Pyramid Petroleum Inc. (fka PYDPF)

[MWM]

September 10, 2008
Pyramid Withdraws Previously Announced Convertible Debenture Offering
CALGARY, ALBERTA--(Marketwire - Sept. 10, 2008) - Pyramid Petroleum, Inc. (TSX VENTURE:PYR) ("Pyramid" or the "Company") today announced that it has elected to withdraw its previously announced convertible debenture offering. The offering was first announced on June 26th, 2008.

Pyramid's decision to withdraw the offering at this time is primarily attributable to adverse financial market conditions. The Company determined that it has the ability to continue to fund its current capital program through internally generated cash flow.

About Pyramid Petroleum, Inc.:

Pyramid Petroleum, Inc. is an oil and gas exploration and production company with substantial upside through its strategically located operations offshore in the Gulf of Mexico. Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol "PYR".