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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.
SOURCE: Pinnacle Energy Corp.
Media and Investor Relations Contact: Pinnacle Energy Corp. Soames Haworth, 858-764-4346 shaworth@pinnacleenergycorp.com
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