SHERIDAN, Wyo., March 22 /PRNewswire/ -- Pinnacle Gas Resources, Inc. (Nasdaq: PINN) announced today that on March 16, 2010, it received written notice from The Nasdaq Stock Market, Inc. that because the Company has not regained compliance with the $1.00 minimum bid price requirement in Listing Rule 5450(a)(1) by the March 16, 2010 expiration of the 180-day compliance period for this requirement, the Company's common stock would be delisted from The Nasdaq Global Market unless the Company requests an appeal of this determination to a Nasdaq Hearings Panel (the "Panel") no later than 4:00 p.m. Eastern Time on March 23, 2010.
On March 22, 2010, the Company requested such an appeal, which request automatically delayed the delisting of the Company's common stock at least until the Panel issues a decision. The Panel has the discretion to grant the Company up to 180 additional calendar days from its March 16, 2010 notice in which to satisfy the $1.00 per share bid price requirement. There can be no assurance that the Panel will grant an extension or that the Company will be able to comply with the conditions of any extension by the Panel's decision date or by the expiration of any extension the Panel grants.
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.Safe Harbor