For Immediate Release: Tuesday, May 26, 2009
Pyramid Looks for Strategic Alternatives and Appoints New President to Oversee the Process
Calgary, Alberta - Pyramid Petroleum Inc. (TSX-V: PYR) (“Pyramid” or the “Company”) announced that it will seek strategic alternatives in order to maximize shareholders value. The Company also announced that Ilyas Chaudhary has resigned as President and CEO of the Company in order to ensure management independence in the process of identifying and reviewing available strategic alternatives, by avoiding any potential conflicts that may arise due to his control of the majority of the common shares of the Company.
The Board of Directors has subsequently appointed Mansoor Anjum as the Company's new President and CEO. Mr. Anjum worked with Pyramid before as its CFO until September 2008 and is currently serving as a Director of the Company. The Board is confident that Mr. Anjum will contribute significantly in identifying and adopting strategic alternatives for the Company.
Pyramid’s advisor, Byron Capital Markets of Toronto, Canada, will provide consultation in the process of reviewing the strategic alternatives.
About Pyramid Petroleum
Pyramid Petroleum Inc. is an oil and gas exploration and production company with substantial upside growth through its strategically located offshore operations in the Gulf of Mexico.
Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol “PYR.”
Disclaimers
The TSX Venture Exchange has neither approved nor disapproved the contents hereof. 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
jfrazier@pyramidgom.com
281.822.0801 x 145
or
Michael Borovec,
Director of Investor Relations
mborovec@pyramidgom.com
281.822.0801 x 123
www.pyramidpetroleum.com