NEWS RELEASE
FOR IMMEDIATE RELEASE

FOR ADDITIONAL INFORMATION FROM INFINITY, INC., PLEASE CONTACT:
STANTON E. ROSS, PRESIDENT/CEO
(620) 431-6200
JAMES W. DEAN, VICE PRESIDENT, STRATEGIC & CORPORATE DEVELOPMENT
(720) 932-7800
WWW.INFINITY-RES.COM

  INFINITY, INC. ANNOUNCES CLOSING OF $5.2 MILLION PRIVATE PLACEMENT OF COMMON
                    STOCK AND PROVIDES AN OPERATIONAL UPDATE

DENVER and CHANUTE, Kan. - (PR Newswire) - November 16, 2004 - Infinity, Inc.
(NASDAQ: IFNY) today announced that it has closed a $5.2 million private
placement of common stock. The Company also provided an update of its
exploration and production and oilfield service operations.

PRIVATE PLACEMENT TRANSACTION

The private placement consisted of the sale of 1,027,000 shares of common stock
to certain institutional investors at a price of $5.10 per share with net
proceeds, after commissions and legal and other expenses, of approximately $4.9
million. The Company intends to use the net proceeds for the exploration and
development of oil and gas properties, the repayment of debt and for general
corporate purposes. The Company engaged C.K. Cooper & Company as lead placement
agent and Northeast Securities, Inc. as co-placement agent for the transaction.

"We are pleased with the interest Infinity received from a variety of new and
existing institutional investors in this private placement," stated Stanton E.
Ross, President and Chief Executive Officer of Infinity, Inc. "In addition to
the strong cash flow from operations and other sources, this additional capital
infusion positions the Company well to keep up the active pace of its near-term
exploration and development plans."

The shares sold in the private placement are not registered under the Securities
Act of 1933, as amended, and may not be reoffered or sold in the United States
absent registration under the Securities Act or an applicable exemption from the
registration requirements. The Company has agreed to file a registration
statement with the SEC covering resales of the shares sold in the private
placement. This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities.

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OPERATIONAL UPDATE

Exploration and Production Operations

Third Quarter Production and Fourth Quarter Production Guidance - Infinity Oil &
Gas of Wyoming, Inc. ("Infinity-Wyoming") produced 317 million cubic feet of gas
equivalent ("MMcfe") during the third quarter of 2004 as compared to 316 MMcfe
produced in the second quarter of 2004 and in line with the previously announced
guidance range of 310 MMcfe to 320 MMcfe. Approximately 4 MMcfe produced during
the third quarter of 2004 was attributable to two newly-drilled wells (50%
owned) brought on line during the quarter discussed below. The slightly higher
third quarter production as compared to the second quarter was due to partial
quarter production from new wells brought on line during the third quarter of
2004, mostly offset by natural production declines in producing wells.

Based on data from current producing wells, production is expected to range
between 280 MMcfe and 300 MMcfe, or 3.0 MMcfe to 3.3 MMcfe per day, during the
fourth quarter of 2004. The expected decline in production during the fourth
quarter as compared to the third quarter is due to natural production declines
in producing wells and does not reflect any incremental production that could
come from new wells drilled, completed and brought on line during the fourth
quarter.

Fort Worth Basin / Barnett Shale Prospect - As previously announced in October
2004, Infinity Oil and Gas of Texas, Inc. ("Infinity-Texas") spudded the first
of four pilot wells planned to be drilled at its Fort Worth Basin prospect in
Erath County, Texas. The #1 IOGT Traylor was drilled to a true vertical depth of
approximately 4,700 feet with a horizontal lateral of approximately 1,550 feet.
Mud and electric logs indicated the presence of natural gas and pay thickness of
approximately 170 feet in the Barnett Shale formation. Based on the potential
pay thickness and natural gas shows encountered in the drilling of the initial
well, the second well of the four well pilot program was spud on November 6,
2004. Completion work on the initial well is expected to commence during the
next 90 days and the Company continues to plan to drill two additional pilot
wells as previously announced.

Sand Wash Basin Prospect - Infinity-Wyoming has commenced drilling a horizontal
fractured Niobrara oil well at its Sand Wash Basin prospect, with related
completion efforts anticipated in December 2004. This well would entail an
approximate 6,000-foot vertical well bore and an approximate 1,500-foot
horizontal lateral. The well location is currently classified as proved
undeveloped and offsets wells that have cumulatively produced an average of
approximately 220,000 barrels of oil for other operators. In addition, during
the second quarter of 2004, Infinity-Wyoming performed remediation and
completion work on two wells at the original four-well coalbed methane pilot in
the southern portion of Infinity-Wyoming's Sand Wash Basin prospect. The two
wells continue to dewater and if gas production commences, the wells will be
temporarily shut-in pending development plans.


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Wamsutter Arch Pipeline Project - During the remainder of 2004, Infinity-Wyoming
plans to focus its efforts at Pipeline on drilling three additional 100%
operated wells on proved undeveloped locations and optimizing production from
existing wells. Management estimates that, based on its current land position,
which could be expanded in the future, and technical work conducted to date, it
may have 20 to 25 remaining drilling locations at the Pipeline project, eight of
which are proved undeveloped locations including the three wells discussed
above. During the third quarter, Infinity-Wyoming completed its Black Bear #1
and DeBrugge #1 wells, which were drilled in June and July 2004. Initial daily
production from the two wells was approximately 450 Mcfe gross gas equivalent
production (and approximately 175 Mcfe net gas equivalent production to
Infinity-Wyoming's interest). The Company operates both wells with a 50% working
interest (a net of one well).

Piceance Basin Prospect - Infinity-Wyoming expects to begin drilling a pilot
wireline coring well at its Piceance Basin prospect within the next week, with
related core analysis expected during December 2004. The purpose of the coring
well is to: (i) gain an estimate of the gas content and the permeability,
porosity, water content and other technical characteristics of the coals and
(ii) to accomplish the drilling of one of the five wells required by November
2005 to hold the acreage for an additional five years. The Company is encouraged
by the projected thickness of the Williams Fork and Iles coals which underlie
the acreage (averaging 100 feet and ranging from 50 to 200 feet in thickness).
Assuming encouraging technical data regarding the coals, Infinity-Wyoming plans
to drill the remaining required four pilot wells in the second half of 2005.

Labarge Project - Infinity-Wyoming recently completed the Thompson #6-2 well, a
well which was spud in late 2002 but was never completed. The well was completed
into ten coal seams and is currently producing 30 Mcf of gas per day and 120
barrels of water per day. Infinity-Wyoming continues to dewater this and three
other wells at Labarge that were partially completed during 2004. During the
remainder of 2004 and into early 2005, Infinity-Wyoming expects to continue to
perform completion and/or recompletion operations on at least one additional
well bore at Labarge. The results of such work and previous work will help
determine the pace, extent and location of the drilling of Mesaverde coal wells
in 2005 at Labarge.


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The environmental impact study (the "EIS") required by the Bureau of Land
Management to be completed on much of the Labarge acreage prior to continued
development is expected to be completed in 2005, prior to the allowable drilling
season at Labarge which commences in the third quarter. The EIS requirement has
materially limited Infinity-Wyoming's ability to fully explore and develop the
coalbed methane resource base in place at Labarge over the past two plus years
but upon its completion, Infinity-Wyoming will have the ability to pursue
development across all of its acreage at Labarge.

In addition to the above coalbed methane-related plans, during the remainder of
2004 or early in 2005, subject to rig availability, Infinity-Wyoming also plans
to focus its efforts at Labarge on drilling a deeper test well to the Frontier
gas formation. The Frontier formation that ranges between 7,500 and 9,500 feet
and is producing from wells in the vicinity.

Nicaragua Prospect - Infinity, which has been awarded concessions for the
development of 24 blocks consisting of approximately 1.4 million acres offshore
Nicaragua, has negotiated what management believes to be the final terms of the
lease and development plans with the government of Nicaragua. Management
believes that it will complete the exploration and production agreement during
the fourth quarter of 2004. Upon execution, Infinity will acquire the 1998
seismic study conducted by the Nicaraguan government on Infinity's 1.4 million
acre offshore concession (in the Caribbean Sea) and will reprocess the seismic,
to determine the presence and location of potential hydrocarbon-bearing
structures. Infinity has received inquiries by larger oil and gas producers and
capital providers with respect to partnering up in Nicaragua and will continue
to evaluate these inquiries and a number of alternatives as to its ultimate
exploration and development plans for Nicaragua.

Oilfield Services Operations

Consolidated Oil Well Services, Inc. ("Consolidated") performed 1,448 cementing,
acidizing and fracturing jobs during the third quarter, a 24% increase over the
1,166 cementing, acidizing and fracturing jobs in the prior year period. The
increase in jobs performed was due to an additional 318 cement jobs (59%
increase), and 113 acidizing jobs (44% increase), offset by 149 less fracturing
jobs (40% decrease).


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For the first nine months of 2004, Consolidated performed 3,169 cementing,
acidizing and fracturing jobs, a 15% increase over the 2,745 cementing,
acidizing and fracturing jobs in the prior-year period. The increase in jobs
performed was due to an additional 700 cement jobs (57% increase), and 13
acidizing jobs (2% increase), offset by 289 less fracturing jobs (35% decrease).

Management anticipates total revenue of between $3.0 million and $4.0 million
during the fourth quarter of 2004 to bring total oilfield service revenue for
2004 into a range of $13.3 million to $14.3 million, as compared to the
previously announced guidance range of $12.5 million to $14.0 million. Total
revenue and margins have increased in the second half of 2004 due to: (i) a rate
(price) increase in mid-June 2004 throughout the Mid-Continent operations; (ii)
the acquisition of Blue Star Acid Services operations in late April 2004; (iii)
increased utilization of equipment and personnel; and (iv) an unanticipated
increase in the number of jobs related to oil wells due to historically high oil
prices.

MANAGEMENT COMMENTS

Ross continued: "We are excited to have commenced our diverse drilling program
and we look forward to growing our production and reserve bases over the next
few months. We believe we have assembled an exciting portfolio of projects in
the Rocky Mountain region and in Texas, as well as Nicaragua, and we look
forward to reporting developments on each as they materialize."

Ross concluded: "We also remain very pleased with our oilfield service
operations, as Consolidated appears to be on track to exceed last year's results
and to exceed previous guidance, in spite of the recent partial asset sale."

ABOUT INFINITY, INC.

Infinity, Inc., through its wholly-owned subsidiaries Infinity Oil & Gas of
Wyoming, Inc. and Infinity Oil and Gas of Texas, Inc., is an independent energy
company engaged in the exploration, development and production of natural gas
and oil and the operation and acquisition of natural gas and oil properties. The
Company's current operations are principally focused on the development and
expansion of its producing Wamsutter Arch (Pipeline) project and emerging
Labarge coal bed methane project, both of which are located in the Greater Green
River Basin in southwest Wyoming. Infinity Oil & Gas of Wyoming also holds
exploration and development rights in the Sand Wash and Piceance Basins
principally in northwest Colorado. Infinity Oil and Gas of Texas holds
leaseholds in the Fort Worth Basin of Texas. Infinity, Inc. provides oilfield
services through its wholly-owned subsidiary, Consolidated Oil Well Services,
Inc., with operations principally focused in the Mid-Continent region. The
Company's common stock is listed on the NASDAQ National Market under the symbol
"IFNY."


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FORWARD-LOOKING STATEMENTS

This press release includes statements that may constitute "forward-looking"
statements, usually containing the words "believe," "estimate," "project,"
"expect," "plan," "should" or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. Forward-looking statements in this press release
include statements regarding the timing and extent of completion and drilling
activity, anticipated oilfield service revenue and margin, and capital needs.
Factors that could cause or contribute to such differences include, but are not
limited to, operating problems, the results of drilling, the availability of
third party financing on acceptable terms at the times required, decreases in
the prices of oil and gas, uncertainties inherent in estimating quantities of
oil and gas reserves and projecting future rates of production and timing and
costs of development activities, operating risks, liquidity and capital
requirements, the effects of governmental regulation, dependence upon the
availability of third-party vendor services and equipment, timely regulatory
approval of applications for permits to drill, continued acceptance of the
company's oil field services in their marketplace, weather conditions at
oilfield service jobs, costs of supplies and services used by the Company in its
businesses, and other risks described under "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2003 and in the
Company's periodic reports filed with the Securities and Exchange Commission. In
addition, Infinity's ability to complete its planned activities during 2004 is
dependent on market conditions and the availability and timing of additional
external financing, including conventional bank financing, asset sales, the
forward sale of oil and gas production, joint ventures or joint interest
partners, or through the sale of securities in the public or private equity or
debt markets, on acceptable terms.

You can find the Company's filings with the Securities and Exchange Commission
at www.infinity-res.com or at www.sec.gov. By making these forward-looking
statements, the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.

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