Pinnacle Gas Resources, Inc. (Nasdaq: PINN) recently reported Pinnacle’s financial results for the third quarter and nine months ended September 30, 2009. Sales production volumes during the third quarter of 2009 were 0.67 billion cubic feet (Bcf), 35 percent lower compared to 1.04 Bcf during the third quarter of 2008. The decrease was primarily due to the shutting-in of wells due to the low price environment for gas sold in the Rocky Mountain region. Revenues from the sale of natural gas production, which includes gas sales of $1.7 million and realized hedge settlements of $2.0 million, for the third quarter of 2009, were $3.7 million, as compared to $6.4 million during the third quarter of 2008.
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The decrease in revenues was primarily driven by significantly lower realized natural gas prices along with decreased production. Pinnacle's average natural gas sales price for the third quarter decreased 54% percent to $2.50 per thousand cubic feet compared to $5.49 per Mcf for the third quarter of 2008. Including the effect of hedges, the Company's average natural gas sales price was $5.52 per Mcf compared to $6.19 per Mcf for the third quarter 2008.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.
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