Pinnacle Resources Inc. (OTCBB: PNRR)

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Pinnacle Resources, Inc. (OTCBB: PNRR) is an international company with various businesses in the fields of geology, geophysics, and energy. The senior management at Pinnacle has a long and successful record in international exploration, mining, and production.  In addition to its oil development and production business, Pinnacle has mining interests throughout the Middle East and Africa. (Click here for PNRR Charts and News on Yahoo! Finance )

We introduce Pinnacle to you today through a recent news announcement (below) and encourage you to keep a watchful eye for upcoming news in the near term.  We have provided additional links below to SEC filings, profiles on the company and the company's Web site that will be helpful as you do your own due diligence. 
 
 

Corporate Offices

Pinnacle Resources, Inc.
9600 East Arapahoe Road, Suite 260
Englewood, Colorado 80112
Telephone: 303-705-8600
Fax: 303-705-0912
E-mail:  info@pnrr.net
Visit Pinnacle Resources on the Web: Click Here
 
 

News Alert    News Alert     News Alert     News Alert

Press Release

ENGLEWOOD, Colo., April 18 /PRNewswire/ -- Pinnacle Resources, Inc. (Pinnacle) (OTC Bulletin Board: PNRR;
Frankfurt: PIN) announced that it has secured an option to acquire 100 percent of Eastern Petroleum (Cyprus) Limited (Eastern), a 49 percent owner of The Caspian Field, a proven oil producing property bordering the northwest coast of the Caspian Sea.

The Caspian Field is located in the independent State of Kalmykia lying immediately south of Kazakhstan, site of recent discoveries of world-class oil reserves, and north of the legendary Baku oil fields. The Caspian Field, drilled in the 1960's and essentially neglected since then, has flowed 950,000 barrels of oil from twelve unequipped wells. London-based Quad Engineering Ltd., a petroleum consultancy, reported on the property and gave it a proven, recoverable reserve of 19.7 million barrels of oil.

According to Pinnacle's president, Glen Gamble, the company chose to proceed with this opportunity "because of the enormous upside potential over and above the 20 million barrels. The moderately high paraffin content of the oil has tended to plug the well bores limiting the flow of oil. We expect to increase oil production from the Caspian Field almost immediately by applying conventional techniques that have been employed successfully in western oil
field practice for many years,'' Gamble said.  "We will work-over the wells and complete them with good lifting equipment.  The oil will be trucked 40 kilometers to a rail terminal for further transport to the Black Sea port of Rostov for export as crude to the world market or sold locally to the refinery at the port."

Under the April 6th agreement, Pinnacle has 30 days to advance US$300,000 for application toward field operations, for which it will receive a 15 percent shareholding in Eastern and the exclusive option to acquire the remaining 85 percent of Eastern. At closing, scheduled for June 30th, Pinnacle will advance another $800,000 for field improvements and issue restricted shares of stock equivalent to $3 million based on the price of Pinnacle stock on the date of closing.  Eastern, the designated operator will initially receive 90 percent of the oil production above 450 barrels per day until payout of funds invested, and thereafter 49 percent.

"This project represents another vital step towards securing high value cash producing assets for the company," Gamble said.  "Pinnacle Resources' objective is to continue to build its asset base by acquiring title to promising natural resource prospects and to develop them through strategic alliances within the resource industry."

Click Here to Visit Pinnacle's Web site

Safe Harbor Statement 
This news release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include expressions of beliefs, expectations, hopes, or intentions regarding the future, which may or may not come to pass. It is important to note that actual results may differ from those expressed in such forward-looking statements. Although Pinnacle believes its properties have potential, they are in early stages of exploration and development which have not shown to contain proven economic reserves. There can be no assurance that if identified, any resources might be economically extracted, or funding available, or that any such properties might be acquired in the future.  If projects are acquired, there can be no assurance of any economic benefit, of cash flow to the company.

Links to more Information

Recent SEC filings: Click Here
Company profile on Investor-Trading.com: Click Here
Trading technicals from BarCharts.com: Click Here
Latest Oil and Energy News on Yahoo! Finance:  Click Here
 
 

Safe Harbor Statement and Disclaimer

Statements regarding financial matters in above referenced press release other than historical facts are "forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, the anticipated stock dividends and all other forward-looking statements, be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. 

Disclaimer:
StockUpTicks.com is owned by Market Pathways Financial Relations Incorporated (MP).  The information contained herein is based on a news release or other report written and disseminated entirely by the subject company, Pinnacle Resources, Inc. (PNRR)   Any information, opinions or analysis regarding the subject company to which StockUpTicks has provided a link or other detail are provided by sources believed to be reliable but no representation, expressed or implied, is made as to its accuracy, completeness or correctness.  This report is for information purposes only and should not be used as the basis for any investment decision.  As compensation for dissemination and posting of this information, Mica Group has agreed to issue to MP 20,000 shares of PNRR common stock.  This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the subject company.  Write or call MP for detailed disclosure as required by Rule 17b of the Securities Act of 1933/1934.   MP and its owners, agents and employees are not an investment advisor and this report is not investment advice.  This information is neither a solicitation to buy nor an offer to sell securities.  Information contained herein contains forward-looking statements and is subject to significant risks and uncertainties, which will affect the results.  The opinions contained herein reflect our current judgment and are subject to change without notice.  MP and its affiliates, associates and employees from time to time may have either a long or short position in securities mentioned.  Information contained herein may not be reproduced in whole or in part without the express written consent of Market Pathways Financial Relations Incorporated (Copyright 2001.)