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For Immediate Release: Monday, May 25, 2009
PYRAMID PETROLEUM ANNOUNCES LATE FILING OF ANNUAL FINANCIAL RESULTS
Calgary, Alberta - Pyramid Petroleum Inc. (TSXV: PYR) ("Pyramid" or the "Company") today announces that the filing of its annual financial statements, management's discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2008 (the "Required Filings"), will be delayed beyond the filing deadline of April 30, 2009. Pyramid has been advised that additional time is required to complete the audit of the annual financial statements due to a delay in receiving the engineering report for its oil and gas resource assets, which is being prepared by Netherland, Sewell & Associates, Inc., due to severe weather conditions in the Gulf of Mexico. The reserves report is expected by mid-May, 2009 and the Required Filings will be completed thereafter.
Pyramid currently plans to remedy the default and file the Required Filings as soon as it is able to do so. Pyramid also intends to satisfy the provisions of the alternate information guidelines of section 4.4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12- 203") as long as it is in default of the filing requirements. These provisions require Pyramid to file a bi-weekly default status report in the form of news releases containing any material changes to the information in this release; all actions taken by Pyramid to remedy the default; particulars of any failure by Pyramid to fulfill these provisions; any subsequent defaults of Pyramid requiring a default announcement; and any other material information concerning the affairs of Pyramid not previously disclosed. Pyramid intends to issue the first default status report on May 4, 2009.
This default announcement is made under section 4.3 of National Policy 12-203, which came into effect September 1, 2008, and replaces previous policies under which provincial securities commissions could grant extensions to filing deadlines.
About Pyramid Petroleum
Pyramid Petroleum is an oil and gas exploration and production company based in Houston, Texas. The Company's focus is on development of domestic and international hydrocarbon projects. Pyramid's primary assets are producing properties located in the Gulf of Mexico.
The Company's shares are listed on the TSX Venture Exchange under the symbol PYR.
Disclaimers
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects and future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
For further information, please contact:
Jim Frazier, CFO
Pyramid Petroleum, Inc.
info@pyramidpetroleum.com
403.234.9000
www.pyramidpetroleum.com
FORM 51-102F3 - MATERIAL CHANGE REPORT