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 Concludes Drilling Operations on Carneros Creek Well
| Source: Pyramid Oil Company
BAKERSFIELD, CA--(Marketwire - February 2, 2010) - Pyramid Oil Company (NYSE Amex : PDO ) today
announced it has concluded drilling operations on its Anderson #10
development well, located in the Company's Carneros Creek field in Kern
County, California.
The well was drilled to a total depth of 3,351 feet, and successfully
encountered the two dominant oil and gas zones in the field. Pyramid is
commencing completion activities, which will include logging, perforating
and hydraulic fracturing one of the oil and gas zones using a combination
of oil and sand. Production results will be announced following completion
and testing activities, which are expected to take 30 to 45 days.
John Alexander, president and CEO, said, "This is the first of up to five
wells we anticipate drilling on our California properties during 2010. We
intend to capitalize on the strength of our balance sheet and will
internally fund this ramp up in drilling activity. We recently hired a
highly regarded independent geologist to assist us in targeting new
horizons on our current leases as we seek to increase production."
About Pyramid Oil Company
Pyramid 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 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 the completion and testing 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.