CALGARY, Nov. 30 /CNW/ - Pyramid Petroleum, Inc. (TSXV: PYR) announced
today the results of 3rd quarter. The Company's 2007 3rd quarter financial
statements and associated management's discussion and analysis can be found
online at www.sedar.com. Effective April 1, 2007 the Company changed its
functional and reporting currency to United States dollar and all the amounts
provided herein are in U.S. dollars.
THIRD QUARTER HIGHLIGHTS
- Revenues, net of royalties, for the Q3, 2007 were $6,387,949 compared
to $594,732 for Q3, 2006. The increase is primarily due to additional
assets acquired in the Gulf of Mexico during the 2nd quarter of 2007.
- Cash flow from operations for the Q3, 2007 was $2,118,455 (6 cents
per share) compared to $330,950 (1 cent per share) for Q3, 2006.
- Net income for the Q3, 2007 was $397,234 (1 cent per share) compared
to $29,204 (nil) for Q3, 2006.
The following is the summary of financial results for the Company for the
three month periods ended September 30, 2007 and 2006.
Three months ended September 30
Total sales volumes (boe 6:1), net of royalties 119,672 14,347
Daily sales volumes (boe 6:1) - net of royalties 1,301 156
Statement of Operations and Deficit
Oil and gas sales ($), net of royalties 6,387,949 594,732
Oil and gas sales per boe ($) 53.38 41.45
Net oil and gas revenue ($) 3,752,702 443,388
Net oil and gas revenue per boe ($) 31.36 30.90
(Loss) income for the period ($) 397,234 29,204
(Loss) income per share - basic and diluted ($) 0.01 -
Statement of Cash Flows
Cash flow from operations ($) 2,118,455 330,950
Cash flow from operations per share ($) 0.06 0.01
Weighted average number of shares - basic 37,123,845 36,595,720
The TSX Venture Exchange has neither approved nor disapproved of the
Use of the term barrels of oil equivalent ("boe") or thousands of cubic
feet of gas equivalent ("Mcfe") may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 Mcf: 1bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
Except for statements of historical fact, all statements in this press
release, without limitation, regarding new projects and future plans and
objectives are forward-looking statements which involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.
For further information:
For further information: Mansoor A. Anjum, President and CFO, Pyramid
Petroleum, Inc., firstname.lastname@example.org, (403) 617-3733,