Sheridan, Wyo.-based Pinnacle Gas Resources Inc. has filed for a 144A placement of 25.1 million shares for expected proceeds of about $276.1 million. Management expects a minimum share price of $11 each. Friedman, Billings, Ramsey & Co. Inc. is agent for the offering. Pinnacle will not receive any of the proceeds, which will be received by the selling stockholders, which include U.S. Energy Corp., Riverton, Wyo., (Nasdaq: USEG) and Crested Corp., Riverton, Wyo., (OTCBB: CBAG), which have a combined 9.8% of Pinnacle shares. Pinnacle acquires, explores and develops domestic onshore gas reserves and is currently focused on coalbed-methane properties in the Rockies. The company owns leasehold interests in approximately 418,000 gross acres in the Powder River Basin in northeastern Wyoming and southern Montana, 96% of which are undeveloped, and has estimated net proved reserves of 27 billion cubic feet of gas with production of 6 million cubic feet per day.
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