Pyramid Petroleum - PYR
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Posted: Tuesday Oct 7 4:41:17PM 2008
This may help Pyramid shares recover a bit but remember that their production is still 80% shut down from hurricane damage. Will take until November to get back to 1000boepd range. Then they need the workover program to add production and hope that their new well program hits, although they had to reduce their WI to 10% because of the lost cashflow from the damage. Still a bargain energy stock but will take some time to get back into full production. Bobwins
Pyramid Petroleum, Inc. Undertakes Normal Course Issue Bid to Buy Back Shares
Tuesday October 7, 6:16 pm ET
CALGARY, ALBERTA--(MARKET WIRE)--Oct 7, 2008 -- Pyramid Petroleum Inc. ("Pyramid") (CDNX:PYR.V - News) today announced that it has filed with the TSX Venture Exchange a Notice of Intention to purchase its common shares from time to time in accordance with the normal course issuer bid procedures under Canadian securities laws.
Pursuant to the issuer bid, Pyramid may purchase for cancellation up to 1,884,602 of its common shares, representing 5% of the issued and outstanding common shares of the Corporation, for a 12-month period. The price which Pyramid will pay for any shares under the normal course issuer bid will be the market price at the time of purchase as traded on the TSX Venture Exchange. The brokerage firm conducting the normal course issuer bid on behalf of Pyramid is Research Capital Corporation. The normal course issuer bid will commence on October 10, 2008, and terminate on October 10, 2009.
The Corporation believes that the purchase of its shares at recent market prices is a worthwhile investment since recent market prices do not properly reflect the underlying value of its assets and business. To the extent that the Corporation purchases for cancellation such shares in accordance with the Normal Course Issuer Bid, the holdings of remaining shareholders would represent an increased proportion of the shares outstanding and, all other things remaining equal, are expected to result in an increased net asset value per share.
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."
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.
Pyramid Petroleum Inc.
(281) 822-0801 x101
CHF Investor Relations
(416) 868-1079 x289
CHF Investor Relations
Associate Account Manager
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Posted: Monday Aug 11 7:14:54AM 2008
Great to see debt load paid off well within their guidance. When I first started watching PYR, debt load was heavy at over 4X cash flow. Obviously that has now been remedied. Management has proven itself to be diligent, resourceful and responsible. With debt paid off, they can continue to utilize cash flow to reach production guidance of 3000 boed by year end.
Have a good week!
Posted: Monday Jun 2 12:29:47PM 2008
Added some more at $0.95 today.
Posted: Friday May 30 6:52:42AM 2008
PYR.v +.21 to C$1.05 Nice bump. Still cheap!
Posted: Tuesday May 27 1:13:11PM 2008
Thanks Griffin....PYR.v +.21 to C$.86. Low volume so probably not sustainable but does show there is some interest. Bobwins
Posted: Monday May 26 1:03:19PM 2008
I bought PYR.v today at .63. Q4 results of .05 eps and .12 cashflow were just too good to pass up. Annualize those results and 2008 could have results of .20eps and .48 cashflow. Very cheap for the current share price.
There are some bumps in the road. The land they sold cost over 10 million in stock. They just sold it for 6.3 million. There will be a big loss in whatever qtr they close the sale. They also need financing for their working capital deficit and current GOM drilling program of $4million net to PYR.
Their exit rate goal of 3000boepd is obviously very aggressive but they have acquired decent production so far and their drill program is designed to increase production by another 800boepd net to PYR.
Posted: Saturday May 24 6:31:05PM 2008
Thanks for your analysis, Bobwins. Greatly appreciated.