Big, BIG, BIG news on Pinnacle Oil (SFD Technology and Shoal Point play)....
Remember I warned everyone who owns Canadian plays that history is in the making. Read this and remember to think through the implications because all your companies are about to be placed in long term jeopardy IMO. Pinnacle just hired Dan Topolinski, number 3 guy at Renaissance Energy as President. Also Jim Ehrets, head geologist at CamWest as VP Operations. Here is the press release:
Monday May 3, 8:34 am Eastern Time
Company Press Release
Pinnacle Announces Hiring of New President and Executive Vice President of Operations; $6 Million Private Placement of Common Stock; Status of Nasdaq Application
CALGARY, ALBERTA--George Liszicasz, Chief Executive Officer, and R. Dirk Stinson, President of Pinnacle Oil International, Inc. (''Pinnacle'') (OTC BB: PSFD - news), announced today that Pinnacle has hired Daniel C. Topolinsky as its new President and Chief Operating Officer, and James R. Ehrets as its Executive Vice President of Operations, with the effective date of May 1, 1999. Mr. Topolinsky will also be appointed to Pinnacle's Board of Directors. Messrs. Topolinsky and Ehrets will serve in their respective capacities under Mr. George Liszicasz, the inventor of the SFD technology. Mr. Stinson is relinquishing his position as President, but will continue to serve as a member of the Board and as a consultant for strategic planning and financing matters for Pinnacle.
Mr. Liszicasz stated ''Pinnacle has made tremendous strides over the past 18 months in increasing awareness and credibility of its Stress Field Detector (''SFD'') technology, and Mr. Stinson has been instrumental in achieving these objectives. Pinnacle has now reached the point in its development where it is able to bring two exceptionally qualified oil and gas industry executives aboard, making the transition from a technology development stage company to an operational company. These appointments are particularly well timed since the demands on our operational capacity have increased to the point that, in order to meet our anticipated growth, Pinnacle must effectively double its staff through the hiring of key professionals. Planned additions include administrative personnel, computer scientists, geologists and geophysicists, aviation and security personnel, as well as R&D engineers and scientists. Messrs. Topolinsky's and Ehrets' assumption of management responsibilities will also enable me to devote a greater portion of my time to improving the SFD technology and data interpretation systems.''
Mr. Liszicasz continued ''We are particularly excited to have Messrs. Topolinsky and Ehrets join Pinnacle since they have been intimately involved in our affairs as Vice Presidents of our strategic partners, Renaissance Energy Ltd. and CamWest Exploration LLC, respectively. We have great respect for their abilities, and their decision to make the transition from long- standing, senior level executive positions with established oil and gas companies to a technology development stage company such as Pinnacle demonstrates their confidence in the SFD technology and its potential to become an industry accepted mainstream oil and gas exploration tool.''
''Mr. Topolinsky, who was previously the Vice President of Exploration of Renaissance Energy Ltd., a major independent Canadian exploration and production company listed on the Toronto and Montreal Stock Exchanges, is ideally qualified to act as our President by way of industry background and experience. Mr. Topolinsky's primary areas of responsibility will be to manage Pinnacle's administrative affairs, corporate strategies, strategic partner relationships, project financing, and investor relations.''
''Mr. Topolinsky is a professional geologist with degrees in economics and geology from Trent University and the University of Calgary, respectively. Over the past 12 years, Mr. Topolinsky has helped direct Renaissance Energy's remarkable rise to become one of the bell weather Canadian oil and gas explorers and producers with a capitalization in excess of Cdn. $3 billion. Mr. Topolinsky joined Renaissance Energy in 1987 as a geological consultant, and rose from there to Vice President of Exploration in nine years overseeing the most active exploration effort in Canada.''
''Mr. Ehrets will be responsible for planning and managing Pinnacle's survey and interpretation operations and supervising Pinnacle's geological and geophysical professionals, and will manage the technical aspects of the joint venture exploration programs. Mr. Ehrets has demonstrated his skills over the past 12 months both as a manager and a professional geologist with respect to Pinnacle's joint venture projects for CamWest, and has been invaluable in assisting Pinnacle in developing its survey and interpretation protocols and systems.''
Mr. Ehrets is a professional geologist with bachelors and masters degrees in geology from the University of Rochester, and has 18 years of industry experience. Mr. Ehrets was previously employed as Vice President of Exploration of CamWest Limited Partnership, a Dallas-based independent oil and gas exploration and production company and an affiliate of CamWest Exploration LLC. Mr. Ehrets' primary responsibilities at CamWest included management of exploration programs, planning and coordinating horizontal development drilling programs, and performing reservoir and economic evaluations for producing property acquisitions.''
In addressing his and Mr. Ehrets' employment, Mr. Topolinsky noted ''During the course of the past two years in which Pinnacle has operated the technology over Renaissance's and CamWest's exploration areas, the coincidence of SFD features with known seismically-identifiable subsurface structures and proven oil and gas pools has been extraordinary. Pinnacle's capabilities to acquire, process and interpret data have improved significantly, with the time between survey and prospect delivery having been significantly reduced. Both Jim and I believe that these capabilities will posture Pinnacle to attain its goal of becoming a leading exploration company over the next several years, and we are both excited as professional geologists in becoming part of the Pinnacle team.''
Mr. Liszicasz continued ''Pinnacle is also pleased to announce that it has received commitments to purchase up to U.S. $6 million in a private placement of restricted common stock at $15 per share from a select number of accredited investors with whom Pinnacle has pre-existing relationships. Pinnacle anticipates that this offering will close within two weeks upon finalization of legal review of offering materials. Pinnacle intends to use the proceeds of this offering for working capital purposes, for further advancement of the SFD survey system, and for future capital expenditures ultimately including working interest investments and the purchase of an additional survey aircraft.''
Mr. Liszicasz continued ''Nasdaq has notified Pinnacle that it would not accept its application for listing on the Nasdaq SmallCap Market at this time primarily because its strategic partners have not completed their drilling programs proving Pinnacle's ability to generate revenue. Pinnacle is currently evaluating its options with respect to the Nasdaq listing, but believes that current drilling programs will ultimately substantiate its application with Nasdaq. One of Pinnacle's strategic partners is in the process of drilling a well, and a second strategic partner will shortly drill a number of exploratory wells. Furthermore, all three of Pinnacle's strategic partners are reputable, experienced and well capitalized oil and gas exploration and production companies.''
Pinnacle is a technology company engaged in oil and gas exploration and development, and holds the exclusive rights for hydrocarbon exploitation through the Stress Field Detector, a technology which has been shown to be accurate in the identification of hydrocarbon deposits. Specifically, the SFD affords a capability to perform wide area exploration more rapidly than any traditional method, and offers an opportunity to locate numerous, productive oil and gas fields at a fraction of the cost of conventional methods.
Information and statements in this news release, other than historical information, should be considered ''forward-looking statements'' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All such forward- looking statements reflect management's current views of future events and financial performance based upon currently available information, and involve a number of risks and uncertainties that may cause Pinnacle's actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Pinnacle has tried, wherever possible, to identify these forward looking statements by, among other things, using words such as ''anticipate,'' ''believe,'' ''estimate,'' ''expect'' and similar expressions. Factors that could cause actual results to differ materially include, but are not limited to, delays on Pinnacle's part in conducting surveys and/or interpreting survey data, and delays on the part of Pinnacle's strategic partners in planning survey activities, in conducting geologic and geophysical evaluations of recommended anomalies, in acquiring drilling rights, and/or in conducting exploratory drilling activities, as well as other factors detailed from time to time in Pinnacle's reports filed with the United States Securities and Exchange Commission, including as generally contained in its Annual Report on Form 10-K as filed on March 31, 1999, and as particularly enumerated in that section contained in Item 7 of such Annual Statement captioned ''Management's Discussion And Analysis Of Financial Condition And Results Of Operations-Uncertainties and Risk Factors.''
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Contact:
Pinnacle Oil International, Inc.
George Liszicasz
Chief Executive Officer
(403) 264-7020
(403) 264-6442
Email: invest@pinnacleoil.com
Website: www.pinnacleoil.com
or
Pinnacle Oil International, Inc.
Daniel C. Topolinsky
President and Chief Operating Officer
(403) 264-7020
(403) 264-6442
or
Pinnacle Oil International, Inc.
James R. Ehrets
Executive V.P. of Operations
(403) 264-7020
(403) 264-6442
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