In a media release late Monday from Pinnacle Gas Resources, Inc. in Sheridan, the company announced that on September 15, 2009 it received notification from the NASDAQ Stock Market that Pinnacle is not in compliance with the minimum bid price NASDAQ requires because its stock price has been less than $1 per share for the previous 30 consecutive business days.
Pinnacle has a 180-day grace period to regain compliance; however, if it fails to meet the minimum bid price requirements within this period, its securities will be subject to delisting.
Chief Financial Officer Ron Barnes indicated in the media release that while the company is "disappointed to receive this notice, it in no way impacts Pinnacle's current financial position or daily operations." Barnes added that they are "working diligently with Pinnacle's Board of Directors to prepare a plan for regaining compliance" with NASDAQ's requirements.
Pinnacle Gas Resources, Inc. was founded in 2003 by Sheridan resident Pete Schoonmaker, and is headquartered in Sheridan. The company is an independent energy company engaged in the acquisition, exploration and development of domestic onshore natural gas reserves, focusing on the development of coalbed methane properties located in the Rocky Mountain region.