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Pyramid Petroleum Announces 2nd Quarter 2008 Results
Thursday August 28, 4:08 pm ET

CALGARY, ALBERTA - Pyramid Petroleum Inc. (TSX VENTURE:PYR) announced today operating results for the 2nd quarter of 2008. The Company's 2008 2nd quarter unaudited interim consolidated financial statements and associated management's discussion and analysis can be found online at www.sedar.com.

Pyramid Petroleum CEO Ilyas Chaudhary stated that, "I am pleased with the operating results, especially the fact that cash flow from operations during the first two quarters of 2008 of 23 cents per share has already exceeded total cash flow from the year 2007 of 22 cents per share. With all fixed debt, other than $1 million long term debt, being fully paid, Pyramid is in a position to accelerate its growth plans by completing capital programs and pursuing selective acquisition opportunities."

2nd QUARTER 2008 HIGHLIGHTS (stated in U.S. dollars)

- Revenues, net of royalties, for Q2 2008 were $7,911,854 compared to $3,216,621 for Q2 2007. The increase is primarily due to additional assets acquired in the Gulf of Mexico during the 2nd quarter of 2007 and higher commodity prices in 2008.

- Cash flow from operations for Q2 2008 was $4,286,158 (11 cents per share) compared to $1,170,513 (3 cents per share) for Q2 2007.

- Net loss for Q2 2008 was $892,913 (2 cents per share) compared to net income of $353,590 (2 cents per share) for Q2 2007. The net loss in the period is due to a recorded book loss - on the disposition of producing properties, which were sold in June 2008.

http://www.pyramidpetroleum.com/investor_relations/press_releases/pr-2008-08-28.html