Pyramid Petroleum Inc. (fka PYDPF)

[sliverbullet]

I checked with the company and found that they had zero damage from the hurricane. They shut the platforms down for the 6 days but that is better than having damages.

By the way the pres release last week on earnings did not explain that sale - remember form May the announcement was:

Friday , April 25, 2008 11:42ET

"Pyramid Petroleum Inc. (PYDPF) announced that it has agreed to sell all of its 5.84% interest in its Montana and Alberta properties for $6.3 Million USD to an arms-length company. The properties contributed a net 130 boepd to Pyramid."

This property they had bought with stock and the price they used for accounting was about 30 cents - so they sold it for less than the original accounting price but they got cash on the sale and they paid off debt so this was a plus and they take the write off on their taxes. So this was not a loss at all to the company but only too the accounting. They sold it as it was only giving them only 130 barrels a day and it was onshore and they are now only on offshore rigs so better for them to buy more off shore.

They had 12 cents per share cash flow the first quarter and 11 the next so still expect to do over 40 cents in cash flow this year.