Key Developments For Pinnacle Gas Resources, Inc.
Pinnacle Gas Resources, Inc. (PINN.O) (Consolidated Issue listed on NASDAQ Global Market)
Pinnacle Gas Resources, Inc. Divests Assets, Announces Resignation of chairman
Pinnacle Gas Resources, Inc. announced that it has sold undeveloped acreage and certain gas gathering assets, providing net proceeds of approximately $3.2 million to the Company. In addition, the Company also announced that Steven A Webster, Chairman of the Pinnacle Board, recently announced his resignation from the Board. Mr. Webster has served as Chairman of the Board since the company's inception in 2003. Replacing Mr. Webster as Chairman will be current board member Thomas G. McGonagle.
Pinnacle Gas Resources, Inc. Sells Interest In Land In Wyoming-DJ
Dow JOnes reported that Pinnacle Gas Resources, Inc. disclosed that it sold its interest in about 800 net undeveloped acres in the Arvada prospect in Wyoming to an unrelated third party earlier this month. The Company said in a document filed with the Securities and Exchange Commission that it also sold certain of its gas gathering assets in the Cabin Creek area of Wyoming to Big Horn Gas Gathering LLC, the field operator of the assets. Pinnacle Gas said its net proceeds from these transactions were about $3.2 million.
Pinnacle Gas Resources, Inc. Announces Joint Venture To Explore Mesaverde Horizons In Green River Underway
Pinnacle Gas Resources, Inc. announced that it has entered into a Joint Venture with a private oil and gas exploration company to fully evaluate and exploit its significant leasehold position in the Green River Basin. Basic terms of the venture require two wells be drilled and completed in 2009, with two additional wells in 2010, to fully test the Mesaverde Formation. The terms of the joint venture provide for Pinnacle to be carried for 100% of all costs and risks associated with the evaluation phase of the project, while maintaining an operating working and net revenue interest.
Pinnacle Gas Resources, Inc. and Quest Resource Terminate Proposed Merger Agreement
Pinnacle Gas Resources, Inc. announced that on May 16, 2008 that Quest Resource Corporation the merger agreement between Pinnacle and Quest. Pursuant to the terms of the merger agreement, either party had the right to terminate the merger agreement if terms and conditions of the proposed merger were not agreed to and completed by May 16, 2008.
Quest Resource Corp. and Pinnacle Gas Resources, Inc. Announce Merger
Pinnacle Gas Resources, Inc.: Quest Resource Corp. and Pinnacle Gas Resources, Inc. announced that their Boards of Directors have unanimously approved a stock-for-stock merger and that the companies have signed a definitive merger agreement. Under the terms of the merger agreement, Pinnacle stockholders will receive 0.6584 shares of Quest common stock for each share of Pinnacle common stock they own. Based on the closing market prices for the shares of both companies on October 15, 2007, the combined company would have an equity market capitalization of approximately $450 million and Pinnacle stockholders will receive Quest common stock worth approximately $207 million. It is anticipated that Quest's current stockholders will own approximately 55% of Quest following the merger and Pinnacle's current stockholders will own the remaining approximately 45%. The merger is expected to be tax free to stockholders of both companies.
