Exhibit 99.1

Pyramid Oil Company FOR IMMEDIATE RELEASE:

Pyramid Oil Company Reports Fourth Quarter

and Full-year Financial Results

Initial horizontal well in California joint venture completed;

Well to be placed on production

BAKERSFIELD, Calif. – March 30, 2011 – Pyramid Oil Company (NYSE AMEX: PDO) today announced financial results for its fourth quarter and full fiscal year ended December 31, 2010.  The Company also announced that the Pike 1-H, the first well in Pyramid’s California joint venture with Victory Oil Company, has been drilled, logged and completed, and is expected to be placed on production by this weekend.

Fourth quarter revenue increased 22% to $1.2 million from $971,000 in the comparable year-ago quarter.  The increase is attributable to higher oil and gas revenue from the Company’s core properties in Kern County, California.  Operating loss declined to $91,000 from $302,000 in last year’s fourth quarter, while net loss declined to $27,000, or $0.01 per diluted share, from a net loss of $183,000, or $0.04 per diluted share, in the fourth quarter a year ago.

Average crude oil prices during the fourth quarter increased by $10.66 to $81.65 per barrel of oil equivalent (BOE) from $70.99 per BOE in last year’s fourth quarter.   Net volumes sold during the quarter increased 6% to 14,521 barrels versus last year’s fourth quarter.

For the full fiscal year, Pyramid reported revenue of $4.5 million, an increase of 36% versus revenue of $3.3 million in fiscal 2009.  Operating income was $54,000 versus an operating loss of $537,000 in the prior year.  Full-year net income was $246,000, or $0.05 per diluted share, versus a net loss $189,000, or less than $0.01 per diluted share, in the same period last year.

Pyramid reported operating cash flow for fiscal 2010 of $1.7 million versus $573,000 in 2009.  The Company ended 2010 with cash and short-term investments of $4.6 million, no long-term debt and working capital of $5.0 million.

John H. Alexander, president and CEO of Pyramid, said, “One of our primary objectives during the fourth quarter was to establish a framework for our joint venture with Victory Oil Company, a successful private oil and gas company that owns and operates land adjacent to Pyramid’s in Taft, California.  The outcome of those efforts is reflected in the progress we made with our initial drilling project, a successful horizontal oil well that will be placed on production in the coming days.”

The Pike 1-H well was drilled to a depth of 3,600 feet with a 917-foot lateral crossing both companies’ properties. Based on the lateral intervals open to production, the ownership split of this first well is 68% to Pyramid and 32% to Victory.  A pumping unit is currently being moved on site and the well will begin commercial production shortly thereafter.  Flow rates for the well will be announced following production testing, which is expected to be complete sometime in April.

“We are now in the planning stages of a follow-on horizontal well in the same area, and expect to spud sometime in the next 45 to 60 days, based on rig availability,” Mr. Alexander added.  “We are very encouraged by the long-range opportunities of this joint venture, and look forward to working with Victory on expanding our drilling efforts.”

“While our immediate focus will be on drilling additional JV wells in the area of the Pike 1-H, we also intend to pursue certain re-entry and side track wells on our core properties in Kern County, California during the next six months.

Pyramid said log analysis of the recently drilled joint venture well in Menard County, Texas indicated the well would not be commercially viable, and was plugged and abandoned.  Pyramid owns a 30% interest in the joint venture.

“Our primary objective for 2011 is to increase oil production from our California-based properties,” Mr. Alexander said.  “We feel we have an outstanding, motivated partner in Victory Oil Company, and also believe there are a number of compelling drilling prospects in our core Kern County properties, particularly in the Carneros Creek and Mountain View areas.  With our strong balance sheet and talented operational team, I believe we are well positioned to achieve our growth objectives for the coming year and beyond.”

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.

###

CONTACTS:

John H. Alexander	Geoff High
President and CEO	Principal
Pyramid Oil Company	Pfeiffer High Investor Relations, Inc.
661-325-1000	303-393-7044

(Financial tables follow)

PYRAMID OIL COMPANY

STATEMENTS OF OPERATIONS

	Three months ended December 31,				Twelve months ended December 31,
	2010		2009		2010		2009
REVENUES:
Oil and gas sales	$	1,185,617	$	970,536	$	4,515,211	$	3,311,895
Gain on sale of fixed assets		0		0		320,556		0
		1,185,617		970,536		4,835,767		3,311,895
COSTS AND EXPENSES:
Operating expenses		411,683		388,382		1,576,892		1,411,721
General and administrative		221,106		270,871		874,899		924,676
Stock based compensation		9,783		0		123,283		209,935
Taxes, other than income and payroll taxes		31,038		33,131		128,351		147,724
Provision for depletion, depreciation and amortization		204,979		171,073		703,094		639,738
Valuation allowances		355,059		358,757		1,222,527		358,757
Accretion expense		16,180		23,922		34,955		41,618
Other costs and expenses		27,097		26,391		118,043		115,164
		1,276,925		1,272,527		4,782,044		3,849,333
OPERATING INCOME (LOSS)		-91,308		-301,991		53,723		-537,438
OTHER INCOME (EXPENSE):
Interest income		13,697		7,049		43,601		75,427
Other income (expense)		-24,058		3,600		-14,061		14,400
Interest expense		33		-241		-300		-1,313
		-10,328		10,408		29,240		88,514
INCOME (lLOSS) BEFORE INCOME TAX PROVISION (BENEFIT)		-101,636		-291,583		82,963		-448,924
Income tax provision (benefit)
Current		17,000		-14,200		109,100		-195,282
Deferred		-91,900		-94,855		-272,000		-64,355
		-74,900		-109,055		-162,900		-259,637
NET INCOME (LOSS)	$	-26,736	$	-182,528	$	245,863	$	-189,287
Basic Income Per Common Share	$	-0.01	$	-0.04	$	0.05	$	-0.04
Diluted Income Per Common Share	$	-0.01	$	-0.04	$	0.05	$	-0.04
Basic weighted average number of common shares outstanding		4,677,728		4,677,728		4,677,728		4,677,728
Diluted weighted average number of common shares outstanding		4,686,003		4,677,728		4,686,249		4,677,728

PYRAMID OIL COMPANY

BALANCE SHEETS

ASSETS

	December 31,		December 31,
	2010		2009
CURRENT ASSETS:
Cash and cash equivalents	$	1,535,532	$	1,438,825
Short-term investments		3,058,528		3,344,061
Trade accounts receivable		508,457		375,954
Income taxes receivable		0		124,281
Crude oil inventory		86,361		62,760
Prepaid expenses and other assets		230,876		169,595
Deferred income taxes		245,100		196,200
TOTAL CURRENT ASSETS		5,664,854		5,711,676
PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment (successful efforts method)		18,101,529		16,085,228
Capitalized asset retirement costs		389,463		382,550
Drilling and operating equipment		1,946,805		2,109,993
Land, buildings and improvements		1,066,571		1,065,371
Automotive, office and other property and equipment		1,182,613		1,160,617
		22,686,981		20,803,759
Less: accumulated depletion, depreciation, amortization and valuation allowance		-18,687,908		-17,125,834
TOTAL PROPERTY AND EQUIPMENT		3,999,073		3,677,925
OTHER ASSETS
Deferred income taxes		708,500		485,400
Deposits		250,000		250,000
Other Assets		7,380		17,013
TOTAL OTHER ASSETS		965,880		752,413
TOTAL  ASSETS	$	10,629,807	$	10,142,014

PYRAMID OIL COMPANY

BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

	December 31,		December 31,
	2010		2009
CURRENT LIABILITIES:
Accounts payable	$	73,374	$	88,170
Accrued professional fees		122,506		138,381
Accrued taxes, other than income taxes		63,361		62,310
Accrued payroll and related costs		60,365		51,606
Accrued royalties payable		193,052		159,933
Accrued insurance		86,888		54,947
Accrued income taxes		12,800		0
Current maturities of  long term debt		13,473		20,640
TOTAL CURRENT LIABILITIES		625,819		575,987
LONG TERM DEBT, net of current maturities		26,946		0
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS		1,235,193		1,193,324
TOTAL LIABILITIES		1,887,958		1,769,311
COMMITMENTS AND CONTINGENCIES
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		1,639,228		1,515,945
Retained earnings		7,102,621		6,856,758
TOTAL STOCKHOLDERS' EQUITY		8,741,849		8,372,703
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	10,629,807	$	10,142,014