Capco (fka CGYN)

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Pyramid Petroleum, Inc. ("Pyramid") (TSXV: PYR) announced today that due to change of business reasons it has terminated its plan to acquire a wholly owned subsidiary of Capco Energy, Inc. ("Capco"), a company controlled by Mr. Ilyas Chaudhary, the CEO and major shareholder of Pyramid. Pyramid had originally announced on June 8, 2007 that it intended to enter into a business combination with Capco and, on September 19, 2007, announced that it had modified the plan to acquire a wholly owned subsidiary of Capco. Both parties mutually decided to not extend the original deadline of December 31, 2007 for the completion of this transaction.