Pyramid Petroleum Inc. - First default status report

    CALGARY, May 4 /CNW/ - Pyramid Petroleum Inc. (TSXV: PYR) ("Pyramid" or
the "Company") Pyramid provides its first bi-weekly Default Status Report
under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure
Defaults, pursuant to which Pyramid announced that the filing of its annual
financial statements, management's discussion and analysis, and related CEO
and CFO certifications for the year ended December 31, 2008 (the "Required
Disclosure"), would be delayed beyond the filing deadline of April 30, 2009.
Pyramid reports that since announcing the original Default Announcement on
April 24, 2009, there have not been any material changes to the information
contained therein; nor any failure by Pyramid to fulfill its intentions as
stated therein, and there are no additional defaults or anticipated defaults
subsequent to such announcement. Further, there have been no additional
material changes respecting Pyramid and its affairs.
    By way of press release dated April 24, 2009, Pyramid announced the delay
in the preparation and filing of the Required Disclosure. Pyramid intends to
file its next Default Status Report on Monday, May 18, 2009.

    About Pyramid

    Pyramid Petroleum is an oil and gas exploration and production company
based in Houston, Texas. The Company's focus is on development of domestic and
international hydrocarbon projects. Pyramid's primary assets are producing
properties located in the Gulf of Mexico.
    The Company's shares are listed on the TSX Venture Exchange under the
symbol PYR.


    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.

    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.

    %SEDAR: 00022259E

For further information:

For further information: Jim Frazier, CFO, Pyramid Petroleum, Inc.,, (403) 234-9000,

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