We would like to highlight Pinnacle Energy Corp. (OTCBB: PENC). The company 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.
In the company’s news yesterday,
Pinnacle Energy Corp., formerly Gas Salvage Corp., announced the acquisition of working interests in six wells in Pawnee County, Okla., for $1 million. The news sent shares of Pinnacle Energy soaring nearly 33 percent, to 98 cents.
The company’s interest in the wells lies in reports that, as of August 27, 2008, the five oil wells are producing 20 barrels of oil per day and 30 MCF of gas per day. Pinnacle Energy will retain a 25.5-percent net revenue interest in two wells, a 20-percent working interest in three wells, and a 17-percent interest in the remaining well.
According to Pinnacle Energy CEO Nolan Weir, the company is looking forward to long- and short-term benefits from the acquired wells. “Current production and reserve reports suggest that the Glencoe field in Pawnee County, Oklahoma, has excellent long-term development potential,” Weir stated. “We look forward to developing the field to its fullest potential in the very near future.”
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