Pyramid Petroleum Inc.
TSX VENTURE : PYR.P

Pyramid Petroleum Inc.

April 05, 2006 15:21 ET

Pyramid Petroleum Inc. Announces Special Shareholder Meeting

CALGARY, ALBERTA--(CCNMatthews - April 5, 2006) - Pyramid Petroleum Inc. (TSX VENTURE:PYR.P) (the "Corporation"), announces that it has set the date of May 4, 2006 for a special shareholders meeting to consider the previously announced acquisition of certain oil and gas assets in Montana and Alberta (the "Assets"). This transaction, if approved, will constitute the Corporation's "Qualifying Transaction" as defined under the policies of the TSX Venture Exchange.

The Assets comprise a 5.09% interest in oil and gas wells, developed and undeveloped lands, gas plants and pipeline systems further explained as follows: (gross numbers):

1. 49 producing oil wells and 963 producing gas wells. Current production from these wells is approximately 15 MMcfGEd (with 1bbl:6Mcf).

2. Another 200 wells that are currently not producing, but could be put on production with minimal expenditure.

3. 560,000 acres of developed land and 850,000 acres of undeveloped land.

4. 450 miles of pipeline system which is currently providing additional revenues in the form of fees charged to other producers in the area. The pipeline system has a throughput capacity of 60 MMcfGEd of which 42 MMcfGEd capacity is being utilized.

5. 1 gas processing plant.

The TSX Venture Exchange does not accept responsibility for the adequacy and accuracy of this release.

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