Pyramid Petroleum announces termination of its plan to acquire Capco's subsidiary

    CALGARY, Jan. 16 /CNW/ - Pyramid Petroleum, Inc. ("Pyramid") (TSXV: PYR)
announced today that due to change of business reasons it has terminated its
plan to acquire a wholly owned subsidiary of Capco Energy, Inc. ("Capco"), a
company controlled by Mr. Ilyas Chaudhary, the CEO and major shareholder of
Pyramid. Pyramid had originally announced on June 8, 2007 that it intended to
enter into a business combination with Capco and, on September 19, 2007,
announced that it had modified the plan to acquire a wholly owned subsidiary
of Capco. Both parties mutually decided to not extend the original deadline of
December 31, 2007 for the completion of this transaction.


    The TSX Venture Exchange has neither approved nor disapproved of the
    contents hereof.

    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.,, (403) 617-3733,

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