Contact Information: CONTACTS: John H. Alexander President and CEO Pyramid Oil Company 661-325-1000 Geoff High Principal Pfeiffer High Investor Relations, Inc. 303-393-7044
Pyramid Oil Company Celebrates 100 Years of Continuous Operation
| Source: Pyramid Oil Company
BAKERSFIELD, CA--(Marketwire - October 12, 2009) - Pyramid Oil Company (NYSE Amex : PDO ) today
announced it has achieved 100 years of continuous operation as an
independent exploration and production company. Pyramid was incorporated
in California on October 9, 1909, when California oil sold for
approximately $0.60 per barrel. The Company commenced operations with the
purchase of a 75-acre producing property in Ventura County's Santa Paula
oil fields.
Today, Pyramid's production takes place on the Company's 27 oil and gas
leases located within California's Kern and Santa Barbara Counties. Pyramid
also is participating in a 5,700-acre natural gas joint venture in
south-central Texas. During its most recent fiscal year, Pyramid generated
net income of $1.5 million on revenues of $6.6 million.
John Alexander, who joined Pyramid in 1986 and has served as president and
CEO since 2004, said, "After 100 years and countless boom and bust cycles,
Pyramid continues to succeed as an independent oil and gas producer. The
talent and resiliency of our founders and many employees throughout the
years have allowed the Company to continue operating when so many of our
peers could not. Pyramid has emerged from the most recent downturn with a
strong balance sheet, a portfolio of producing properties and a range of
opportunities for future growth. We look forward to continuing the Pyramid
tradition of success as we maintain our focus on building value for our
shareholders."
About Pyramid Oil Company
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 Statement
Certain 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 opportunities for future growth, continuing the Pyramid tradition
of success and building future value for our shareholders. 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.