HOUSTON, TEXAS -- (Marketwire) -- 09/30/08 -- Pyramid Petroleum Inc. ("Pyramid" or "the Company") (TSX VENTURE: PYR) today announced that it has completed the consolidation of its corporate, operations, accounting and administrative functions in Houston, Texas. Consequently, Pyramid's CFO, Mr. Mansoor Anjum, has resigned from all officer positions with the Company and its subsidiaries. Mr. Anjum will continue to sit as a Director on the Board. The Company intends to hire a new CFO within the next 60 to 90 days and has started interviewing suitable candidates. In the interim, Pyramid's CEO is appointed Acting-CFO.

CEO, Acting-CFO Ilyas Chaudhary explained, "Unifying Pyramid's entire operations staff, including corporate accounting, in Houston serves our mission to optimize the Gulf of Mexico assets."

About Pyramid Petroleum

Pyramid Petroleum Inc. is an oil and gas exploration and production company with substantial upside through its strategically located operations offshore in the Gulf of Mexico. Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol "PYR."

Disclaimers

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.

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