Pyramid Petroleum Inc., Calgary, (Toronto Venture: PYR) has entered a letter of intent for its qualifying transaction as a capital pool company. The transaction includes the purchase of oil and gas assets in Alberta and Montana from Ilyas Chaudhary, a founder of Pyramid, for C$7.2 million. Pyramid will issue 24 million common shares to Chaudhary at C$0.30 each. The assets include a 5.1% interest in 49 producing oil wells and 963 producing gas wells with current production of approximately 15 million cubic feet of gas equivalent per day, 200 wells currently not producing, 560,000 acres of developed land and 850,000 acres of undeveloped land, 450 miles of pipeline system and two gas-processing plants. The assets have net proved reserves of approximately 5.79 billion cubic feet of gas equivalent. Current net production from the assets is 760,000 cubic feet of gas equivalent per day.
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