Energy Growth Story

1
Energy Growth Story

• Corporate Presentation
• April 2004
• NASDAQ IFNY

FORWARD-LOOKING STATEMENTS This presentation
contains statements that may constitute
forward-looking statements, usually containing
the words believe, estimate, project, expect 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. Factors that could
cause or could contribute to such differences
include, but are not limited to the results of
drilling, the availability of third party
financing, and other contractual arrangements at
the time and on the terms anticipated
fluctuations in the prices of oil and gas
uncertainties inherent in estimating the
quantities of oil and gas, and projecting future
rates of production and timing of development
activities completion, operating risks,
acquisition risks liquidity and capital
requirements, the effects of government
regulations, adverse changes in the market for
the companys oil and gas production, continued
acceptance of the companys oilfield services in
the marketplace, dependence upon third party
vendors and other risks detailed in the companys
periodic reports and filings with the Securities
and Exchange Commission. By making these forward
looking statements, the company undertakes no
obligation to update these statements for
revisions or changes after the date of this
presentation.
2
IFNY History

• 1994 Acquired Oilfield Service Operations
• ? 5 MM Consideration Consisting of Cash, Stock
  and Notes
• ? 4 MM of Revenues in Fiscal 1995 12 MM of
  Revenues in Calendar 2003
• 1996 Acquired Acreage in the Raton Basin
• ? 24,000 Acres 17,000 Acres Added in 1998
• ? Drilled 30 Wells by End of 1998
• ? Gas Gathering Pipeline System Built in 1997
• 1998 Raton Basin Operations Sold to Evergreen
  Resources
• ? 500,000 Shares of Evergreen Stock and 1 MM
  of Cash and Debt Assumption
• ? Valued at 8.5 Million as of Closing in
  December 1998
• ? Over 15 Million Ultimately Realized and
  Re-Deployed to Build Current EP Operations
• 2000 Labarge, Pipeline and Piceance Basin
  Prospects Acquired in the Rockies
• ? Labarge Prospect Acquired in January 2000
• ? Pipeline Prospect Acquired in July 2000
• ? Piceance Basin Prospect Acquired in November
  2000
• 2002 Sand Wash Basin Prospect Acquired
• ? Sand Wash Basin Prospect Acquired in April
  2002
• 2003 Nicaraguan Concession Awarded to Infinity
• ? Awarded in May 2003 Culmination of Four-Year
  (1999-2003) Effort by Infinity

3
IFNY Today

• Current Projects / Operations
• ? Infinity Oil Gas of Wyoming
• - Greater Green River Basin - Wamsutter Arch
  Pipeline Field
• - Greater Green River Basin - Labarge Field
• - Sand Wash Basin - CBM Prospect
• - Piceance Basin - CBM Prospect
• ? Consolidated Oil Well Services
• EP Prospects
• ? Fort Worth Basin - Barnett Shale, et al
  (pending acquisition)
• ? Miskito Basin, Offshore Nicaragua -
  Cretaceous Carbonates Lower Eocene

4
IFNY Positioned for Growth

• Experienced Management Team
• Strong Board of Directors
• Production / Reserves
• ? Current Production Approximately 4 MMcfed
  (net)
• ? Proved Reserves 10.8 Bcfe (includes small
  2004 acquisition)
• Essentially all at the Pipeline Field None
  at Labarge
• Approximately 70 Developed
• ? Estimated Value 27 MM Pretax PV10
  (including recent acquisition)
• ? Reserve Engineer Netherland Sewell (NSAI)
• Prepared the Reserve Report
• ? Resource Potential 248 Bcfe at Labarge per
  NSAI
• Over 2 Bcfe per 160-Acre Well Location per
  NSAI
• ? Labarge Development Partnership Agreement
  With Schlumberger
• Recomplete Existing Wells
• Drill New Wells

5
Rocky Mountain Exploration Production
6
Rocky Mountain EP

• Four Rocky Mountain Properties
• ? Wamsutter Arch Pipeline Field
• ? Labarge Field
• ? Sand Wash Basin
• ? Piceance Basin
• Operating Status
• ? Pipeline Producing Development
• ? Labarge Development Exploration
• ? Sand Wash Exploration (2004-05 Pilot)
• ? Piceance Exploration (2004-05 Pilot)
• Recent Business Developments
• ? Pipeline March 2004 Acquisition
• ? Labarge Schlumberger Agreement
• ? Sand Wash Seeking Farmout Partners
• ? Piceance Seeking Farmout Partners

Labarge Field
Pipeline Field
Sand Wash North
Sand Wash South
Piceance Basin
Legend ? Producing and Development ?
Development ? Exploration
7
Rocky Mountain EP

• Wells Brought On Line in Late 2002 Have
  Experienced Typical Gas Well Decline Rates
• No Workovers or Optimization Work Has Been
  Performed on Any of These Wells to Date, Only
  Routine Maintenance Work
• The Overall Decline Trend Has Largely Been
  Arrested in Q1 2004 by (i) the Bringing on Line
  of 6 Wells Drilled in Late 2003 and (ii) Closing
  a Small Acquisition
• During 2004, We Expect to Increase Production by
• - Recompleting Some Wells to Known Gas Sands
• - Performing Workovers,
• Frac Jobs, Refracs, etc.
• - Drilling New Wells
• - Quickly Bringing on Line New Well Production
• - Expansion Opportunities

Note Q1 2004 daily production exit rate does not
equal the quarters average net daily production,
which Infinitys management expects will equal or
exceed the fourth quarter of 2003 and is less
than the exit rate.
8
Pipeline Field
Wamsutter Arch Pipeline Field

• Current Position
• ? 19,550 Gross Acres / 19,150 Net Acres
• ? 98 Average WI
• ? 80 Average NRI
• ? Recently Added 960 Gross Acres 2 Wells
• - 2.1 Bcfe (derived from NSAI report)
• - 4.3 MM PV10 (derived from NSAI)
• ? Conventional Gas and Oil Play
• Resource Potential
• ? Mainly a Proved Reserve Field
• ? 7.5 Bcfe of Non-Proved Resource Potential
  (NSAI est.)
• Operations
• ? 17 Completed / Producing Wells
• ? Enhancements for Selected Wells in 2004
• ? Up to 2-5 New Wells for 2004
• ? Proved Reserves (12/31/03) (1)(2)
• - 8.3 Bcfe (10.4 Bcfe with acquisition)
• - 23 MM PV10 (27 MM with acquisition

100 Almond Shallower Recently Relinquished
Farmout Acreage
Anadarko Patrick Draw
Pipeline Field

1. Based on Netherland Sewell reserve report as of
   12/31/03.
2. Excludes 2.1 Bcfe of proved reserves and 4.3
   million of PV-10 value derived from NSAI report.

9
Labarge Field
Labarge Field

• Current Position
• ? 11,730 Gross Acres / 11,199 Net Acres
• ? Options on Approximately 18,000 Acres
• ? 95 Average WI
• ? 80 Average NRI
• ? Recent Agreement With Schlumberger
• - Working to Crack the Code Currently
• - Complete / Recomplete Existing Wells
• - Drill New Wells
• ? Believed to be a Blanket CBM Play
• Resource Potential
• ? Assuming 160-Acre Spacing
• ? Potential Gross Locations 185
• ? Gross Resource Potential 248 Bcf (1)
• Operations
• ? 2 Producing Wells (lt100 Mcf per day per well)
• ? 3-8 Wells Awaiting Completion or Recompletion
• ? Up to 5-6 New Wells for 2004
• ? Proved Reserves (12/31/03) (1)

Riley Ridge Pilot
Labarge Field
Farmout Acreage
Thompson Pilot
Pinedale Anticline / Jonah
Labarge Field
Exxon Mobil Tip Top Unit

1. Netherland Sewell estimated zero proved reserves
   and 248 Bcf of gross resource potential as of
   12/31/03.

10
Sand Wash Basin

• Overview
• ? Net Acreage 112,833
• ? Target Iles Lower William Fork Coals
• ? Coal Thickness Est. 55
• ? Gas Content Est. 135 - 235 SCF/ton
• ? Drilling Depth 2,500 3,000
• ? 1.0 Tcfe Unrisked Resource
• Potential (IFNY estimate)
• ? Seeking WI Partner

Sand Wash Basin Prospect
Infinity Acreage With Either Deep or Shallow
Rights
Infinity Acreage Not Expiring in 2004
Routt National Forest
Carbon Co.
WY CO
Phillips Pilot
Moffat Co.
Routt Co.
Infinity Acreage Expiring in 2004
Rio Blanco Co.
11
Piceance Basin

• Overview
• ? Net Acreage 20,020
• ? Target William Fork Iles Coals
• ? Coal Thickness Est. 100
• ? Gas Content Est. 200 SCF/ton
• ? Drilling Depth 1,000 3,000
• ? 500 Bcf Unrisked Resource
• Potential (IFNY estimate)
• ? Pilot to Be Drilled by 11/2005

Piceance Basin Prospect
ConocoPhillips
Infinity
Chevron Texaco
Wilson Creek Federal Unit (red border)
Evergreen
12
Rocky Mountain EP

• Investment Highlights
• ? 10.8 Bcfe of Proved Reserves (mainly
  Pipeline includes recent acquisition)
• ? 27 MM of PV10 Value (mainly Pipeline
  includes recent acquisition)
• ? Current Net Daily Production of Approximately
  4 MMcfed (mainly from Pipeline)
• ? Workovers and Refracs of Identified
  Producing Pipeline Wells in 2004
• ? Drill Up to 2-5 Wells at Pipeline in 2004,
  Subject to Market Regulatory Conditions
• ? Continue Working With Schlumberger to
  Optimize Completion and Recompletion
• Techniques for Sizeable Resource Base at
  Labarge Crack the Code
• ? Re-Establish Economic Production at Labarge
  Reclassify Reserves as Proved
• ? Drill Up to 5-6 Wells at Labarge in 2004,
  Subject to Market Regulatory Conditions
• ? Prepare to Drill Pilot at Sand Wash Continue
  Search for Partner
• ? Perform Coring Work Prepare to Drill Pilot
  at Piceance Continue Search for Partner

13
Oilfield Services
14
Consolidated Oil Well Services, Inc.
Map of Yard Locations

• Four Service Yard Locations
• ? Bartlesville, OK
• ? Chanute, KS
• ? Ottawa, KS
• ? Gillette, WY
• Experience Services Provided
• ? Nearly 50 Years Experience
• ? Serviced Over 250,000 Wells
• ? Approximately 150 Trucks and 100 Employees
• ? Presence in Major Mid-Continent and
• Rocky Mountain Gas Basins
• ? Provide Wide Array of Services
• - Cementing, Acidizing, Fracturing, Nitrogen
• Pumping, Production Stimulation, Water
• Hauling and Other Services
• Solid Customer Base
• ? Approximately 400 Customers in 2003
• ? Serving Small and Large EP Firms
• ? Benefiting from Emerging Plays in Cherokee

15
Consolidated Oil Well Services, Inc.
Quality Equipment Fleet Serving Customer Needs
Cement Pumper
Pumper / Blender
Blender (50 Bbl / min.)
Frac Trailers (1,350 HP)
16
Consolidated Oil Well Services, Inc.

• Financial Results Improved Dramatically in 2003
  vs. 2002
• Seasonality Primarily Impacts the First Quarter
  of Each Year
• Q4 2003 Effected by MA Among Customers
• We Expect Further Improvement in 2004 vs. 2003
• Preliminary Guidance of 13 - 15 MM of Revenues
  During 2004

17
EP Prospects
18
EP Prospects

• Ft. Worth Basin / Barnett Shale
• ? Along With the San Juan Basin, the Powder
  River Basin, and the
• Pinedale Anticline / Jonah Field, the Barnett
  Shale is One of the Largest
• Non-Conventional Gas Plays Discovered in the
  U.S. Over the Past 25 Years
• ? Infinity Has a Letter of Intent (LOI) to
  Acquire 25,000 Gross Acres in this Play
• With an Initial 90 Working Interest
  Opportunities Exist to Add More Acreage
• ? The LOI Contemplates the Drilling of Four
  Horizontal Test Wells, Including
• Three That Target the Barnett Shale
• Miskito Basin / Offshore Nicaragua
• ? One of the Least Explored High Potential
  Basins in the World
• ? Cretaceous Reserves / Production in Area
  Among the Best in the World
• ? Excellent Nicaraguan Production Contract
  Awaiting Final Approvals
• ? Infinity Will Control 1.4 Million Acres
• ? Multi-Billion Barrel Field Potential Based on
  Regional Analogs

19
Fort Worth Basin Prospect
Fort Worth Basin / Barnett Shale

• Summary of Infinity Position
• ? 25,000 Gross Acres
• ? 90 Initial WI
• ? Location Undisclosed Fort Worth Basin
• ? Targeted Formations Barnett Shale, et al
• Basin Statistics (1)
• ? 9.6 Tcf of Gas Produced in Core Area
• ? Barnett Shale Covers Up to 16 Counties
• ? 2,000 5,000 Additional Wells
• May Be Drilled in the Field
• ? Production Growth of 30 Per Annum Over
  the Past 4 Years 275 MMcfd to 900 MMcfd (2)
• ? Largest Gas Producing Play in Texas (2)
• ? DVN, EOG, BR, XTO are Active in Region (2)
• Non-Core Areas (2)
• ? Non-Core Area Covers 3,500 sq. mi.
• ? 17-20 Tcf Recoverable Reserves
• ? 3 Recent Horizontal Successes in Johnson Co.
• ? Shallow, Horizontal Drilling Mitigates Risk
  of
• Excessive Natural Fracturing and Water

1. Source Report of the Potential Gas Committee,
   Potential Supply of Natural Gas 2002
2. Source Morgan Stanley Equity Research, Barnett
   Shale Update Non-Core Confidence Rises
   (4/16/04)

20
Fort Worth Basin Prospect

• Investment Highlights
• ? One of the Most Prolific and Prospective
  Non-Conventional Gas Plays in the U.S.
• ? Our LOI Acreage is in a Relatively Unexplored
  Portion of the Barnett Shale
• ? Infinity Would Operate With a 90 Initial
  Working Interest in the Acreage
• ? Infinitys Partners Have Had a Successful
  Track Record in the Barnett Shale
• ? Up to Four Horizontal Test Wells in 2004 and
  2005, Three Targeting the Barnett Shale
• ? Land Acquisition and Development Costs Remain
  Attractive in the LOI Acreage Area
• ? Less Operational Seasonality for Infinity
  Relative to the Rocky Mountain Projects
• ? Ample Number of Drilling and Oilfield Service
  Providers
• ? Proximity and Likely Availability of
  Gathering, Processing and Pipeline Infrastructure
• ? Potential for 1-2 Bcf of Gas per Well, if
  Successful
• ? Expansion Opportunities Would Likely Exist,
  if Successful

21
Nicaraguan Prospect

• Negotiated Position
• ? Total 1,388,989 Acres
• ? Tyra (North) 822,861 Acres
• ? Perlas (North) 566,128 Acres
• ? 100 Average WI
• ? 85 or Greater Average NRI
• ? Awaiting Final Approvals and Execution
• History
• ? No Significant Exploration Activity Since
  1978
• ? 26 Wells Drilled / 10 With Hydrocarbon Shows
• ? Two Have Tested Measurable Hydrocarbons
• ? Nearby Producer Shell 1 Perlas / 350 BOPD
• Resource Base and Potential
• ? Strong Evidence for Oil Potential
• ? Geology is Very Complex
• ? Proven Source Rock / Hydrocarbons
• ? Several Known Potential Reservoir Rocks
• ? High-Risk / High-Return Exploration
• ? Infinitys Block Has Multi-Billion Barrel
  Potential

Offshore Nicaragua Concession
22
Nicaraguan Prospect

• World Class Cretaceous Analog Fields
• ? Cantarell Complex Mexico
• - Discovered in 1979 Cretaceous Fractured
  Carbonate Reservoir 2,700 Thickness
• - Estimated Ultimate Recovery of
  Approximately 8 Billion Bbls of Oil
• - Among Highest Flow Rates in Mexico With
  Some Wells in Excess of 50,000 BOPD
• ? Reforma Area Mexico
• - Upper Jurassic and Cretaceous Fractured
  Carbonate Reservoirs 1,200 Thickness
• - Estimated Ultimate Recovery of
  Approximately 7 Billion Bbls of Oil
• ? LaPaz Field Venezuela
• - Discovered in 1944 Cumulative Oil
  Production Through 1992 of 867 MMBbls
• - Estimated Ultimate Recovery of
  Approximately 1 Billion Bbls of Oil
• - Peak Production in 1950 of 160,000 Bbld
• ? Lama Field Venezuela
• - Cretaceous Fractured Carbonate Reservoir
• - Estimated Ultimate Recovery of
  Approximately 300 MMBbls of Oil
• ? Rubelsanto Field Guatemala
• - Discovered in 1974 Cretaceous Fractured
  Dolomites Reservoir
• - Estimated Ultimate Recovery of
  Approximately 25-50 MMBbls of Oil
• - Peak Production of 7,000 Bbld

23
Nicaraguan Prospect

• Exploration Plan Four Two-Year Sub Phases
• Sub Phase I (2.4 MM 800K in Year 1 and 1.6 MM
  in Year 2)
• ? Prepare Environmental Impact Assessment
• ? Define Structural and Depositional Trends,
  Highlight Areas of Highest Potential
• ? Determine Areas for New 2-D Seismic Data
  Acquisition
• ? Acquire New 2-D Seismic (shot in 1998 by
  government)
• Sub Phase II
• ? Continue to Generate and Refine Additional
  Geological Definition
• ? Determine Areas for New 3-D Seismic Data
• ? Acquire 3-D Seismic Data
• Sub Phase III
• ? Interpret 3-D Seismic Data
• ? Identify Drilling Locations
• ? Drill Minimum of One Initial Exploration Well
• Sub Phase IV
• ? Evaluate Results of Initial Exploration Well
• ? Drill a Minimum of Two Additional Exploration
  Wells
• ? Evaluate Results of All Exploration Wells

24
Conclusion
25
IFNY Energy Growth Story

• Investment Highlights
• ? Steadily Improving Production from Pipeline
• ? Continuing Development of Emerging Labarge
  CBM Play With Schlumberger
• ? Expected Increase in Free Cash Flow From
  Oilfield Service Arm
• ? Expansion Opportunities in Oilfield Services
• ? Addition of New Upside Potential in the
  Barnett Shale
• ? Continuing Evolution of Potential World
  Class Play in Nicaragua
• ? Pursuing Partnering Arrangements for the Sand
  Wash and Piceance CBM
• Projects Coring Work at Piceance and 5-Spot
  Pilots for Both Prospects in 2004 and 2005
• ? Even On a Heavily-Risked Basis, Little or No
  Value for Considerable
• Development and Exploratory Upside

26
Energy Growth Story

• NASDAQ IFNY

27
IFNY Positioned for Growth

• Market Financial Data
• ? Shares Outstanding 9.396 MM Shares
• Includes 1.0 MM Shares Issued in January
• ? Recent Closing Price 3.71 per Share (April
  15, 2004)
• ? Equity Market Cap. 34.9 MM
• ? Total Enterprise Value 62.2 MM
• ? Total Debt 28.0 MM (12/31/03)
• - 11.2 MM of 7 Convertible Debt (8.07
  strike price)
• - 2.8 MM of 8 Convertible Debt (4.88
  strike price)
• - 3.0 MM of Related Party Debt (1.3 MM
  repaid in 2004)
• - 5.5 MM EP Facility (US Bank 0.4 MM
  repaid in 2004)
• - 5.5 MM Oilfield Service Facility
  (LaSalle) / Other Debt
• ? Cash 0.7 MM (12/31/03)
• ? Private Placement 4.0 MM of Net Proceeds in
  January 2004
• 1.0 MM Shares of Common Stock
• Leading Early-Stage Energy Institutional
  Investor
• ? Debt Service 2004 - 1.8 MM
• 2005 - 2.1 MM (net of 1.7 MM repaid in
  2004)
• 2006 - 8.9 MM

28
IFNY Corporate Information
Senior Management
Board of Directors
Infinity, Inc. Subsidiaries Stanton E.
Ross James A. Tuell President and CEO President,
Infinity Oil Gas of Wyoming Jon D. Klugh CFO
and Secretary Gerald D. Gentry Vice President of
James W. Dean Operations, Infinity VP, Strategic
Corporate Oil Gas of Wyoming Development Step
hen D. Stanfield Chief Operations Officer,
Consolidated Oil Well Services, Inc.
Stanton E. Ross Chairman currently President
and CEO of Infinity Robert O. Lorenz Director
currently director of Panhandle Royalty Co.
formerly Partner at Arthur Andersen LLP and Audit
Division Head and Managing Partner of Oklahoma
practice Leroy C. Richie Director currently
director of Kerr-McGee Corp. and J.W. Seligman
Co. formerly VP Chrysler Corp. and General
Counsel of Automotive Operations O. Lee
Tawes Director, currently Managing Director of
Equity Research at C.E. Unterberg Towbin
formerly Director of Equity Research at CIBC
World Markets and Oppenheimer and analyst at
Goldman Sachs
Professional Firms
Auditors Ehrhardt Keefe Steiner Hottman
PC Reservoir Engineers Netherland Sewell and
Associates Inc. Legal Counsel Davis, Graham
Stubbs LLP Outside Investor Relations EnerCom,
Inc.