Date of Report (date of earliest event reported):
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May 16, 2011
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Pyramid Oil Company
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(Exact name of registrant as specified in its charter)
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California
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001-32989
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94-0787340
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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2008 – 21st Street
Bakersfield, California
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93301
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(661) 325-1000
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Not Applicable
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Former name or former address, if changed since last report
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit 99.1
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Press release, dated May 16, 2011, issued by Pyramid Oil Company
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PYRAMID OIL COMPANY
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May 17, 2011
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By:
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/s/ John H. Alexander
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Name: John H. Alexander
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Title: Chief Executive Officer
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Pyramid Oil Company | FOR IMMEDIATE RELEASE: |
·
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Revenue increases 33% to $1.3 million from 2010 first quarter
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·
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Operating income up 65% to $376,000
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·
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Net income improves 77% to $320,000
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·
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EPS of $0.07 versus $0.04 in Q1 last year
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·
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Operating cash flow reaches $1.4 million
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John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000
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Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044
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STATEMENTS OF OPERATIONS
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||||||||
(UNAUDITED)
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||||||||
Three months ended March 31,
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||||||||
2011
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2010
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|||||||
REVENUES:
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||||||||
Oil and gas sales
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$ | 1,326,298 | $ | 1,001,739 | ||||
Gain on sale of fixed assets
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1,012 | 0 | ||||||
1,327,310 | 1,001,739 | |||||||
COSTS AND EXPENSES:
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||||||||
Operating expenses
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413,656 | 339,920 | ||||||
General and administrative
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224,720 | 207,367 | ||||||
Taxes, other than income and payroll taxes
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36,855 | 27,820 | ||||||
Provision for depletion,
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||||||||
depreciation and amortization
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185,528 | 149,387 | ||||||
Valuation allowances
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48,533 | 25,141 | ||||||
Accretion expense
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16,335 | 6,213 | ||||||
Other costs and expenses
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25,487 | 17,240 | ||||||
951,114 | 773,088 | |||||||
OPERATING INCOME
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376,196 | 228,651 | ||||||
OTHER INCOME (EXPENSE):
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||||||||
Interest income
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13,352 | 7,953 | ||||||
Other income
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500 | 2,797 | ||||||
Interest expense
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(1,506 | ) | (181 | ) | ||||
12,346 | 10,569 | |||||||
INCOME BEFORE INCOME
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||||||||
TAX PROVISION
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388,542 | 239,220 | ||||||
Income tax provision
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Current
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46,200 | 20,000 | ||||||
Deferred
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22,700 | 38,550 | ||||||
68,900 | 58,550 | |||||||
NET INCOME
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$ | 319,642 | $ | 180,670 | ||||
BASIC INCOME PER COMMON SHARE
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$ | 0.07 | $ | 0.04 | ||||
DILUTED INCOME PER COMMON SHARE
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$ | 0.07 | $ | 0.04 | ||||
Weighted average number of
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||||||||
common shares outstanding
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4,679,770 | 4,677,728 | ||||||
Diluted average number of
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||||||||
common shares outstanding
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4,687,030 | 4,686,018 |
BALANCE SHEETS
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ASSETS
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March 31,
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December 31,
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|||||||
2011
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2010
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|||||||
(Unaudited)
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(Audited)
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|||||||
CURRENT ASSETS:
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Cash and cash equivalents
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$ | 1,841,418 | $ | 1,535,532 | ||||
Short-term investments
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3,069,270 | 3,058,528 | ||||||
Trade accounts receivable (net of reserve for
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||||||||
doubtful accounts of $4,000 in 2011 and 2010)
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629,833 | 508,457 | ||||||
Joint interest billing receivable
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192,433 | -- | ||||||
Crude oil inventory
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95,736 | 86,361 | ||||||
Prepaid expenses and other assets
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195,098 | 230,876 | ||||||
Deferred income taxes
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245,100 | 245,100 | ||||||
TOTAL CURRENT ASSETS
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6,268,888 | 5,664,854 | ||||||
PROPERTY AND EQUIPMENT, at cost:
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Oil and gas properties and equipment
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(successful efforts method)
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19,219,961 | 18,101,529 | ||||||
Capitalized asset retirement costs
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389,463 | 389,463 | ||||||
Drilling and operating equipment
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1,946,805 | 1,946,805 | ||||||
Land, buildings and improvements
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1,073,918 | 1,066,571 | ||||||
Automotive, office and other
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||||||||
property and equipment
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1,195,396 | 1,182,613 | ||||||
23,825,543 | 22,686,981 | |||||||
Less: accumulated depletion, depreciation,
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||||||||
amortization and valuation allowance
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(18,886,570 | ) | (18,687,908 | ) | ||||
TOTAL PROPERTY AND EQUIPMENT
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4,938,973 | 3,999,073 | ||||||
OTHER ASSETS
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Deferred income taxes
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685,800 | 708,500 | ||||||
Deposits
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250,000 | 250,000 | ||||||
Other Assets
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17,380 | 7,380 | ||||||
TOTAL OTHER ASSETS
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953,180 | 965,880 | ||||||
TOTAL ASSETS
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$ | 12,161,041 | $ | 10,629,807 |
PYRAMID OIL COMPANY
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BALANCE SHEETS
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||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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March 31,
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December 31,
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|||||||
2011
|
2010
|
|||||||
(Unaudited)
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(Audited)
|
|||||||
CURRENT LIABILITIES:
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Accounts payable
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$ | 1,200,689 | $ | 73,374 | ||||
Accrued professional fees
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98,235 | 122,506 | ||||||
Accrued taxes, other than income taxes
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61,701 | 63,361 | ||||||
Accrued payroll and related costs
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78,562 | 60,365 | ||||||
Accrued royalties payable
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211,390 | 193,052 | ||||||
Accrued insurance
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46,840 | 86,888 | ||||||
Accrued income taxes
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59,000 | 12,800 | ||||||
Current maturities of long-term debt
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31,660 | 13,473 | ||||||
TOTAL CURRENT LIABILITIES
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1,788,077 | 625,819 | ||||||
LONG TERM DEBT, net of current maturites
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59,944 | 26,946 | ||||||
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS
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1,251,528 | 1,235,193 | ||||||
TOTAL LIABILITIES
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3,099,549 | 1,887,958 | ||||||
COMMITMENTS AND CONTINGENCIES
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STOCKHOLDERS' EQUITY:
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Preferred stock-no par value;
|
||||||||
10,000,000 authorized shares;
|
||||||||
no shares issued or outstanding
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-- | -- | ||||||
Common stock-no par value;
|
||||||||
50,000,000 authorized shares;
|
||||||||
4,683,853 shares issued and
|
||||||||
outstanding
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1,639,228 | 1,639,228 | ||||||
Retained earnings
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7,422,264 | 7,102,621 | ||||||
TOTAL STOCKHOLDERS' EQUITY
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9,061,492 | 8,741,849 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 12,161,041 | $ | 10,629,807 |