Tuesday, June 10, 2008 10:04:57 AM
Corporate Summary
Pyramid Petroleum, Inc. (TSX-V: PYR) 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 (“GOM”). Pyramid produces 5,000 boepd from 16 platforms with three facilities in the Green Canyon block (52,184, and CPP) having the potential capacity of up to 55,000 BOPD and 100 MMcfd (current utility of 2250 BOPD and 6.4 MMcfd), of which 1,300 boepd is net to Pyramid. Management is contributing extensive experience in developing and managing domestic and international oil and gas projects to successfully progress Pyramid by taking steps to fill capacity through workovers, recompletions, and production handling for other operators in the immediate area. Working interest (“WI”) partners who participate with the company include Chevron and Apache along with other large independents. These WI have an operated and non-operated production of approximately 1300 boepd. Partners Shell and Apache partake in Pyramid’s ownership (19%) in a 12 inch, 30 mile long oil pipeline (throughput capacity 50,000 bopd). With possession of ideal resources, strong executive leadership, and a dedicated staff, Pyramid is deftly creating a pathway to greater future gains.
Pyramid Petroleum, Inc. (TSX-V: PYR) 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 (“GOM”). Pyramid produces 5,000 boepd from 16 platforms with three facilities in the Green Canyon block (52,184, and CPP) having the potential capacity of up to 55,000 BOPD and 100 MMcfd (current utility of 2250 BOPD and 6.4 MMcfd), of which 1,300 boepd is net to Pyramid. Management is contributing extensive experience in developing and managing domestic and international oil and gas projects to successfully progress Pyramid by taking steps to fill capacity through workovers, recompletions, and production handling for other operators in the immediate area. Working interest (“WI”) partners who participate with the company include Chevron and Apache along with other large independents. These WI have an operated and non-operated production of approximately 1300 boepd. Partners Shell and Apache partake in Pyramid’s ownership (19%) in a 12 inch, 30 mile long oil pipeline (throughput capacity 50,000 bopd). With possession of ideal resources, strong executive leadership, and a dedicated staff, Pyramid is deftly creating a pathway to greater future gains.
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