Stocks & Investing
Stocks and Investing
Stocks and Investing
Tue, May 12, 2009Mon, May 11, 2009Fri, May 8, 2009Thu, May 7, 2009Wed, May 6, 2009Thu, April 16, 2009Wed, April 15, 2009Tue, April 14, 2009Mon, April 13, 2009Thu, April 9, 2009Wed, April 8, 2009Tue, April 7, 2009Mon, April 6, 2009Fri, April 3, 2009Thu, April 2, 2009Wed, April 1, 2009Tue, March 31, 2009Mon, March 30, 2009Fri, March 27, 2009Thu, March 26, 2009Wed, March 25, 2009Tue, March 24, 2009Mon, March 23, 2009Fri, March 20, 2009Thu, March 19, 2009Wed, March 18, 2009Tue, March 17, 2009Mon, March 16, 2009Fri, March 13, 2009Thu, March 12, 2009Wed, March 11, 2009Tue, March 10, 2009Mon, March 9, 2009Fri, March 6, 2009Thu, March 5, 2009Wed, March 4, 2009Tue, March 3, 2009Mon, March 2, 2009Fri, February 27, 2009Thu, February 26, 2009Wed, February 25, 2009Tue, February 24, 2009Mon, February 23, 2009Sun, February 22, 2009Fri, February 20, 2009Thu, February 19, 2009Wed, February 18, 2009Tue, February 17, 2009Mon, February 16, 2009Fri, February 13, 2009Thu, February 12, 2009Wed, February 11, 2009Tue, February 10, 2009Mon, February 9, 2009Sun, February 8, 2009Fri, February 6, 2009Thu, February 5, 2009Wed, February 4, 2009Tue, February 3, 2009Mon, February 2, 2009Fri, January 30, 2009Thu, January 29, 2009Pinnacle Energy Corp. Moves Forward with Diversification Strategy
Published in Stocks and Investing on Monday, February 23rd 2009 at 2:43 GMT, Last Modified on 2009-02-23 02:44:17 by Market Wire
CALGARY, Alberta--([ BUSINESS WIRE ])--Pinnacle Energy Corp. (OTCBB:PENC), an independent oil and gas producer, today announced that the company is moving forward with its previously announced diversification strategy, focusing on land management and coal. Pinnacle has entered into a non-binding Letter of Intent (LOI) to form a royalty land company with Clayton Resource Partners, an organization that will lead Pinnacle's foray into the market for coal and coal bed methane. Pinnacle and Clayton Resource Partners are currently in the final stages of Due Diligence, and both parties expect the transaction to close within 30 days.
Following execution of the LOI, Pinnacle Energy's initial primary purpose will be to acquire coal and coal bed methane reserves, located in key strategic coal basins in the United States. By "blocking up" mine-able reserves via acquisition, the company's plan is to build significant long-term value for shareholders and business partners and create a steady revenue stream. Additionally, the reformed company will serve as a vehicle for Pinnacle to potentially "roll up," or aggregate privately held land companies that have exploitable coal reserves.
"We are excited about the planned agreement with Clayton Resource Partners," said Nolan Weir, Pinnacle Energy President and member of the company's Board of Directors. "We feel that current and future marketplace dynamics within the coal industry will help Pinnacle steadily grow revenues, profit and balance sheet assets that will lead to increased shareholder value over time."
Further details on the re-formed company will be released when the transaction closes, including potential changes to the company's management team and corporate structure. In addition to pursuing the company's interests in coal, Pinnacle Energy will continue to fully exploit the company's existing oil and gas properties.
About Pinnacle Energy Corporation:
Formerly named Gas Salvage Corp., Pinnacle Energy trades under the OTC symbol PENC. Pinnacle Energy's key assets include six wells located in Pawnee County, Oklahoma, USA, producing sweet crude oil and natural gas. More information about the company may be found within filings made with the Securities and Exchange Commission.
Pinnacle Energy Corp. is an independent oil and gas producer focused on acquiring and developing mature oil & gas producing assets. Pinnacle Energy Corp. is headquartered at 333 River Front Ave., Suite 153, Calgary, Alberta, T2G 5R1, Canada and can be contacted at 866-822-0325.
Statements in this press release regarding the Company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. These forward-looking statements are based on management's belief and assumptions derived from currently available information. Although Pinnacle Energy Corp. believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to be correct. Actual results could differ materially from forward-looking statements expressed or implied herein as a result of a variety of factors including, but not limited to: a decline in the price of, or demand for; coal, coal bed methane, oil and gas, general economic conditions; other financial, operational, and legal risks, and uncertainties detailed from time to time in Pinnacle Energy Corp.'s SEC filings. Pinnacle Energy Corp. does not undertake any obligation to publicly update forward-looking statements contained herein to reflect subsequent events or circumstances.
