Pyramid Petroleum Inc. announced that the debt of $9.1 million taken to acquire Gulf of Mexico properties in April and May 2007 has been paid in full. Accomplishing this in merely 15 months, the only debt remaining is a long term promissory note of $1.0 million to be paid in 2011.
Pyramid Petroleum CEO Ilyas Chaudhary stated that, "Pyramid, in its tradition for conservative forecasting, had projected to shareholders to retire this debt by year end 2008. Due to a combination of factors such as lower decline rates and increased commodity prices, the said debt was paid down five months earlier. While Pyramid plans to raise funds from convertible debentures, as announced earlier, the free cash flow from operations will positively facilitate the ongoing well rework and drilling programs."
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