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Article: Pinnacle Divests Assets, Chairman of the Board Resigns.
- Article from:
- PR Newswire
- Article date:
- April 16, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SHERIDAN, Wyo., April 16 /PRNewswire-FirstCall/ -- Pinnacle Gas Resources, Inc. has sold undeveloped acreage and certain gas gathering assets, providing net proceeds of approximately $3.2 million to the company.
Pinnacle sold its high-pressure gas gathering assets in the Cabin Creek area of Wyoming to Big Horn Gas Gathering, L.L.C., the field operator of such assets.
In addition, Pinnacle sold approximately 800 net undeveloped acres in its Arvada gas project in Wyoming to an unrelated third party. The acreage held no production and was not operated by Pinnacle.
The company used a portion of the proceeds to reduce the amount borrowed under its ...