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Pyramid Petroleum CEO Ilyas Chaudhary resigns - Quick Facts

Pyramid Petroleum Inc. (PYR.V: Quote) announced that it would seek strategic alternatives in order to maximize shareholders value. The Company also announced that Ilyas Chaudhary has resigned as President and CEO of the Company in order to ensure management independence in the process of identifying and reviewing available strategic alternatives by avoiding any potential conflicts that may arise due to his control of the majority of the common shares of the Company.

The company has appointed Mansoor Anjum as its new President and CEO. Anjum worked with Pyramid before as its CFO until September 2008 and is currently serving as a Director of the Company.

Pyramid's advisor, Byron Capital Markets of Toronto, Canada, will provide consultation in the process of reviewing the strategic alternatives.

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by RTT Staff Writer

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