Pinnacle Gas Resources, Inc. Enters Into Agreement to be Acquired by Investor Group

Sheridan-based oil and gas company Pinnacle Gas Resources, Inc issued a media release this morning announcing that it has entered into a definitive agreement pursuant to which an investor group will acquire Pinnacle in an all-cash transaction for $0.34 per share of common stock, representing a premium of approximately 28% to Pinnacle's closing share price yesterday of $0.265.

The release says that the investor group is led by Scotia Waterous (USA) Inc., and includes certain members of Pinnacle's management team. Once the merger takes place, the common stock of Pinnacle will no longer be publicly owned or publicly traded.

Scotia Waterous is the oil and gas investment and merchant banking division of the Bank of Nova Scotia, with offices in Beijing, Buenos Aires, Calgary, Denver, Houston, London and Singapore. Scotia Waterous is currently in the process of raising an emerging manager fund, and has three existing private oil and gas portfolio companies.

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