Pyramid Aims to Raise $15MM through Convertible Debenture Offering

Pyramid Petroleum, Inc. has engaged Research Capital Corporation to act as lead agent, on a best-efforts basis, for an offering of up to $15.0 million in convertible debentures of Pyramid. The indicative terms of the Offering include, among others, that the convertible debentures shall have a term of 5 years, shall bear an interest rate of 8.5% per year, with interest payments to be made semi-annually, and shall be convertible into common shares of the Company at any time following the closing of the Offering at a price that represents a premium of 25% to the 30-day volume-weighted average share price of Pyramid prior to the closing of the Offering.

Proceeds from the Offering shall be used to fund development drilling, work-overs and exploration on the Company's oil and gas properties, as well as for working capital and to take advantage of select acquisition opportunities in the Gulf of Mexico, the Company's core area of operations.
 
Pyramid currently anticipates the closing of the Offering will occur in August 2008 but closing may occur earlier or later, as the Company and the Agent may determine and is subject to regulatory approval.
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