Pyramid Petroleum Inc. (fka PYDPF)

[Bobwins]

Pyramid Petroleum's 1st Quarter 2008 Operational Cash Flow is $0.12 Per Share

CALGARY, May 30, 2008 (Canada NewsWire via COMTEX News Network) --
Pyramid Petroleum, Inc. (TSXV: PYR) announced today the results of the 1st quarter of 2008. The Company's 2008 1st quarter interim financial statements and associated management's discussion and analysis can be found online at www.sedar.com.

<< 1st QUARTER 2008 HIGHLIGHTS - Revenues, net of royalties, for Q1 2008 were $7,562,892 compared to $718,444 for Q1 2007. The increase is primarily due to additional assets acquired in the Gulf of Mexico during the 2nd quarter of 2007. - Cash flow from operations for Q1 2008 was $4,310,406 (12 cents per share) compared to $333,279 (1 cent per share) for Q1 2007. - Net income for Q1 2008 was $1,873,809 (5 cents per share) compared to $115,377 (nil) for Q1 2007. The following is the summary of financial results for the Company for thethree month periods ended March 31, 2008 and 2007. Three months ended March 31 2008 2007 --------------------------- ---- ---- Total sales volumes (boe 6:1) - net of royalties 125,724 17,108 Daily sales volumes (boe 6:1) - net of royalties 1,382 190 Statements of Net Income and Retained Earnings US dollars Oil and gas sales ($), net of royalties 7,562,892 718,444 Oil and gas sales per boe ($) 60.15 41.99 Net oil and gas revenue ($) 5,655,553 525,190 Net oil and gas revenue per boe ($) 44.98 30.70 Net income for the period ($) 1,873,809 115,377 Net income per share - basic and diluted ($) 0.05 - Statements of Cash Flows Cash flow from operations ($) 4,310,406 333,279 Cash flow from operations per share ($) 0.12 0.01 Weighted average number of shares - basic 37,317,595 36,605,095 >>
About Pyramid Petroleum

Pyramid Petroleum, Inc., with its headquarters located in Houston, Texas, is an oil and gas exploration and production company with substantial upside through its strategically located 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 of the

contents hereof.

Use of the term barrels of oil equivalent ("boe") or thousands of cubic feet of gas equivalent ("Mcfe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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.

SOURCE: Pyramid Petroleum, Inc.

Laura Boyko, Marketing Coordinator, Pyramid Petroleum, Inc., [e-mail], T(281) 822-0801 x-101, www.pyramidpetroleum.com; Jeanny So, Director of Operations,CHF Investor Relations, [e-mail], T [phone] x-225; Michael Borovec,Account Manager, CHF Investor Relations, [e-mail], T [phone] x-229
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