SHERIDAN, Wyo., March 22 /PRNewswire/ -- Pinnacle Gas Resources,
Inc. (Nasdaq: PINN) announced today that on March 16, 2010, it received written notice from
The Nasdaq Stock Market, Inc. that because the Company has not
regained compliance with the $1.00
minimum bid price requirement in Listing Rule 5450(a)(1) by the
March 16, 2010 expiration of the
180-day compliance period for this requirement, the Company's
common stock would be delisted from The Nasdaq Global Market unless
the Company requests an appeal of this determination to a Nasdaq
Hearings Panel (the "Panel") no later than 4:00 p.m. Eastern Time on March 23, 2010.
On March 22, 2010, the Company
requested such an appeal, which request automatically delayed the
delisting of the Company's common stock at least until the Panel
issues a decision. The Panel has the discretion to grant the
Company up to 180 additional calendar days from its March 16, 2010 notice in which to satisfy the
$1.00 per share bid price
requirement. There can be no assurance that the Panel will
grant an extension or that the Company will be able to comply with
the conditions of any extension by the Panel's decision date or by
the expiration of any extension the Panel grants.
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 press release regarding our financial position, business
strategy, plans and objectives of management for future operations
and the continued listing of our common stock on the Nasdaq Global
Market 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.
SOURCE Pinnacle Gas Resources, Inc.