Offshore staff

CALGARY, Alberta -- Pyramid Petroleum has entered into an option agreement to purchase a 20% non-operated interest in certain oil and gas properties in the Gulf of Mexico, for $7 million.

If the option is exercised, the company would more than double its GoM production to 665 boe/d, and increase its proved and probable reserves to 2.71 MMboe.

The planned acquisition includes 12 producing and 40 non-producing wells.

2/5/2007