Pyramid Petroleum has received a NI 51-101 reserve report, as prepared by Netherland Sewell Associates Inc., for the properties it acquired, subject to final regulatory approvals, during the 2nd quarter 2007 in the Gulf of Mexico, as reported on April 3, 2007 and May 18, 2007. The effective date of the report is October 31, 2007.
Pyramid's proved plus probable ("2P") reserves for the Properties are 895 thousand barrels of oil and condensate ("Mbbl") and 7,414 million cubic feet of gas ("MMcf"), or 2,132 thousand barrels of oil equivalent ("Mboe") with a present value before income taxes discounted at 10 percent ("PV10") of US$52.6 million. Proved reserves are 796 Mbbl and 5,527 MMcf, or 1,718 Mboe with a PV10 of US$44 million. Probable reserves are 99 Mbbl and 1,887 MMcf, or 414 Mboe with a PV10 of US$8.6 million.
The above reserves are in addition to the Pyramid's reserves for its Montana and Alberta properties and its original Gulf of Mexico properties acquired in 2006.
The following table summarizes all of Pyramid's reserves, based on its present engineering reports, without allowance for depletion or accretion. Readers are cautioned to refer to the original reports found on Sedar for underlying assumptions and limitations.
The addition in reserves during 2007 are only for the properties acquired in 2007 and does not include reserves for properties that were included in 2006 reserve report. The total is not provided due to difference in the effective dates of the reserve reports.
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