Diversifying

Calgary-based independent producer Pinnacle Energy Corp. is diversifying its interests and recasting itself as a land management company with significant interests in coal. It will continue to exploit its oil and gas properties, the company said. Pinnacle is working to acquire control of “significant” coal reserves in Montana and Utah along with assets and personnel to aid in land management and coal marketing. The company has producing oil and gas wells in Pawnee County, OK, and is planning to drill four wells in the Glencoe Prospect during the second quarter. “We believe that the available properties we’ve identified could potentially bring Pinnacle additional enterprise value within the next few years. Negotiations for the potential coal reserves are moving forward rapidly, and we are planning an announcement immediately upon successful closing of the transaction,” said President Nolan Weir.