PYRAMID OIL COMPANY
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three months ended
March 31,
2010 2009
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REVENUES: $ 1,001,739 $ 594,045
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COSTS AND EXPENSES:
Operating expenses 339,920 351,350
General and administrative 207,367 225,304
Taxes, other than income and payroll taxes 27,820 48,298
Provision for depletion,
depreciation and amortization 149,387 158,314
Valuation allowances 25,141 0
Accretion expense 6,213 5,866
Other costs and expenses 17,240 24,171
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773,088 813,303
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OPERATING INCOME (LOSS) 228,651 -219,258
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OTHER INCOME (EXPENSE):
Interest income 7,953 26,475
Other income 2,797 3,600
Interest expense -181 -415
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10,569 29,660
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INCOME (LOSS) BEFORE INCOME TAX PROVISION
(BENEFIT) 239,220 -189,598
Income tax provision (benefit)
Current 20,000 -103,383
Deferred 38,550 103,000
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58,550 -383
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NET INCOME (LOSS) $ 180,670 $ -189,215
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BASIC INCOME (LOSS) PER COMMON SHARE $ 0.04 $ -0.04
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DILUTED INCOME (LOSS) PER COMMON SHARE $ 0.04 $ -0.04
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Weighted average number of
common shares outstanding 4,677,728 4,677,728
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Diluted average number of
common shares outstanding 4,686,018 4,677,728
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PYRAMID OIL COMPANY
BALANCE SHEETS
ASSETS
March 31, December 31,
2010 2009
(Unaudited) (Audited)
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CURRENT ASSETS:
Cash and cash equivalents $ 1,083,551 $ 1,438,825
Short-term investments 3,348,487 3,344,061
Trade accounts receivable 585,980 375,954
Income taxes receivable 104,281 124,281
Crude oil inventory 89,177 62,760
Deferred income taxes 196,200 196,200
Prepaid expenses and other assets 141,837 169,595
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TOTAL CURRENT ASSETS 5,549,513 5,711,676
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PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment
(successful efforts method) 16,596,418 16,085,228
Capitalized asset retirement costs 389,463 382,550
Drilling and operating equipment 2,109,993 2,109,993
Land, buildings and improvements 1,066,571 1,065,371
Automotive, office and other
property and equipment 1,164,035 1,160,617
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21,326,480 20,803,759
Less: accumulated depletion, depreciation,
amortization and valuation allowance -17,296,047 -17,125,834
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4,030,433 3,677,925
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OTHER ASSETS
Deposits 250,000 250,000
Deferred income taxes 446,850 485,400
Other Assets 17,013 17,013
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TOTAL ASSETS $ 10,293,809 $ 10,142,014
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PYRAMID OIL COMPANY
BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, December 31,
2010 2009
(Unaudited) (Audited)
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CURRENT LIABILITIES:
Accounts payable $ 49,029 $ 88,170
Accrued professional fees 108,739 138,381
Accrued taxes, other than income taxes 62,310 62,310
Accrued payroll and related costs 65,108 51,606
Accrued royalties payable 197,955 159,933
Accrued insurance 36,326 54,947
Current maturities of long-term debt 14,518 20,640
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TOTAL CURRENT LIABILITIES 533,985 575,987
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LIABILITY FOR ASSET RETIREMENT OBLIGATION 1,206,451 1,193,324
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TOTAL LIABILITIES 1,740,436 1,769,311
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COMMITMENTS
STOCKHOLDERS' EQUITY:
Preferred stock - no par value;
10,000,000 authorized shares;
no shares issued or outstanding 0 0
Common stock - no par value;
50,000,000 authorized shares;
4,677,728 shares issued and
outstanding 1,515,945 1,515,945
Retained earnings 7,037,428 6,856,758
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TOTAL STOCKHOLDERS' EQUITY 8,553,373 8,372,703
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,293,809 $ 10,142,014
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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