Pinnacle Energy Corp., Calgary, (OTCBB: PENC) has acquired acreage adjacent to its Glencoe prospect in Pawnee County, Oklahoma, from an undisclosed seller for an undisclosed price.
Pinnacle has the option to participate in up to a 25% working interest in the new 2,000-acre field, named Peppercreek 1. Pinnacle has now more than doubled its acreage position in the area.
Pinnacle chief executive Nolan Weir says, “Securing additional leases in the same area as our existing Glencoe prospect is a major strategic win. Our Glencoe field has been very productive, and has great future potential. We anticipate that this newly acquired acreage is an extension of the structural trend identified in the Glencoe field—and because Peppercreek 1 is located immediately next to Glencoe, we are eager to move forward with our plans for exploration and extraction.”
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