Compound can be prepared in three different ways: 1) By cyclization of 2-(2-naphthyloxy)ethylhydrazine (I) with ethyl acetoacetate (II) in refluxing ethanol. 2) By cyclization of 2-(2-naphthyloxy)ethylhydrazine (I) with tetrolic acid ethyl ester (III) in refluxing n-butanol. 3) By condensation of 3-methylpyrazol-5-one (IV) with 2-(2-naphthyloxy)ethyl bromide (V) by means of NaH in DMF or by heating at 110 C.