Pinnacle Gas Resources, Inc. Receives Notification From NASDAQ
21 September 2009 - 11:46PM
PR Newswire (US)
SHERIDAN, Wyo., Sept. 21 /PRNewswire-FirstCall/ -- Pinnacle Gas
Resources, Inc. (NASDAQ:PINN) announced today that, on September
15, 2009, it received notification from the NASDAQ Stock Market
that the Company is not in compliance with the minimum bid price
requirement pursuant to Listing Rule 5450(a)(1) because its stock
price has been less than $1.00 per share for the previous 30
consecutive business days. The Company has a 180 day grace period
to regain compliance; however if the Company fails to meet the
minimum bid price requirements within this period, its securities
will be subject to delisting. Mr. Ron Barnes, Chief Financial
Officer, commented, "While we are disappointed to receive this
notice, it in no way impacts our current financial position or
daily operations. We are working diligently with our Board of
Directors to prepare a plan for regaining compliance with the
listing requirements." About Pinnacle Pinnacle Gas Resources, Inc.
is an independent energy company engaged in the acquisition,
exploration and development of domestic onshore natural gas
reserves. It focuses on the development of coalbed methane (CBM)
properties located in the Rocky Mountain region. Pinnacle holds CBM
acreage in the Powder River Basin in northeastern Wyoming and
southern Montana as well as in the Green River Basin in southern
Wyoming. Pinnacle Gas Resources was founded in 2003 and is
headquartered in Sheridan, Wyoming. Safe Harbor This press release
contains forward-looking statements regarding future events and our
future results that are subject to the safe harbors created under
the Securities Act of 1933 (the "Securities Act") and the
Securities Exchange Act of 1934 (the "Exchange Act"). All
statements other than statements of historical facts included in
this report regarding our financial position, business strategy,
plans and objectives of management for future operations, industry
conditions, and indebtedness covenant compliance are
forward-looking statements. When used in this report,
forward-looking statements are generally accompanied by terms or
phrases such as "estimate," "project," "predict," "believe,"
"expect," "anticipate," "target," "plan," "intend," "seek," "goal,"
"will," "should," "could," "may" or other words and similar
expressions that convey the uncertainty of future events or
outcomes. Items contemplating or making assumptions about, actual
or potential future sales, market size, collaborations, and trends
or operating results also constitute such forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond our
control) that could cause actual results to differ materially from
those set forth in the forward-looking statements, including the
following, general economic or industry conditions, nationally
and/or in the areas in which we conduct our business, changes in
the interest rate environment, legislation or regulatory
requirements, conditions of the securities markets, our ability to
raise capital, changes in accounting principles, policies or
guidelines, financial or political instability, acts of war or
terrorism, other economic, competitive, governmental, regulatory
and technical factors affecting our operations, products, services
and prices. Company contact: Ronald Barnes, Chief Financial
Officer, (307) 673-9710 DATASOURCE: Pinnacle Gas Resources, Inc.
CONTACT: Ronald Barnes, Chief Financial Officer of Pinnacle Gas
Resources, Inc., +1-307-673-9710
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