| Texas |
- Pyramid owns 12.5% of natural gas joint venture in south-central Texas covering 5,700 contiguous acres
- Post-frac testing of initial well indicated natural gas rates of over 4 million cubic feet/day and approximately 40 barrels/day of condensate.
- Gas tested at over 1,200 BTU/cubic foot andbottom-hole pressures exceeded 8,000 psi
- Gas sales expected to commence mid-2008
- Additional drilling on acreage expected shortlyafter completion of pipeline
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