Pinnacle Prices IPO

Pinnacle Gas Resources, Inc. on Tuesday announced the pricing of its initial public offering of 3,750,000 shares of its common stock, par value $0.01 per share, at $9.00 per share. The company's shares of common stock have been approved for listing on the NASDAQ Global Market under the symbol "PINN." The offering is expected to close on May 16, 2007. Certain selling stockholders of the company have granted the underwriters a 30-day option to purchase up to an additional 562,500 shares of common stock at the same price to cover over-allotments, if any.

Friedman, Billings, Ramsey & Co., Inc. is serving as book-running manager and RBC Capital Markets Corporation, A.G. Edwards & Sons, Inc. and Johnson Rice & Company L.L.C. are serving as co-managers of the offering.

A registration statement relating to the company's initial public offering has been filed with and declared effective by the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained when available from Friedman, Billings, Ramsey & Co., Inc., Attn: Todd Davis, 1001 19th Street North, 9th Floor, Arlington, Virginia, 22209, (703) 469-1023, or from any of the other underwriters.

Pinnacle Gas Resources, Inc. is an independent energy company engaged in the acquisition, exploration and development of domestic onshore natural gas reserves, primarily located in the Rocky Mountain region.

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