Ghana Oil Company Limited (GOIL)

Ghana Oil Company Limited (GOIL) was established on 14th June 1960 under the Companies Ordinance (CAP 193) as AGIP Ghana Limited with AGIP S.P.A of Italy having 855,000 shares and SNAM SPA also of Italy with 95,000 shares. On the 16th December 1968 the 95,000-shares were transferred to Hydrocarbons International Holdings of Zurich. The Company is now fully owned by the government of Ghana which acquired it in 1974. Ministry of Energy represents the government in all its dealings with the Company.The Company’s main business is marketing and distribution of petroleum products in Ghana. The biggest chunk of its sales comes from the sale of Diesel and Gasoline. The Company is manned by a nine member management team headed by the Managing Director.The marketing arms of the company are represented by four zonal offices namely the Zonal Office South, Middle Belt (Kumasi), West (Takoradi) and North (Tamale). These offices also serve as distribution points for the company’s products. However, the main distribution points are Liaison Office, Central Depot, and the Accra Plains Depot all within the Tema catchment area.

Pyramid Oil Company Corrects Third-Party Information Regarding Oil and Gas Reserves

Pyramid Oil Company (AMEX: PDO) today announced that as of January 1, 2008, the Company had estimated future net recoverable proved reserves (from both developed and undeveloped properties) of 806,000 barrels of crude oil, as was reported in the Company's Annual Report on Form 10-KSB with the Securities and Exchange Commission (SEC) on March 31, 2008, for the fiscal year ended December 31, 2007.On June 25, 2008, it was brought to the Company's attention that certain websites have incorrectly reported that, as of January 1, 2008, Pyramid had proved crude oil reserves of 806 million barrels of oil. Pyramid Oil had no involvement in the dissemination of this incorrect information and advises investors and other persons to rely only on the information that is contained in the company's Annual Report on Form 10-KSB, and its other filings with the SEC.About Pyramid Oil CompanyPyramid Oil Company has been in the oil and gas business continuously since incorporating in 1909. Pyramid acquires interests in land and producing properties through acquisition and lease, and then drills and/or operates crude or natural gas wells in an effort to discover or produce oil and/or natural gas. More information about the Company can be found at:
http://www.pyramidoil.com/.
Safe Harbor StatementCertain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements regarding the completion and tes1ting of wells. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Factors that could cause or contribute to such differences include, but are not limited to the value of crude oil or the performance of wells.CONTACTS:John H. AlexanderPresident and CEOPyramid Oil Company661-325-1000Geoff HighPrincipalPfeiffer High Investor Relations, Inc.303-393-7044(Source: Market Wire )