Pyramid has embarked on a six well drilling program in the Gulf of Mexico. Pyramid has a 50% interest in three of these wells, which it will be drilling from its own proven-undeveloped reserves in High Island block 160, and a 10% interest in an additional three wells with its partner Black Pool Energy. This initial six well drilling and development program will target a gross 36 BCF of natural gas reserves, and potential production of roughly 8.8mmcf/day net to Pyramid’s production interest.
Pyramid has engaged Toronto, Canada based Becher McMahon Capital Markets to assist the company with raising up to US $10 million in senior debt to drill and complete these wells. Becher McMahon has considerable debt and equity capital markets experience in funding the capital requirements of growing oil and gas producers, and recently completed the funding of a similar Gulf of Mexico operator.
Pyramid CEO Ilyas Chaudhary stated, "We are pleased to announce the engagement of Becher McMahon Capital Markets for the purposes of this capital raise. With a high quality exploration and facilities staff in place, Pyramid is confident that this first phase of our 2009 growth strategy will be a success and prove to increase shareholder value. We look forward to working with Becher McMahon and expect to complete the funding of the drilling program by the end of February."
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