Pyramid Petroleum Inc.
TSX VENTURE : PYR

Pyramid Petroleum Inc.

September 10, 2008 09:23 ET

Pyramid Withdraws Previously Announced Convertible Debenture Offering

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2008) - Pyramid Petroleum, Inc. (TSX VENTURE:PYR) ("Pyramid" or the "Company") today announced that it has elected to withdraw its previously announced convertible debenture offering. The offering was first announced on June 26th, 2008.

Pyramid's decision to withdraw the offering at this time is primarily attributable to adverse financial market conditions. The Company determined that it has the ability to continue to fund its current capital program through internally generated cash flow.

About Pyramid Petroleum, Inc.:

Pyramid Petroleum, Inc. is an oil and gas exploration and production company with substantial upside through its strategically located operations offshore in the Gulf of Mexico. Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol "PYR".

Disclaimers

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.

The TSX Venture Exchange has neither approved nor disapproved of the contents hereof.

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