Pinnacle Gas Resources and Quest Resource Terminate Proposed Merger Agreement
19 Mai 2008 - 12:30PM
PR Newswire (US)
SHERIDAN, Wyo., May 19 /PRNewswire-FirstCall/ -- Pinnacle Gas
Resources, Inc. (NASDAQ:PINN) ("Pinnacle") was notified on May 16,
2008 that Quest Resource Corporation (NASDAQ:QRCP) terminated 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. Peter G.
Schoonmaker, President and Chief Executive Officer of Pinnacle
said: "We remain focused on executing our development plan. We are
operationally on track with wells drilled, well connections and
pipeline infrastructure build-out for the year. We are realizing
higher year-over-year commodity prices for our daily production in
our three main project areas -- Montana, Cabin Creek, and Recluse.
We're off to an excellent start and look forward to setting new
company milestones in 2008." About Pinnacle Gas Resources Pinnacle
Gas Resources, Inc. is an independent energy company engaged in the
acquisition, exploration and development of domestic onshore
natural gas reserves, primarily located in the Rocky Mountain
region. Forward-looking Statements This press release may contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to certain risks, trends and uncertainties
that could cause actual results to differ materially from those
projected. Among those risks, trends and uncertainties are our
estimate of the sufficiency of our existing capital sources, our
ability to raise additional capital to fund cash requirements for
future operations, the uncertainties involved in estimating
quantities of proved oil and natural gas reserves, in prospect
development and property acquisitions and in projecting future
rates of production, the timing of development expenditures and
drilling of wells, and the operating hazards attendant to the oil
and gas business. In particular, careful consideration should be
given to cautionary statements made in the various reports the
Company has filed with the SEC. Pinnacle Gas Resources undertakes
no duty to update or revise these forward-looking statements.
DATASOURCE: Pinnacle Gas Resources, Inc. CONTACT: Ronald Barnes,
Chief Financial Officer of Pinnacle Gas Resources, Inc.,
+1-307-673-9710
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