renewal of the facility in January 2014 that all warrants would be extended to a five-year term and the exercise price reduced to $1.50 per share. The Company estimated the fair value of the warrants at $60,290 as of the original grant date in 2013, which amount has been recorded as debt issuance costs and classified in prepaid expenses in the accompanying consolidated balance sheets. The Company estimated the fair value of the 400,000 new warrants issued to extend the facility during 2014 and the increased value of the amended warrants to be $603,966, which has been recorded as additional debt issuance costs and classified in prepaid expenses in the accompanying consolidated balance sheets.

	On March 7, 2014 the Company borrowed $10,000 from an individual who is related to Infinity’s Chairman and President. The note was due on demand and bore interest at 8% per annum. This demand note was repaid in full during April 2014.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events:
Subsequent Events	Note 12 – Subsequent Events

	The Company has not resolved the contingency related to the expired letters of credit for its Nicaraguan concessions (See Note 10). The Company continues to negotiate the renewal of the letters of credit with the Nicaraguan Government and its lenders; however, there can be no assurance that the Company will be successful in that regard.

	On January 7, 2014 the Company borrowed $25,000 from an individual under a convertible note with a conversion price of $1.50 per share. The term of the note was for one year and it bears interest at 8% per annum. In connection with the loan, the Company issued the lender a warrant exercisable to purchase 25,000 shares of common stock at $1.50 per share for a term of five years from the date of the note. The terms of the note and warrant provide that if the note is not paid in full by its maturity date, the conversion price of the note and exercise price of the warrant automatically reduce to $0.50 per share. On January 7, 2015, the Company and the holder agreed to extend the maturity date of the note to February 28, 2015 and in consideration the Company granted it an additional 25,000 warrants with an exercise price of $1.00 per share for a five-year term and reduced the exercise price of the previously issued warrants to $1.00 per share.

Accounting_Policies_Policies

Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies (Policies):

Nature of Operations

Basis of Presentation and Principles of Consolidation, Policy

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States.

Going Concern

Management Estimates, Policy

Management Estimates

Oil and Gas Properties Policy

Oil and Gas Properties

For the Years Ended

December 31,

2014

2013

Direct costs

115,622

6,051,411

Direct costs capitalized during the year ended December 31, 2013 included $5,937,013 of costs related to the acquisition of new 2D and 3D seismic data on the Nicaragua Concessions.

Concentration , Policy

Concentrations

Derivatives Instruments , Policy

Derivative Instruments

Income Taxes, Policy

Income Taxes

Cash and Cash Equivalents, Policy

Cash and Cash Equivalents

Asset Retirement Obligations, Policy

Asset Retirement Obligations

Fair Value of Financial Instruments, Policy

Fair Value of Financial Instruments

Level 1 — Quoted prices in active markets for identical assets and liabilities.

Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities).

Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value.

The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013:

31-Dec-14

Level 1

Level 2

Level 3

Total

Liabilities

Derivative liabilities

701,214

31-Dec-13

Level 1

Level 2

Level 3

Total

Liabilities

Derivative liabilities

853,365

Redeemable, convertible preferred stock

Series-B (related party)

1,656,265

2,509,630

There were no changes in valuation techniques or reclassifications of fair value measurements between Levels 1, 2 or 3 during the years ended December 31, 2014 and 2013.

Net Loss Per Share, Policy

Net Loss per Share

Foreign Currency ,Policy

Foreign Currency

Recent Accounting Pronouncements, Policy

Recent Accounting Pronouncements

Reclassification, Policy

Reclassifications

Schedule_of_Oil_and_Gas_Proper

Schedule of Oil and Gas Properties (Tables)	12 Months Ended
Schedule of Oil and Gas Properties (Tables)	Dec. 31, 2014
Schedule of Oil and Gas Properties (Tables):
Schedule of Oil and Gas Properties (Tables)	Aggregate capitalized costs relating to the Company’s oil and gas producing activities, and related accumulated depreciation, depletion, amortization and ceiling write-downs are as follows:

		December 31,		December 31,
		2014		2013

	Proved oil and gas properties	$	-	$	-
	Unproved oil and gas properties		10,592,836		10,477,214
	Total		10,592,836		10,477,214
	Less amounts allocated to revenue sharing interest granted to Note holder for extension of maturity date (See Note 2)		-964,738		-
	Less accumulated depreciation, depletion and amortization		-		-

	Net capitalized costs	$	9,628,098	$	10,477,214

Schedule_of_Fair_Value_of_Fina

Schedule of Fair Value of Financial Instruments (Tables)	12 Months Ended
Schedule of Fair Value of Financial Instruments (Tables)	Dec. 31, 2014
Schedule of Fair Value of Financial Instruments (Tables):
Schedule of Fair Value of Financial Instruments (Tables)	The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013:

	31-Dec-14	Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities	$	-	$	-	$	701,214	$	701,214

	31-Dec-13	Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities	$	-	$	-	$	853,365	$	853,365
	Redeemable, convertible preferred stock
	Series-B (related party)	$	-	$	-	$	1,656,265	$	1,656,265
		$	-	$	-	$	2,509,630	$	2,509,630

Schedule_of_Debt_Tables

Schedule of Debt (Tables)	12 Months Ended
Schedule of Debt (Tables)	Dec. 31, 2014
Schedule of Debt (Tables):
Schedule of Debt	Debt consists of the following at December 31, 2014 and 2013:

		December 31,		December 31,
		2014		2013
	Line-of-credit with related party	$	33,807	$	94,640
	Notes payable, short term:
	Note payable, net of unamortized discount of $41,011 and $784,096, of December 31, 2014 and 2013, respectively	$	1,008,989	$	265,904
	Note payable, net of unamortized discount of $822 and $-0-, as of December 31, 2014 and 2013, respectively		24,178		-
	Note payable, net of unamortized discount of $27,712 and $-0-, as of December 31, 2014 and 2013, respectively		72,288		-
	Notes payable, net of unamortized discount of $175,248 and $-0-, as of December 31, 2014 and 2013, respectively		124,752		-
	Notes payable, net of unamortized discount of $39,452 and $-0-, as of December 31, 2014 and 2013, respectively		110,548		-
	Total notes payable, short-term	$	1,340,755	$	265,904

Schedule_of_fair_value_stock_o

Schedule of fair value stock option (Tables)	12 Months Ended
Schedule of fair value stock option (Tables)	Dec. 31, 2014
Schedule of fair value stock option (Tables):
Schedule of fair value option (Tables)	The following table summarizes the inputs used in the calculation of fair value of options granted during the years ended December 31, 2014 and 2013:

		Year Ended
		December 31,
		2014	2013
	Expected term (in years)	6	2.5 – 5.0
	Expected stock price volatility	136%	131% - 132%
	Expected dividends	-	-
	Risk-free rate	1.96%	0.13% - 0.60%
Schedule of Stock Options (Tables)	The following table summarizes stock option activity for the years ended December 31, 2014 and 2013:

		Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	Outstanding at December 31, 2012	3,303,500	$	4.17	7.3 years	$	498,130
	Granted	96,000		3
	Exercised	-		-
	Forfeited	-		-
	Outstanding at December 31, 2013	3,399,500		4.14	6.4 years		389,815
	Granted	900,000		3
	Exercised	-		-	-
	Forfeited	-95,000		4.16	-
	Outstanding at December 31, 2014	4,204,500	$	3.89	6.3 years	$	90,335
	Outstanding and exercisable at December 31, 2014	3,584,500	$	4.04	5.9 years	$	90,335

Schedule_of_fair_value_of_deri

Schedule of fair value of derivative liabilities and warrants (Tables)	12 Months Ended
	Dec. 31, 2014
Schedule of fair value of derivative liabilities and warrants (Tables):
Schedule of Fair Value Derivative Liabilities Assumption 2014 (Tables)	A comparison of the assumptions used in calculating estimated fair value of derivative liabilities at the issue date and as of the date of the transition from liability to equity during the year ended December 31, 2014 and 2013 is as follows:

		Upon Issuance		As of date of transition to equity	As of
		Upon Issuance		As of date of transition to equity	December 31 2014

	Volatility – range	91% - 156%		105%	102% - 104%
	Contractual term	0.5 - 5 years		1.75 years	0.5 - 5 years
	Exercise price	$1.00 - $1.50		$1.50	$1.00 - $1.50
	Number of warrants in aggregate	1,125,000		50,000	2,075,000

Schedule of Fair Value Derivative Liabilities Assumption 2013 (Tables)	A comparison of the assumptions used in calculating estimated fair value of derivative liabilities at the issue date and as of the date of the transition from liability to equity during the year ended December 31, 2013 is as follows:

		Upon Issuance		As of date of transition to equity	As of
		Upon Issuance		As of date of transition to equity	31-Dec-13

	Volatility – range	89.75% - 102.3%		88.07% - 136.11%	102.20%
	Contractual term	2-3 years		2 years	3 years
	Exercise price	$1.50 - $2.50		$2.50	$1.50
	Number of warrants in aggregate	1,825,000		825,000	1,000,000

Fair Value, Net Derivative Asset (Liability) (Tables)	The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs for both open and closed derivatives:

		Amount
	Balance at December 31, 2012	$	42,508
	Fair value of warrant derivative at issuance date		1,431,563
	Unrealized derivative gains included in other expense		75,017
	Transition of derivative liability to equity		-695,723
	Balance at December 31, 2013		853,365
	Fair value of warrant derivative at issuance date		1,259,440
	Unrealized derivative losses included in other expense		-1,376,311
	Transition of derivative liability to equity		-35,280

	Balance at December 31, 2014	$	701,214

Schedule_of_Warrants_Tables

Schedule of Warrants (Tables)	12 Months Ended
Schedule of Warrants (Tables)	Dec. 31, 2014
Schedule of Warrants (Tables):
Schedule of Warrants	The following table summarizes warrant activity for the year ended December 31, 2014 and 2013:

		Number of Warrants	Weighted Average Exercise Price Per Share
	Outstanding and exercisable at December 31, 2012	120,000	$	2.5
	Issued in conjunction with notes payable (Note 2)	1,775,000		1.94
	Issued in private placement of common stock (Note 4)	317,710		2.5
	Issued in conjunction with line-of-credit (Note 2)	50,000		2.5
	Exercised	-125,000		-2.5

	Outstanding and exercisable at December 31, 2013	2,137,710		2.18
	Issued in conjunction with notes payable (Note 2)	1,125,000		1.03
	Issued in conjunction with line-of-credit (Note 2)	400,000		1.38
	Exercised	-		-

	Outstanding and exercisable at December 31, 2014	3,662,710	$	1.59

Schedule_of_Oil_and_Gas_Inform

Schedule of Oil and Gas Information (Tables)	12 Months Ended
Schedule of Oil and Gas Information (Tables)	Dec. 31, 2014
Schedule of Oil and Gas Information (Details):
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure	Costs incurred in connection with the Company’s oil and gas acquisition, exploration and development activities are shown below.

		December 31,		December 31,
		2014		2013

	Property acquisition costs:
	Proved	$	-	$	-
	Unproved		-		-
	Total property acquisition costs		-		-
	Development costs		-
	Exploration costs		115,622		6,051,411

	Total costs	$	115,622	$	6,051,411

Oil and Gas Net Production, Average Sales Price and Average Production Costs Disclosure	Aggregate capitalized costs relating to the Company’s oil and gas producing activities, and related accumulated depreciation, depletion, amortization and ceiling write-downs are as follows:

		December 31,		December 31,
		2014		2013

	Proved oil and gas properties	$	-	$	-
	Unproved oil and gas properties		10,592,836		10,477,214
	Total		10,592,836		10,477,214
	Less amounts allocated to revenue sharing interest granted to Note holder for extension of maturity date (See Note 2)		-964,738		-
	Less accumulated depreciation, depletion and amortization		-		-

	Net capitalized costs	$	9,628,098	$	10,477,214

Schedule of Oil and gas property costs not being amortized (Tables)	Oil and gas property costs not being amortized at December 31, 2014, by year that the costs were incurred, are as follows:

	Year Ended December 31,
	2014	$	115,622
	2013		6,051,411
	2012		581,723
	2011		731,347
	Prior		3,112,733
	Total costs not being amortized	$	10,592,836

Schedule_of_Income_Taxes_Table

Schedule of Income Taxes (Tables)	12 Months Ended
Schedule of Income Taxes (Tables)	Dec. 31, 2014
Schedule of Income Taxes (Tables):
Schedule of Components of Income Tax Expense (Benefit) (Tables)	The provision for income taxes consists of the following:

		For the Years Ended
		December 31,
		2014			2013
		(in thousands)
	Current income tax expense (benefit)	$	-		$	-653
	Deferred income tax benefit		-			-
	Total income tax expense (benefit)	$	-		$	-653
Schedule of Income statutory federal income tax rate (Tables)	The effective income tax rate on continuing operations varies from the statutory federal income tax rate as follows:

		For the Years Ended
		December 31,
		2014		2013
	Federal income tax rate	-34.00%		-34.00%
	State income tax rate	-4.4		-4.1
	State tax assessment reversed	-		-21.2
	Change in valuation allowance	38.4		38
	Other, net	-		0.1

	Effective tax rate	0.00%		-21.20%
Schedule of Deferred Tax Assets and Liabilities (Tables)	The significant temporary differences and carry-forwards and their related deferred tax asset (liability) and deferred tax asset valuation allowance balances are as follows:

		For the Years Ended
		December 31,
		2014			2013
		(in thousands)
	Deferred tax assets:
	Accruals and other	$	954		$	1,049
	Asset retirement obligations		659			659
	Note payable discounts and derivatives		752			20
	Stock-based compensation		1,120			702
	Alternative minimum tax credit carry-forward		143			143
	Net operating loss carry-forward		22,160			21,801
	Gross deferred tax assets		25,788			24,374
	Less valuation allowance		-25,788			-24,374
	Deferred tax asset	$	-		$	-

Schedule_of_Commitments_and_Co

Schedule of Commitments and Contingencies (Tables)	12 Months Ended
Schedule of Commitments and Contingencies (Tables)	Dec. 31, 2014
Schedule of Commitments and Contingencies:
Schedule of Minimum Work Program - Perlas	Minimum Work Program – Perlas

	Block Perlas – Exploration Minimum Work Commitment and Relinquishments
	Exploration Period	Duration
	(6 Years)	(Years)	Work Commitment	Relinquishment	Irrevocable Guarantee
	Sub-Period 1	2	- Environmental Impact Study	26km²	$443,100
			- Acquisition & interpretation of 333km of new 2D seismic
			- Acquisition, processing & interpretation of 667km of new 2D seismic (or equivalent in 3D)
	Sub-Period 2	1	- Acquisition, processing & interpretation of 200km²of 3D seismic	53km²	$1,356,227
	Optional	1		53km²	$1,356,227
	Sub-Period 3	1	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower	80km²	$10,220,168
	Optional	1		80km²	$10,220,168
	Sub-Period 4	2	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower	All acreage except areas	$10,397,335
	Optional	2		All acreage except areas	$10,397,335
			- Geochemical analysis	with discoveries
Schedule of Minimum Work Program - Tyra	Minimum Work Program - Tyra

	Block Tyra – Exploration Minimum Work Commitment and Relinquishments
	Exploration Period	Duration
	(6 Years)	(Years)	Work Commitment	Relinquishment	Irrevocable Guarantee
	Sub-Period 1	1.5	- Environmental Impact Study	26km²	$408,450
			- Acquisition & interpretation of 667km of existing 2D seismic
			- Acquisition of 667km of new 2D seismic (or equivalent in 3D)
	Sub-Period 2	0.5	- Processing & interpretation of the 667km 2D seismic (or equivalent in 3D) acquired in the previous sub-period	40km²	$278,450
	Optional	0.5		40km²	$278,450
	Sub-Period 3	2	- Acquisition, processing & interpretation of 250km² of new 3D seismic	160km²	$1,818,667
	Optional	2		160km²	$1,818,667
	Sub-Period 4 Optional	2	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower	All acreage except areas	$10,418,667
			- Geochemical analysis	with discoveries
Schedule of Contractual and Fiscal Terms	Contractual and Fiscal Terms

	Training Program	US $50,000 per year, per block
	Area Fee	Years 1-3	$0.05/hectare
		Years 4-7	$0.10/hectare
		Years 8 & forward	$0.15/hectare
	Royalties	Recovery Factor	Percentage
		0 – 1.5	5%
		1.5 – 3.0	10%
		>3.0	15%
	Natural Gas Royalties	Market value at production	5%
	Corporate Tax	Rate no higher than 30%
	Social Contribution	3% of the net profit (1.5% for each autonomous region)
	Investment Protection	ICSID arbitration
		OPIC insurance

Nature_of_Operations_Basis_of_

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details ) (USD $)	Dec. 31, 2014	Feb. 28, 2014	Dec. 31, 2013
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies {2}
Shares of Series A Preferred Stock and the related accrued dividends exchanged			130,000
Total shares of common stock issued under the exchange of Series A Preferred Stock			3,591,250
Shares of Series B Preferred Stock and the related accrued dividends exchanged		15,016
Total shares of common stock issued under the exchange of Series B Preferred Stock		420,448
Company had provided the Ministry of Energy with the required letters of credit in the amounts	$851,550
Deferred tax asset, net of valuation allowance	0		0
Liability for unrecognized tax benefit	0		0
Recognized an additional liability related to its former Texas oil and gas producing properties	734,897
Recognized an additional liability related to its former Wyoming and Colorado oil and gas producing properties	$981,106
Potential common shares that have been excluded from the computation of diluted net loss per share	7,867,210
Outstanding warrants included in Potential common shares	3,662,710
Outstanding stock options included in Potential common shares	4,204,500

Companys_hierarchy_for_its_fin

Company's hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Level 1
Derivative liabilities	$0	$0
Redeemable, convertible preferred stock Series-B (related party)	0	0
Level 2
Derivative liabilities	0	0
Redeemable, convertible preferred stock Series-B (related party)	0	0
Level 3
Derivative liabilities	701,214	853,365
Redeemable, convertible preferred stock Series-B (related party)	0	1,656,265
Level 3 Total Financial Liabilities	0	2,509,630
Total
Derivative liabilities	701,214	853,365
Redeemable, convertible preferred stock Series-B (related party)	0	1,656,265
Total Financial Liabilities	$0	$2,509,630

Company_capitalized_direct_cos

Company capitalized direct costs, overhead costs and interest (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Company capitalized direct costs, overhead costs and interest
Direct costs capitalized	$115,622	$6,051,411
Costs related to the acquisition of new 2D and 3D seismic data on the Nicaragua Concessions		$5,937,013

Debt_consists_of_the_following

Debt consists of the following (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Debt consists of the following
Line-of-credit with related party	$33,807	$94,640
Notes payable, short term net of unamortized discount	1,008,989	265,904
Notes payable, short term net of unamortized discount	24,178
Notes payable, short term net of unamortized discount	72,288
Notes payable, short term net of unamortized discount	124,752
Notes payable, short term net of unamortized discount	110,548
Total notes payable, short-term	$1,340,755	$265,904

LineofCredit_with_Related_Part

Line-of-Credit with Related Party (Details) (USD $)	Jan. 23, 2014	Dec. 31, 2013	Sep. 23, 2013
Line-of-Credit with Related Party
Line-of-Credit with Related Party to a maximum limit		$100,000	$50,000
Line-of-Credit is unsecured, bears interest per annum in percentage		8.00%	8.00%
Common stock purchase warrants issued to lender exercisable to purchase shares of common stock	450,000
Exercise price of warrants issued to lender exercisable to purchase shares of common stock	$1.50
Company estimated the fair value of the warrants issued to lender	60,290
Company estimated the fair value of the new warrants issued to extend the facility during 2014		$603,966
Company issued new warrants issued to extend the facility during 2014		400,000

Unamortized_discount_of_debt_D

Unamortized discount of debt (Details) (USD $)	12 Months Ended
Unamortized discount of debt (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Unamortized discount of debt
Unamortized discount of Note payable	$41,011	$784,096
Unamortized discount of Note payable	822	0
Unamortized discount of Note payable	27,712	0
Unamortized discount of Note payable	175,248	0
Unamortized discount of Note payable	39,452	0
Debt issuance costs amortized ratably over the term of the credit facility		47,568
Debt issuance costs unamortized of the credit facility	12,723
Debt issuance costs amortized to interest expense		641,210
Debt issuance costs unamortized to interest expense	$23,046

Note_Payable_Shortterm_Details

Note Payable - Short-term (Details) (USD $)	Dec. 31, 2014	Dec. 07, 2014	Dec. 31, 2013	Dec. 27, 2013
Note Payable - Short-term
Company borrowed under an unsecured credit facility with a private, third-party lender.				$1,050,000
Company paid legal expenses of the lender related to the extensions		25,000
Percentage of the gross revenue derived from the share of all hydrocarbons produced at the wellhead		0.50%
Percentage of the gross revenue payable after increase due to non payment of note		1.00%
The value of the one percent definitive revenue sharing agreement granted to the lender as consideration for the extension		964,738
Company granted the lender a Warrant exercisable to purchase shares of its common stock	1,000,000
Exercise price of share issued to the lender a Warrant exercisable to purchase shares of its common stock	$1.50
The number of shares issuable under the Warrant in the event of non payment of note	13,333,333
Decrease in price of shares issuable under the Warrant in the event of non payment of note	$0.08
The total discount recorded as of the origination date of the note				890,103
The total additional discount recorded as a result of the amendments to the note terms and extensions of the maturity date	1,048,507
Discount amortization expense aggregated of note	93,507		1,804,092
Remaining unamortized discount of note	$41,011		$796,596

Company_borrowings_from_indivi

Company borrowings from individuals (Details) (USD $)	Jan. 07, 2015	Dec. 31, 2014	Mar. 07, 2014	Jan. 07, 2014	Jan. 02, 2014
Company borrowings from individuals
Total Company borrowings from entities or individuals		$635,000
Company borrowed from an individual under a promissory note			10,000	25,000	50,000
The promissory note bears interest at a rate per annum			8.00%	8.00%	8.00%
Company issued the lender a warrant exercisable to purchase shares of common stock in number				25,000	50,000
Company issued the lender a warrant exercisable per share for a term of two years from the date of the note	$1			$1.50	$1.50
Reduction price per share in the event of non payment of note	$1			$0.50	$0.50
Estimated fair value of the warrants totaling as a discount on the underlying note payable				37,323	33,852
Interest expense includes discount amortization in the amount				36,501	33,852
The value of the warrant underlying promissory note was paid off which was transitioned to additional paid in capital					35,280
The remaining unamortized discount not included in interest expense				$822
Company and the holder agreed to extend the maturity date of the note for issue of additional warrants	25,000

Company_borrowings_from_entiti

Company borrowings from entities (Details) (USD $)	Nov. 19, 2014	Oct. 02, 2014	Apr. 14, 2014	Apr. 04, 2014	Mar. 31, 2014
Company borrowings from entities
Company borrowed a total amount from an entity under a convertible note	$50,000	$50,000	$100,000	$250,000	$100,000
Conversion price per share issued under note	$1	$1	$1.50	$1.50	$1.50
The term of the note was for a period of days			180	180	180
Convertible note bears interest at a rate per annum	8.00%		8.00%	8.00%	8.00%
Company issued the lender a warrant exercisable to purchase of shares of common stock in connection with the loan	350,000		100,000	250,000	100,000
Exercisable price per share for a term of five years from the date of the note	$1	$1.50	$1.50	$1.50	$1.50
Additional warrants issued to purchase shares of common stock for extending the maturity date of the note		150,000			100,000
Exercisable price for additional warrants issued for a term of five years from the date of the note		$1		$1	$1
Reduction in price per share due to non payment of note		$0.50		$0.50	$0.50
The Company recorded the estimated fair value of the conversion feature and warrants		200,120		278,585	143,502
The Company recorded the estimated fair value of the conversion feature of additional warrants				436,366	70,924
The Company amortizes the discount to interest ratably over the term of the note and included in interest expense		160,668		539,703	186,714
The remaining unamortized discount of note		$39,452		$175,248	$27,712

Interest_Bearing_Liabilities_t

Interest Bearing Liabilities to Vendors (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Interest Bearing Liabilities to Vendors
Company had agreed to pay interest per annum on certain accrued liabilities	8.00%	8.00%
Company had agreed to pay certain accrued liabilities aggregating to an amount	$410,500	$410,500
Interest expense totaled for the each of the years	32,840	32,840
Total accrued interest related to this agreement	$179,855	$147,015

Preferred_Stock_Issues_Details

Preferred Stock Issues (Details) (USD $)	Feb. 28, 2014	Dec. 30, 2013	Apr. 13, 2012
Preferred Stock Issues
Company shares of common stock issued to Amegy			2,000,000
Shares of Series A redeemable convertible preferred stock issued to Amegy			130,000
Shares of Series B redeemable convertible preferred stock issued to Off-Shore			15,016
Amegy agreed to cancel the Warrant that had originally been issued in February 2011 exercisable to purchase shares of common stock			931,561
Company cancelled debt, accrued interest and fees and the derivative liability that had been recorded			$21,883,393
The Series A and Series B redeemable convertible preferred stock had an annual dividend			6.00%
The Series A and Series B redeemable preferred stock convertible into common stock at a price per share			$6.50
Preferred stock would automatically convert into common stock if the average of the closing prices of the common stock for 30 consecutive trading days at a price			$7.50
The Company had the right to redeem both series of preferred stock for an amount equal to their issue price per share			$100
Amegy exchanged all of its shares of Series A preferred stock of the Company		130,000
Amegy exchanged all of its shares of Series A preferred stock of the Company for common stock		3,250,000
Each share of Series A preferred stock had a liquidation and par value		$100
Amegy also agreed to receive additional shares of common stock		341,250
Value of additional shares of common stock Amegy received		1,365,000
Company issued a total of new shares of common stock to Amegy		3,591,250
Value per share of common stock issued by the company to Amegy		$14,365,000
Par value of common stock issued by the company to Amegy		$4
Offshore exchanged all of its shares of Series B preferred stock	15,016
Offshore exchanged all of its shares of Series B preferred stock for shares of common stock	375,400
Each share of Series B preferred had a liquidation and par value	$100
Additional shares of common stock issued for the amount of the accrued and unpaid dividends on the Series B preferred stock	45,048
Value of additional shares of common stock Offshore received	$180,192
Company issued a total of new shares of common stock to Offshore	420,448
Value per share of common stock issued by the company to Offshore	$1,681,792
Par value of common stock issued by the company to Offshore	$4

Common_Stock_transactions_Deta

Common Stock transactions (Details) (USD $)	12 Months Ended
Common Stock transactions (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Common Stock transactions
Company issued a total shares of common stock to an individual to settle outstanding litigation	100,000
Company recorded the issuance based upon the closing market price on the date of issuance	$115,000
Company conducted a private placement of its common stock and sold units		556,250
Company conducted a private placement of its common stock and sold units for a value		890,000
Price per unit each consisting of one share of common stock and one half of a common stock purchase warrant		$1.60
One holder of a promissory note issued by the Company converted the principal amount plus accrued interest		125,000
One holder of a promissory note issued by the Company converted the principal amount plus accrued interest in to units		79,170
Company recognized a loss on conversion during the period		11,085
Common stock purchase warrants provide for an exercise price per share		$2.50
Company issued a total of shares of common stock to third parties for services rendered		40,000
Company recorded general and administrative expense based upon the closing market price on the date of issuance		$80,750
A warrant holder exercised warrants to purchase shares of common stock on a cashless basis		125,000
Net shares issued to the warrant holder on cashless exercise provision		31,521
Net shares surrendered by the warrant holder on cashless exercise provision		93,479

Stock_Options_Equity_Incentive

Stock Options - Equity Incentive Plan (Details)	Dec. 31, 2014	31-May-06	Jun. 30, 2005
Stock Options - Equity Incentive Plan
Shares of the Company's common stock are reserved for issuance under the Equity Incentive Plans	136,500	470,000	475,000

Inputs_used_in_the_calculation

Inputs used in the calculation of fair value of options granted (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Inputs used in the calculation of fair value of options granted
Expected term (in years)	6	2.5 to 5.0 years
Expected stock price volatility	136%	131% to 132%
Expected dividends	0.00%	0.00%
Risk-free rate	1.96%	0.13% to 0.60%

Stock_Options_transactions_Det

Stock Options transactions (Details) (USD $)	12 Months Ended
Stock Options transactions (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Stock Options transactions
Company recorded stock-based compensation expense in connection with the vesting of options granted	$1,087,103	$1,631,098
Company granted options exercisable to purchase shares for a term of ten years	900,000
Company granted options exercisable to purchase shares with an exercise price per share	$3	$3
Total number of shares vested immediately	300,000	56,000
Total number of shares not vested immediately	600,000	40,000
Total number of shares vest at a rate for each of the two years thereafter	300,000	20,000
The weighted average grant date fair value for these options per share	$1.22	$1.88
Company granted options exercisable to purchase shares for a term ranging from five to ten years		96,000

Summary_of_stock_option_activi

Summary of stock option activity (Details)	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at Dec. 31, 2012	3,303,500	4.17	7.3	498,130
Granted	96,000	3
Exercised	0
Forfeited	0	0
Outstanding at Dec. 31, 2013	3,399,500	4.14	6.4	389,815
Granted	900,000	3
Exercised	0
Forfeited	-95,000	4.16
Outstanding and exercisable at Dec. 31, 2014	3,584,500	4.04	5.9	90,335
Outstanding at Dec. 31, 2014	4,204,500	3.89	6.3	90,335

Derivative_Instruments_and_War1

Derivative Instruments and Warrants (Details) (USD $)	12 Months Ended
Derivative Instruments and Warrants (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Upon Issuance
Volatility - range minimum	91.00%	89.75%
Volatility - range maximum	156.00%	102.30%
Contractual term Minimum	2	0.5
Contractual term Maximum	3	5
Exercise price minimum	$1	$1.50
Exercise price maximum	$1.50	$2.50
Number of warrants in aggregate	1,125,000	1,825,000
As of date of transition to equity
Volatility - range minimum		88.07%
Volatility - range maximum	105.00%	136.11%
Contractual term Maximum	1.75	2
Exercise price maximum	$1.50	$2.50
Number of warrants in aggregate	50,000	825,000
Total estimated fair value of derivative liabilities
Total Volatility - range maximum	102.00%
Total Volatility - range maximum	104.00%	102.20%
Total Contractual term Minimum	0.5
Total Contractual term Maximum	5	3
Total Exercise price minimum	$1
Total Exercise price maximum	$1.50	$1.50
Total Number of warrants in aggregate	2,075,000	1,000,000

Summary_of_the_changes_in_fair

Summary of the changes in fair value of derivative financial Instruments (Details) (Derivative Amount, USD $)	Derivative Amount
	USD ($)
Balance; at Dec. 31, 2012	42,508
Fair value of warrant derivative at issuance date	$1,431,563
Unrealized derivative gains included in other expense	75,017
Transition of derivative liability to equity	-695,723
Balance; at Dec. 31, 2013	853,365
Fair value of warrant derivative at issuance date	1,259,440
Unrealized derivative gains included in other expense	-1,376,311
Transition of derivative liability to equity	($35,280)
Balance; at Dec. 31, 2014	701,214

Warrants_transactions_Details

Warrants transactions (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Warrants transactions
The weighted average term of all outstanding common stock purchase warrants (years)	3.45	2.64
The intrinsic value of all outstanding common stock purchase warrants and the intrinsic value of all vested common stock purchase warrants	$0	$0
A Warrant holder exercised warrants to purchase common shares	0	125,000
Common shares on a cashless basis resulting in net shares	0	31,521
Shares being issued to the warrant holder after shares were surrendered relative to the cashless exercise provision	0	93,479

Costs_incurred_in_connection_w

Costs incurred in connection with the Company's oil and gas (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Property acquisition costs:
Proved Property acquisition costs	$0	$0
Unproved Property acquisition costs	0	0
Total property acquisition costs	0	0
Development costs Incurred in Oil and Gas Activities	0	0
Exploration costs Incurred in Oil and Gas Activities	115,622	6,051,411
Total costs Incurred in Oil and Gas Activities	$115,622	$6,051,411

Aggregate_capitalized_costs_re

Aggregate capitalized costs relating to the Company's oil and gas producing activities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Aggregate capitalized costs relating to the Company's oil and gas producing activities
Proved oil and gas properties	$0	$0
Unproved oil and gas properties	10,592,836	10,477,214
Total capitalized costs of Oil and Gas Activities	10,592,836	10,477,214
Less amounts allocated to revenue sharing interest granted to Note holder for extension of maturity date (See Note 2)	-964,738	0
Less accumulated depreciation, depletion and amortization	0	0
Net capitalized costs of Oil and Gas Activities	$9,628,098	$10,477,214

Oil_and_gas_property_costs_not

Oil and gas property costs not being amortized (Details) (USD $)	Dec. 31, 2014
Oil and gas property costs not being amortized
For the Year Ended December 31,2014	$115,622
For the Year Ended December 31,2013	6,051,411
For the Year Ended December 31,2012	581,723
For the Year Ended December 31,2011	731,347
Oil and gas property costs not being amortized Prior	3,112,733
Total costs not being amortized	$10,592,836

Summarizes_warrant_activity_De

Summarizes warrant activity (Details)	Number of Warrants	Weighted Average Exercise Price Per Share.
Outstanding and exercisable. at Dec. 31, 2012	120,000	2.5
Issued in conjunction with notes payable (Note 2)	1,775,000	1.94
Issued in private placement of common stock (Note 4)	317,710	2.5
Issued in conjunction with line-of-credit (Note 2)	50,000	2.5
Exercised	-125,000	-2.5
Outstanding and exercisable. at Dec. 31, 2013	2,137,710	2.18
Issued in conjunction with notes payable (Note 2)	1,125,000	1.03
Issued in conjunction with line-of-credit (Note 2)	400,000	1.38
Exercised	0	0
Outstanding and exercisable. at Dec. 31, 2014	3,662,710	1.59

Supplemental_Oil_and_Gas_Infor1

Supplemental Oil and Gas Information (Details) (USD $)	12 Months Ended
Supplemental Oil and Gas Information (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Exploration costs details
Exploration costs included in area Concession fees paid to the Nicaraguan Government(geologist fees related to the analysis )	$60,000	$5,937,013

Costs_Incurred_in_Oil_and_Gas_

Costs Incurred in Oil and Gas Activities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Property acquisition costs:
Property acquisition costs-proved	$0	$0
Property acquisition costs-Unproved		0
Total property acquisition costs	0
Development costs	0
Exploration costs	115,622	6,051,411
Total costs	$115,622	$6,051,411

Income_Taxes_Details

Income Taxes (Details) (USD $)	Dec. 31, 2014
Tax purpose net operating loss
Income tax purposes, the Company has net operating loss carry-forwards of approximately	$57,710,000
The Company has provided a valuation allowance due to the uncertainty	100.00%

Assessment_of_Kansas_corporate

Assessment of Kansas corporate income tax (Details) (USD $)	12 Months Ended
Assessment of Kansas corporate income tax (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2006
Kanas Corporate income tax details
Kansas corporate income tax that had been issued by the Department of Revenue for the tax		$653,000
Accrual was reversed and an income tax benefit	$653,000

Provision_for_Income_taxes_Det

Provision for Income taxes (Details) (in Thousands) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
The provision for income taxes consists
Current income tax expense (benefit)	$0	($653)
Deferred income tax benefit	0	0
Total income tax expense (benefit)	$0	($653)

Statutory_federal_income_tax_r

Statutory federal income tax rate (Details) (USD $)	12 Months Ended
Statutory federal income tax rate (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Effective income tax rate on continuing operations varies from the statutory federal income tax rate
Federal income tax rate	-34.00%	-34.00%
State income tax rate	4.40%	4.10%
State tax assessment reversed	0	-21.2
Change in valuation allowance	$38.40	$38
Other, net	$0	$0.10
Effective tax rate	0.00%	-21.20%

Deferred_tax_asset_liability_a

Deferred tax asset (liability) and Deferred tax asset valuation allowance(Details)(In Thousands) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Accruals and other	$954	$1,049
Asset retirement obligations	659	659
Note payable discounts and derivatives	752	20
Stock-based compensation	1,120	702
Alternative minimum tax credit carry-forward	143	143
Net operating loss carry-forward	22,160	21,801
Gross deferred tax assets	25,788	24,374
Less valuation allowance	-25,788	-24,374
Deferred tax asset	$0	$0

Nicaraguan_Concessions_Details

Nicaraguan Concessions (Details) (USD $)	Jan. 31, 2015	Dec. 31, 2014	Apr. 13, 2013
Nicaraguan Concession agreements details
Company has provided the Ministry of Energy with the required letters of credit in the amount		$443,100
Company has provided letters of credit in the amount to Tyra		408,450
The minimum cash requirements related to the maintain the Nicaraguan Concessions for the next twelve month period will be approximately			7,945,000
Cash requirements out of which related to seismic activities already performed but not yet paid, approximately			2,500,000
for new seismic activities to be performed related to training fees	500,000
Company estimates that it will require approximately	330,000
principal amount of short-term promissory notes due	$1,659,000

Revenue_Sharing_Commitments_De

Revenue Sharing Commitments (Details) (USD $)	Dec. 31, 2013	Jun. 06, 2009	Mar. 23, 2009
Revenue Sharing Commitments Details
Company issued secured promissory note in the aggregate principal amount of up to			$1,275,000
Revenue sharing interest in the Nicaraguan Concessions			1.00%
Off-Shore funded a total amount			1,275,000
Infinity assigned to officers and directors a monthly payment equal to the revenue derived from Infinity share		1.00%
In connection with the extension of the Note payable with a principal balance issued	$1,050,000

Letter_of_Intent_to_enter_Expl

Letter of Intent to enter Exploration Services Agreement (Details)	Oct. 13, 2014
Letter of Intent ("LOI") with Granada Exploration, LLC
Company to explore for potential hydrocarbons beneath Infinity' in acres of oil and gas concessions in the Caribbean Sea offshore Nicaragua (acres)	1.4
Granada will earn an assignment from Infinity of an undivided working interest	30.00%
Granada will earn net revenue interest	0.8
. Granada may, at its discretion, participate in an initial exploratory well for up to an additional undivided working interest	20.00%
Additional interest to be based on an net revenue interest	80.00%

Lack_of_Compliance_with_Law_Re

Lack of Compliance with Law Regarding Domestic Properties (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Asset retirement obligation details
Total asset retirement obligations recorded	$1,716,003	$1,716,003

Contingent_Fees_Details

Contingent Fees (Details) (USD $)	Dec. 31, 2014
Fee details
Thompson Knight a success fee	5.00%
cash fee paid to Infinity by a third party earning an interest in the Nicaragua asset up to (million)	$20
Any 10% amount exceeding the (million)	$20
Success fee would be paid to Thompson Knight	2.00%

Litigation_Details

Litigation (Details) (USD $)	Dec. 08, 2014	27-May-14	Oct. 31, 2012	Oct. 13, 2011	Nov. 08, 2010
litigation Details
A default judgment was entered against the Company in the amount Plus interest and attorney fees				$445,521
Company and the corporate officers of Infinity-Texas, seeking reclamation costs associated with a single well			30,000
As per settlement agreement reduced aggregate liability amount paid			45,103
Management estimates that the liabilities associated with this matter will not exceed the amount			780,000
For each of the 26 Infinity-Texas operated wells calculated amount			30,000
Related liability, less the payment made to the State of Texas the amount			45,103
Timothy Berge, who filed an action in the District Court, City and County of Denver Colorado granted a default judgment against the Company in the amount					304,921
Company settled this litigation by the issuance of shares		100,000
Common stock and the payment of cash for litigation amount		10,000
Company had previously established a provision related to litigation		304,878
The value of the 100,000 shares of common stock		10,000
Cash paid in settlement of this litigation totaled		125,000
Setellement of gain related to litigation		179,878
Cambrian Consultants America, Incdefault judgment was entered against the Company in the amount plus interest attorney fees	$96,877

Torrey_Hills_Capital_Inc_Detai

Torrey Hills Capital, Inc (Details) (USD $)	Dec. 31, 2014	Aug. 15, 2014	Jun. 19, 2014	Oct. 18, 2013
Torrey Hills Capital, Inc Details
Company paid to Torrey Hills Capital, Inc a demand payment		$56,000
Torrey agreed to provide investor relations services in exchange for payment amount per month and the issuance of 15,000 shares of common stock				7,000
Agreement TERM (MONTHS)				3
The Company made payments totaling				14,000
The company issued shares to THCI				15,000
Company contends that the parties agreed to settle the dispute under which it would issue shares			28,000
Company has accrued in accounts payable	$49,000

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details ) (USD $)	Dec. 31, 2014	Feb. 28, 2014	Dec. 31, 2013	Feb. 28, 2013	Aug. 28, 2012
Related Party Transactions (Narrative)
Billing for CFO staff for consideration of office services	$0		$0
The amount due to the CFO's firm for services provided	767,407		767,407
The Company entered into a subordinated loan with Off-Shore in the aggregate amount		1,275,000
Offshore exchanged all of its shares of Series B preferred stock		15,016
Shares of common stock issued to Offshore in exchange		375,400
Each share of Series B preferred had a liquidation and par value		$100
Company issued additional shares of common stock to Offshore		45,048
Value of additional shares of common stock issued to Offshore		180,192
Total shares issued and reflected as common stock and additional paid in capital		420,448
Par value of shares issued and reflected as common stock and additional paid in capital		$4
Total value of shares issued and reflected as common stock and additional paid in capital		1,681,792
Company had accrued compensation to its officers and directors	1,081,708		1,187,208
Company borrowed from an entity that was owned by a board member of another corporation					$250,000
Percentage owned by a board member of another corporation in the entity					49.00%
The Company issued a short-term note to the entity bearing interest at a rate per annum					8.00%
Company issued the lender a warrant exercisable to purchase shares of the Company's common stock				120,000
warrant exercisable price per share of the Company's common stock				$2.50

Related_Party_lineofcredit_fac

Related Party line-of-credit facility (Details) (USD $)	Mar. 07, 2014	Jan. 23, 2014	Dec. 31, 2013	Sep. 23, 2013
Related Party line-of-credit facility
Borrowings on a revolving basis up to a maximum limit under line-of-credit facility			$100,000	$50,000
The facility is unsecured, bears interest per annum in percentage			8.00%	8.00%
Company granted the lender common stock purchase warrants exercisable to purchase shares of common stock		450,000
Exercise price of warrants exercisable to purchase shares of common stock		$1.50
Company estimated the fair value of the warrants as of the original grant date in 2013		60,290
Company estimated the fair value of the new warrants issued to extend the facility			603,966
Company issued new warrants issued to extend the facility			400,000
Company borrowed from an individual who is related to Infinity's Chairman and President	$10,000
Rate of interest per annum of the note issued to Infinity's Chairman and President			8.00%

Subsequent_transactions_Detail

Subsequent transactions (Details) (USD $)	Jan. 07, 2015	Jan. 07, 2014
Subsequent transactions
Company borrowed from an individual under a convertible note		$25,000
Convertible note conversion price per share		$1.50
The term of the note was for one year and bears interest at a rate per annum		8.00%
Company issued the lender a warrant exercisable to purchase shares of common stock		25,000
Exercise price per share for a term of five years from the date of the note.		$1.50
The conversion price of the note and exercise price of the warrant automatically reduce to a price per share		$0.50
Company granted additional warrants with the extension of the maturity date of the note	25,000
Exercise price per share of additional warrants for a term of five years from the date of the note.	$1