Unassociated Document

0001144204-11-046806.txt : 20110815 0001144204-11-046806.hdr.sgml : 20110815 20110815124837 ACCESSION NUMBER: 0001144204-11-046806 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110815 DATE AS OF CHANGE: 20110815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PYRAMID OIL CO CENTRAL INDEX KEY: 0000081318 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 940787340 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32989 FILM NUMBER: 111034631 BUSINESS ADDRESS: STREET 1: 2008 21ST ST CITY: BAKERSFIELD STATE: CA ZIP: 93301 BUSINESS PHONE: 6613251000 MAIL ADDRESS: STREET 1: P O BOX 832 CITY: BAKERSFIELD STATE: CA ZIP: 93302 10-Q 1 v229340_10q.htm QUARTERLY REPORT Unassociated Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

x	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2011

o	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 001-32989

PYRAMID OIL COMPANY

(Exact Name of registrant as specified in its charter)

CALIFORNIA	94-0787340
(State of other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2008 – 21st. Street. P.O. Box 832, Bakersfield, California	93302
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number: (661) 325-1000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.

Large accelerated filer o	Accelerated Filer o
Non-accelerated filer o	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

(Class)	(Outstanding at August 12, 2011)
Common Stock Without Par Value	4,683,853

PYRAMID OIL COMPANY

FORM 10-Q

June 30, 2011

Table of Contents

		Page

	PART I

Item 1.	Financial Statements

	Balance Sheets - June 30, 2011 (Unaudited) and December 31, 2010		3

	Statement of Operations -
	Three months ended June 30, 2011 and 2010 (Unaudited)		5
	Six months ended June 30, 2011 and 2010 (Unaudited)		6

	Condensed - Statements of Cash Flows -
	Six months ended June 30, 2011 and 2010 (Unaudited)		7

	Notes to Financial Statements (Unaudited)		9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		20

Item 4.	Controls and Procedures		20

	PART II

Item 1.	Legal Proceedings		21

Item 1A.	Risk Factors		21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		21

Item 3.	Defaults Upon Senior Securities		21

Item 4.	Removed and Reserved		21

Item 5.	Other Information		21

Item 6.	Exhibits		21

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

PYRAMID OIL COMPANY

BALANCE SHEETS

ASSETS

	June 30			December 31
	2011			2010
	(Unaudited)			(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	1,617,207		$	1,535,532
Short-term investments		3,080,185			3,058,528
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2011 and 2010)		599,410			508,457
Joint interest billing receivable		68,674			—
Crude oil inventory		86,205			86,361
Prepaid expenses and other assets		112,604			230,876
Deferred Income taxes		262,500			245,100

TOTAL CURRENT ASSETS		5,826,785			5,664,854

PROPERTY AND EQUIPMENT, at cost:

Oil and gas properties and equipment (successful efforts method)		19,102,006			18,101,529
Capitalized asset retirement costs		401,242			389,463
Drilling and operating equipment		1,953,683			1,946,805
Land, buildings and improvements		1,073,918			1,066,571
Automotive, office and other property and equipment		1,226,301			1,182,613
		23,757,150			22,686,981
Less - accumulated depletion, depreciation, amortization and valuation allowances		(19,118,315	)		(18,687,908	)

TOTAL PROPERTY AND EQUIPMENT		4,638,835			3,999,073

OTHER ASSETS
Deferred income taxes		635,000			708,500
Deposits		250,000			250,000
Other assets		17,380			7,380

TOTAL OTHER ASSETS		902,380			965,880

TOTAL ASSETS	$	11,368,000		$	10,629,807

The accompanying notes are an integral part of these balance sheets.

PYRAMID OIL COMPANY

BALANCE SHEETS

LIABILITIES AND SHAREHOLDERS’ EQUITY

	June 30		December 31
	2011		2010
	(Unaudited)		(Audited)
CURRENT LIABILITIES:
Accounts payable	$	90,486	$	73,374
Accrued professional fees		88,049		122,506
Accrued taxes, other than income taxes		—		63,361
Accrued payroll and related costs		67,880		60,365
Accrued royalties payable		213,969		193,052
Accrued insurance		11,484		86,888
Accrued income taxes		11,600		12,800
Current maturities of long-term debt		31,793		13,473

TOTAL CURRENT LIABILITIES		515,261		625,819

Long-term debt, net of current maturities		51,946		26,946

LIABILITY FOR ASSET RETIREMENT OBLIGATIONS		1,268,536		1,235,193

TOTAL LIABILITES		1,835,743		1,887,958

COMMITMENTS AND CONTINGENCIES (Note 4)

SHAREHOLDERS’ EQUITY:
Preferred stock, no par value Authorized - 10,000,000 shares Issued and outstanding - none		—		—
Common stock, no par value (Note 6, 7 and 9) Authorized - 50,000,000 shares Issued and outstanding - 4,683,853 shares		1,682,971		1,639,228
Retained earnings		7,849,286		7,102,621
TOTAL SHAREHOLDERS’ EQUITY		9,532,257		8,741,849

TOTAL LIABILITES AND SHAREHOLDERS’ EQUITY	$	11,368,000	$	10,629,807

The accompanying notes are an integral part of these balance sheets.

PYRAMID OIL COMPANY

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three months ended, June 30,
	2011			2010
REVENUES:
Oil and gas sales	$	1,549,029		$	1,228,391

COSTS AND EXPENSES:
Operating expenses		447,889			438,392
General and administrative		219,072			250,588
Stock based compensation		43,743			—
Taxes, other than income and payroll taxes		27,104			29,839
Provision for depletion, depreciation, and amortization		225,895			196,873
Valuation allowances		5,851			842,327
Accretion expense		5,229			5,898
Other costs and expenses		62,197			47,303
		1,036,980			1,811,220

OPERATING INCOME (LOSS)		512,049			(582,829	)

OTHER INCOME (EXPENSE):
Interest income		13,159			8,430
Other income		—			3,600
Interest expense		(385	)		(122	)
		12,774			11,908
INCOME (LOSS) BEFORE
INCOME TAX PROVISION (BENEFIT)		524,823			(570,921	)
Income tax provision (benefit)
Current		64,400			24,900
Deferred		33,400			(293,950	)
		97,800			(269,050	)

NET INCOME (LOSS)	$	427,023		$	(301,871	)

BASIC INCOME (LOSS) PER COMMON SHARE	$	0.09		$	(0.06	)

DILUTED INCOME (LOSS) PER COMMON SHARE	$	0.09		$	(0.06	)

Weighted average number of common shares outstanding		4,683,853			4,677,728

Diluted average number of common shares outstanding		4,725,992			4,677,728

The accompanying notes are an integral part of these statements.

PYRAMID OIL COMPANY

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Six months ended, June 30,
	2011			2010
REVENUES:
Oil and gas sales	$	2,875,327		$	2,230,130
Gain on sales of fixed assets		1,012			—
		2,876,339			2,230,130
COSTS AND EXPENSES:
Operating expenses		861,545			778,312
General and administrative		443,792			457,955
Stock based compensation		43,743			—
Taxes, other than income and payroll taxes		63,959			57,659
Provision for depletion, depreciation, and amortization		411,423			346,260
Valuation allowances		54,384			867,468
Accretion expense		21,564			12,111
Other costs and expenses		87,684			64,543
		1,988,094			2,584,308

OPERATING INCOME (LOSS)		888,245			(354,178	)

OTHER INCOME (EXPENSE):
Interest income		26,511			16,383
Other income		500			6,397
Interest expense		(1,891	)		(303	)
		25,120			22,477
INCOME (LOSS) BEFORE
INCOME TAX PROVISION (BENEFIT)		913,365			(331,701	)
Income tax provision (benefit)
Current		110,600			44,900
Deferred		56,100			(255,400	)
		166,700			(210,500	)

NET INCOME (LOSS)	$	746,665		$	(121,201	)

BASIC INCOME (LOSS) PER COMMON SHARE	$	0.16		$	(0.03	)

DILUTED INCOME (LOSS) PER COMMON SHARE	$	0.16		$	(0.03	)

Weighted average number of common shares outstanding		4,681,811			4,677,728

Diluted average number of common shares outstanding		4,723,536			4,677,728

The accompanying notes are an integral part of these statements.

PYRAMID OIL COMPANY

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six months ended, June 30,
	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	746,665		$	(121,201	)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for depletion, depreciation, and amortization		411,423			346,260
Valuation allowances		54,384			867,468
Gain on sale of fixed assets		(1,012	)		—
Stock based compensation		43,743			—
Accretion expense		21,564			12,111
Loss on disposal of fixed assets		—			803
Deferred income taxes		56,100			(255,400	)
Asset retirement obligations		11,779			—

Changes in operating assets and liabilities:
(Increase) in trade accounts and interest receivable		(159,627	)		(80,418	)
Decrease (Increase) in crude oil inventories		156			(2,073	)
Decrease in prepaid expenses		118,272			71,747
(Increase) in other assets		(10,000	)		—
(Decrease) in accounts payable and accrued liabilities		(128,879	)		(132,929	)

Net cash provided by operating activities		1,164,568			706,368

The accompanying notes are an integral part of these statements.

PYRAMID OIL COMPANY

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six months ended, June 30,
	2011			2010
CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures	$	(1,125,556	)	$	(1,498,010	)
Redemptions of short-term investments		—			480,000
Payments to acquire short-term investments		—			(250,000	)
(Increase) decrease in short-term investments		(21,657	)		38,101
Proceeds from sale of property and equipment		21,000			—

Net cash used in investing activities		(1,126,213	)		(1,229,909	)

CASH FLOWS FROM FINANCING ACTIVITIES:

Loans to employees		(800	)		(1,900	)
Proceeds from issuance of long-term debt		55,979			—
Principal payments from loans to employees		800			2,300
Principal payments on long-term debt		(12,659	)		(12,304	)

Net cash provided by (used in)
financing activities		43,320			(11,904	)

Net increase (decrease) in
cash and cash equivalents		81,675			(535,445	)

Cash and cash equivalents at beginning of year		1,535,532			1,438,825

Cash and cash equivalents at end of year	$	1,617,207		$	903,380

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid during the six months for interest	$	1,891		$	303

Cash paid during the six months for income taxes	$	111,800		$	800

The accompanying notes are an integral part of these statements.

PYRAMID OIL COMPANY

NOTES TO FINANCIAL STATEMENTS

June 30, 2011

(UNAUDITED)

1. Summary of Significant Accounting Policies

The financial statements include the accounts of Pyramid Oil Company (the Company). Such financial statements included herein have been prepared by the Company, without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

A summary of the Company’s significant accounting policies is contained in its December 31, 2010 Form 10-K which is incorporated herein by reference. The financial data presented herein should be read in conjunction with the Company’s December 31, 2010 financial statements and notes thereto, contained in the Company’s Form 10-K.

In the opinion of the Company, the unaudited financial statements, contained herein, include all adjustments necessary to present fairly the Company’s financial position as of June 30, 2011 and the results of its operations and its cash flows for the three and six month periods ended June 30, 2011 and 2010. The results of operations for any interim period are not necessarily indicative of the results to be expected for a full year.

Income Taxes - When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

The Company files income tax returns in the U.S. federal jurisdiction, California, Texas and New York states. With few exceptions, the Company is no longer subject to U.S. federal tax examination for the years before 2007. State jurisdictions that remain subject to examination range from 2006 to 2010. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.

The Company policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of the date of adoption of FASB ASC 740, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the quarter.

Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income.

Earnings (Loss) per Share - Basic earnings (loss) per common share is computed by dividing the net income (loss) applicable to common stock by the weighted average number of shares of common stock outstanding during the period.

Valuation Allowances - The Company has recorded valuation allowances for certain of its oil and gas properties when the undiscounted future net cash flows are less than the net capitalized costs for the property. On March 21, 2011, the Company participated in the drilling of a joint venture well in Menard County, Texas. Log analysis of this well indicated that the well would not be commercially viable, and was plugged and abandoned. The Company owns a 30% interest in the joint venture. The Company recorded a valuation allowance of $54,384 against the costs incurred during the first six months of 2011 for the drilling of this well.

Joint Interest Billing Receivable - The Company entered into a joint venture agreement on February 23, 2011 with Victory Oil Company for the drilling of a well on the Company’s Pike lease. The well was drilled during the first quarter of 2011. The well was completed and placed into production during April 2011. The Company’s share of the total costs for drilling and completing this well are 68% and Victory Oil’s share of costs are 32%. As of June 30, 2011, the Company’s share of costs for drilling this well are approximately $897,000 and Victory Oil’s share of the costs were approximately $422,000. At June 30, 2011, the Company has a joint interest billing receivable of approximately $69,000 for its remaining share of the costs for drilling and operating this well. Initial production results from this well indicated water entry problems that have disrupted the flow of oil from this well. The Company has been attempting to correct these problems with different procedures and treatments. As of this report, the initial problem still exists.

2. Recent Accounting Pronouncements

ASU 2010-28 – In December 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-28, “ When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts” (“ASU 2010-28”). ASU 2010-28 provides amendments to ASC No. 350 “ Intangibles- Goodwill and Other” , modifying Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist. The qualitative factors are consistent with the existing guidance and examples in paragraph 350-20-35-30, which requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010 and early adoption is not permitted. The adoption of ASU 2010-28 did not have a material impact on the Company’s financial condition, results of operations and cash flows, or disclosures thereto.

ASU 2010-29 – In December 2010, the FASB issued ASU No. 2010-29, “ Disclosure of Supplementary Pro Forma Information for Business Combinations” (“ASU 2010-29”). ASU 2010-29 provides amendments to ASC No. 805 “Business Combinations” , which specify that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments in this update also expand the supplemental pro forma disclosure under ASC No. 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments in this update are effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010, with early adoption permitted. The adoption of ASU 2010-29 did not have a material impact on the Company’s financial condition, results of operations and cash flows, or disclosures thereto.

ASU 2011-04 - In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (ASU 2011-04) which amends ASC Topic 820, Fair Value Measurement. The updated guidance in ASC Topic 820 changes the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The updated guidance in ASC Topic 820 is effective during interim and annual period beginning after December 15, 2011. Early adoption is not permitted. We are currently evaluating the impact of ASU 2011-04 on our results of operations, financial condition and disclosure requirements. We will apply the provisions of these accounting standards after the effective date.

ASU 2011-05 - In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income” (ASU 2011-05) which amends ASC Topic 220, Comprehensive Income. The updated guidance in ASC Topic 220 gives an entity the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The updated guidance in ASC Topic 220 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance will not have any impact on our results of operations or financial condition.

3. Dividends

No cash dividends were paid during the six months ended June 30, 2011 and 2010.

4. Commitments and Contingencies

In February 2002, the Company entered into an employment agreement with John H. Alexander pursuant to which Mr. Alexander agreed to serve as the Company’s Vice President. On June 3, 2004, Mr. Alexander was appointed as the Company’s President and Chief Executive Officer. The employment agreement is for an initial term of six years, which term automatically renews annually if written notice is not tendered. The agreement was automatically renewed on June 3, 2011.

Pursuant to the employment agreement, the Company may terminate Mr. Alexander’s employment with or without cause at any time before its term expires upon providing written notice. In the event the Company terminates Mr. Alexander’s employment without cause, Mr. Alexander would be entitled to receive a severance amount equal to his annual base salary and benefits for the balance of the term of his employment agreement. In the event of termination by reason of Mr. Alexander’s death or permanent disability, his legal representative will be entitled to receive his annual salary and benefits for the remaining term of his employment agreement. In the event of, or termination following, a change in control of the Company, as defined in the agreement, Mr. Alexander would be entitled to receive his annual salary and benefits for the remainder of the term of his agreement. In the event that Mr. Alexander is terminated the Company would incur approximately $600,000 in costs.

The Company has been notified by the United States Environmental Protection Agency (EPA) of a final settlement offer to settle its potential liability as a generator of waste containing hazardous substances that was disposed of at a waste disposal site in Santa Barbara County. The Company has responded to the EPA by indicating that the waste contained petroleum products that fall within the exception to the definition of hazardous substances for petroleum-related substances of the pertinent EPA regulations. Management has concluded that under both Federal and State regulations no reasonable basis exists for any valid claim against the Company. As such, the likelihood of any settlement is deemed remote. There has been not further communication form the EPA on this matter since September 25, 2009.

5. Income Tax Provision

The Company recognized an income tax provision of $166,700 for the six months ended June 30, 2011 compared to a net income tax benefit of $210,500 for the same period in 2010.

Income tax provision for the six months ended June 30, 2011 was calculated as follows:

	Federal		State		Total

Current tax provision	$	94,800	$	15,800	$	110,600
Deferred tax provision		43,800		12,300		56,100

	$	138,600	$	28,100	$	166,700

Income tax provision (benefit) for the six months June 30, 2010 was calculated as follows:

	Federal			State			Total

Current tax provision	$	37,850		$	7,050		$	44,900
Deferred tax (benefit)		(198,900	)		(56,500	)		(255,400	)

	$	(161,050	)	$	(49,450	)	$	(210,500	)

Income tax provision for the three months ended June 30, 2011 was calculated as follows:

	Federal		State		Total

Current tax provision	$	54,500	$	9,900	$	64,400
Deferred tax provision		26,100		7,300		33,400

	$	80,600	$	17,200	$	97,800

Income tax provision (benefit) for the three months ended June 30, 2010 was calculated as follows:

	Federal			State			Total

Current tax provision	$	20,850		$	4,050		$	24,900
Deferred tax (benefit)		(228,850	)		(65,100	)		(293,950	)

	$	(208,000	)	$	(61,050	)	$	(269,050	)

Deferred income taxes are recognized using the asset and liability method by applying income tax rates to cumulative temporary differences based on when and how they are expected to affect the tax returns. Deferred tax assets and liabilities are adjusted for income tax rate changes. Deferred income tax assets have been offset by a valuation allowance of $1,726,000 as of June 30, 2011. Management reviews deferred income taxes regularly throughout the year, and accordingly makes any necessary adjustments to properly reflect the valuation allowance based upon current financial trends and projected results.

6. Severance Award Agreements

On September 15, 2010, the Company and John Alexander entered into a Severance Award Agreement pursuant to which the Company awarded Mr. Alexander a supplemental payment in connection with his future severance of employment with the Company and recorded an increase to stockholders’ equity of $113,500 (25,000 shares at $4.54 per share). Pursuant to the Severance Award Agreement and following the termination of Mr. Alexander’s employment, he will be entitled to receive (at the Company’s option) 25,000 shares of the Company’s common stock or the then-fair market value of the shares. As of September 30, 2010, the Company intends to deliver the Company’s common shares for the Severance Award; therefore, in accordance with FASB ASC Topic 718, Compensation-Stock Compensation, management has classified the share-based compensation as stockholders’ equity at September 30, 2010.

7. Incentive and Retention Plan

On January 9, 2007, the Company’s Board of Directors adopted an Incentive and Retention Plan pursuant to which the Company’s officers and other employees selected by the Company’s Compensation Committee are entitled to receive payments if they are employed by the Company as of the date of a ‘Corporate Transaction,’ as defined in the Incentive and Retention Plan. A ‘Corporate Transaction’ includes certain mergers involving the Company, sales of Company assets, and other changes in the control of the Company, as specified in the Incentive and Retention Plan. In general, the amount that is payable to each plan participant will equal the number of plan units that have been granted to him or her, multiplied by the increase in the value of the Company between January 9, 2007 and the date of a Corporate Transaction. There has been no Corporate Transaction since the adoption of the Incentive and Retention Plan.

8. Related-party Transaction

Effective January 1, 1990, John H. Alexander, an officer and director of the Company participated with a group of investors that acquired the mineral and fee interest on one of the Company’s oil and gas leases (Santa Fe Energy lease) in the Carneros Creek field after the Company declined to participate. The thirty-three percent interest owned by Mr. Alexander represents a minority interest in the investor group. Royalties on oil and gas production from this property paid to the investor group approximated $119,000 during the six months ended June 30, 2011 and $103,000 during the six months ended June 30, 2010.

9. Stock Based Compensation

The Company issued warrants and options to purchase common shares of the Company as compensation for consulting and Board of Directors services. The value of warrants and options issued for compensation are accounted for as a non-cash expense to the Company at the fair value of the warrants and options issued. The Company values the warrants and options at fair value as calculated by using the Black-Scholes option-pricing model. As of June 30, 2011 the Company has $0 in unamortized stock based compensation related to outstanding options and warrants.

The following table summarizes the warrant and option activity for the six months ended June 30, 2011:

(Unaudited)	Number of Warrants and Options			Weighted-Average Exercise Price

Outstanding, December 31, 2010		25,000		$	3.20
Granted		10,000			5.40
Exercised		(10,000	)		3.20
Cancelled		—			—
Outstanding, June 30, 2011		25,000		$	4.08

On March 1, 2011, a consultant exercised 10,000 warrants under “cash-less” exercise provisions of the warrant agreement.

The following summarizes the warrants issued, outstanding and exercisable as of June 30, 2011:

Grant Date	November, 2008
Strike Price	$3.20
Expiration Date	November, 2011
Warrants Remaining	15,000
Proceeds if Exercised	$48,000

The following summarizes the options issued, outstanding and exercisable as of June 30, 2011:

Grant Date	June 2, 2011
Strike Price	$5.40
Expiration Date	June 1, 2016
Options Remaining	10,000
Proceeds if Exercised	$54,000

10. Fair Value

Effective January 1, 2009, the Company adopted FASB ASC 820 (formerly SFAS No. 157) for our nonfinancial assets and nonfinancial liabilities measured on a non-recurring basis. The Company adopted the provisions of FASB ASC 820 for measuring the fair value of our financial assets and liabilities during 2008. As defined in FASB ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that we believe market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. FASB ASC 820 establishes a three-tiered fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

Level 1 - Observable inputs such as quoted prices in active markets;

Level 2 - Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Included in this category is the Company’s determination of the value of its asset retirement obligation liability. The obligation has increased $33,343 during the six months ended June 30, 2011 as a result of normal accretion expense and the drilling of a new well.

The carrying amount of our cash and equivalents, short term investments, accounts receivable, accounts payable and accrued expenses reported in the condensed consolidated balance sheets approximates fair value because of the short maturity of those instruments.

11. Registration Statement on Form S-3

The Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC) on December 22, 2009, that became effective on January 14, 2010. The registration statement is designed to provide the Company the flexibility to offer and sell from time to time up to $20 million of the Company’s common stock. The Company may offer and sell such securities through one or more methods of distribution, subject to market conditions and the Company’s capital needs. The terms of any offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of the offering. The Company has not filed any supplemental prospectus with the SEC or sold any common stock under this registration statement.

12. Asset Retirement Obligations

The Company recognizes a liability at discounted fair value for the future retirement of tangible long-lived assets and associated assets retirement cost associated with the petroleum and natural gas properties. The fair value of the liability is capitalized as part of the cost of the related asset and amortized to expense over its useful life. The liability accretes until the date of expected settlement of the retirement obligations. The related accretion expense is recognized in the statement of operations. The provision will be revised for the effect of any changes to timing related to cash flow or undiscounted abandonment costs. Actual expenditures incurred for the purpose of site reclamation are charged to the asset retirement obligations to the extent that the liability exists on the balance sheet. Differences between the actual costs incurred and the fair value of the liability recorded are recognized in income in the period the actual costs are incurred.

There are no legally restricted assets for the settlement of asset retirement obligations. A reconciliation of the Company’s asset retirement obligations from the periods presented, are as follows:

Balance at December 31, 2010	$	1,235,193
Incurred during the period		—
Additions for new wells		11,779
Accretion expense		21,564
Balance at June 30, 2011	$	1,268,536

13. Subsequent Events

The Company evaluated subsequent events after the balance sheet date of June 30, 2011 through the date these unaudited financial statements were issued.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD LOOKING INFORMATION

Looking forward into the balance of fiscal 2011, crude oil prices have decreased by $11.50 per barrel.

The Company continues to evaluate drilling options on its core properties in Kern County, California. Management has developed re-drilling programs for two existing wells on Company properties in the Mountain View area. Subject to drilling rig availability, the Company hopes to commence drilling operations during the fourth quarter. The Company also is considering drilling two relatively shallow heavy oil test wells during the fourth quarter on its Chico Martinez property, also in Kern County. In light of the very active domestic drilling environment, access to contract drilling rigs continues to be restricted, and this has made well scheduling difficult.

In late March 2011, the Company completed drilling operations on the Pike 1-H, a horizontal oil well drilled in Taft, California with joint-venture partner Victory Oil Company. After encouraging test results, the well has continued to generate high water volumes that the Company believes have disrupted the initial flow of oil. Pyramid and Victory continue to pursue a range of technical options for addressing the production issues on this well.

Pyramid has maintained a strong balance sheet and working capital position, and management continues to seek and evaluate opportunities within the energy sector to enhance the value of the Company. Pyramid’s growth during the balance of 2011 will be highly dependant on the level of success the Company has in its operations and capital investments, including the outcome of wells that have not yet been drilled. The Company’s capital investment program may be modified during the year due to exploration and development successes or failures, market conditions and other variables. The production and sales of oil and gas involves many complex processes that are subject to numerous uncertainties, including reservoir risk, mechanical failures, human error and market conditions.

The Company has positioned itself, over the past several years, to withstand various types of economic uncertainties, with a program of consolidating operations on certain producing properties and concentrating on properties that provide the major revenue sources. The drilling of a new well and several limited work-overs of certain wells have allowed the Company to maintain its crude oil reserves for the last three years. The Company expects to maintain its reserve base in 2011 by drilling new wells and routine maintenance of its existing wells.

The Company may be subject to future costs necessary for compliance with the new implementation of air and water environmental quality requirements of the various state and federal governmental agencies. The requirements and costs are unknown at this time, but management believes that costs could be significant in some cases. As the scope of the requirements become more clearly defined, management may be better equipped to determine the true costs to the Company.

The Company continues to absorb the costs for various state and local fees and permits under new environmental programs, the sum of which were not material during 2010. The Company retains outside consultants to assist the Company in maintaining compliance with these regulations. The Company is actively pursuing an ongoing policy of upgrading and restoring older properties to comply with current and proposed environmental regulations. The costs of upgrading and restoring older properties to comply with environmental regulations have not been determined. Management believes that these costs will not have a material adverse effect upon its financial position or results of operations.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Portions of the Quarterly Report, including Management’s Discussion and Analysis, contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this release. Such forward-looking statements speak only as of the date of this report and the Company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Company expectations or results or any change in events. Factors that could cause results to differ materially include, but are not limited to: the timing and extent of changes in commodity prices of oil, gas and electricity, environmental risk, drilling and operational costs, uncertainties about estimates of reserves and government regulations.

ANALYSIS OF SIGNIFICANT CHANGES IN RESULTS OF OPERATIONS

RESULTS OF OPERATIONS FOR THE QUARTER ENDED JUNE 30, 2011

COMPARED TO THE QUARTER ENDED JUNE 30, 2010

REVENUES

The increase in oil and gas sales of $320,638 is due primarily to higher average sales prices for the second quarter of 2011. The average sales price of the Company’s oil and gas for the second quarter of 2011 increased by approximately $34.76 per equivalent barrel when compared to the same period of 2010. The Company’s net revenue share of crude oil production/sales decreased by approximately 2,400 barrels for the second quarter of 2011.

OPERATING EXPENSES

Operating expenses increased by $9,497 for the second quarter of 2011. The cost to produce an equivalent barrel of crude oil during the second quarter of 2011 was approximately $31.46 per barrel, an increase of approximately $5.03 per barrel when compared with production costs for the second quarter of 2010. The increase in lease operating expenses is caused by many factors. These include higher costs for contract operations, labor, equipment rental, equipment fuel, electric motor repairs and outside services. This was offset by lower costs for parts and supplies and pump repairs.

Contract operations increased by $10,862 due primarily to higher operating costs on the Wyoming joint venture operations due to workovers on certain wells. Labor costs increased by $8,424 due primarily to additional overtime hours worked during the second quarter of 2011 when compared with the same period of 2010. Equipment rental costs increased by $7,127 due primarily to higher costs on the Pike lease. The Company leased the surface pumping unit and a crude oil storage tank for the new 1-H well that was drilled in the first quarter of 2011. Equipment fuel costs increased by $5,615 due primarily to the increase in average fuel costs for gasoline and diesel used by the Company’s vehicles and production equipment. Outside services increased by $4,953 due primarily to charges for the Miller lease. The Company engaged a third-party contractor to clear the surface area of the Miller fee property.

Parts and supplies were lower by $18,572 due to lower maintenance activities for the second quarter of 2011. Down-hole pump repairs were lower by $13,293 due to lower maintenance activities for the second quarter of 2011.

GENERAL AND ADMINISTRATIVE

General and administrative expenses decreased by $31,516 for the second quarter of 2011 when compared with the same period for 2010. Consulting services decreased by $28,200 and legal services decreased by approximately $20,000. This was offset by higher costs for directors and officers liability insurance and accounting services. Consulting services declined due to lower fees for consulting geologists. In 2010, the Company retained a geologist to review its oil and gas properties for future well locations. That project was completed in 2010. Legal fees declined due primarily to lower fees for SEC filings and compliance. Directors and officers liability insurance increased by $9,634. The directors and officers liability insurance was not effective until October 1, 2010. Accounting services increased by $8,905 due to higher audit fees and because of additional fees paid to a third-party individual who has assisted with the training and implementation of a new oil and gas accounting software that was effective January 1, 2011.

STOCK BASED COMPENSATION

Effective June 2, 2011, the Company’s board of directors approved the issuance of options to purchase 5,000 shares of the Company’s common stock to the Company’s two outside directors. These options vest immediately and must be exercised within ninety days after the director leaves office. The Company recorded $43,743 in stock based compensation during the second quarter of 2011, based on a valuation performed using a Black-Scholes option-pricing model.

PROVISION FOR DEPLETION, DEPRECIATION AND AMORTIZATION

The provision for depletion, depreciation and amortization increased by $29,022 for the second quarter of 2011, when compared with the same period for 2010. The increase is due primarily to an increase in depletion of the Companies oil and gas properties and the amortization of leaseholds. The increase in depletion of approximately $16,000 is due primarily to an increase in the depletion rate per barrel on the Santa Fe and the Anderson oil producing properties for 2011. The depletion rate for these properties increased for 2011 due to a decrease in oil and gas reserves at December 31, 2010. The amortization of Texas leaseholds increased by approximately $14,000 during the second quarter of 2011 when compared with the same period for 2010.

VALUATION ALLOWANCES

On March 21, 2011, the Company participated in the drilling of a joint venture well in Menard County, Texas. Log analysis of this well indicated that the well would not be commercially viable, and was plugged and abandoned. The Company owns a 30% interest in the joint venture. The Company recorded a valuation allowance of $5,851 against the costs incurred for the drilling of this well during the second quarter of 2011.

During the second quarter of 2010, the Company commenced drilling of a horizontal well on one of its Mountain View properties in Kern County, California. The well was drilled to its objective but did not encounter adequate hydrocarbons to warrant completion of the well. During the second quarter of 2010, the Company recorded a valuation allowance of $842,327 for the costs that had been incurred for the drilling of this well.

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2011

COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2010

REVENUES

The increase in oil and gas sales of $645,197 is due primarily to higher average sales prices for the six months ended June 30, 2011. The average sales price of the Company’s oil and gas for the six months ended June 30, 2011 increased by approximately $28.37 per equivalent barrel when compared to the same period of 2010. The Company’s net revenue share of crude oil production/sales decreased by approximately 2,000 barrels for the six months ended June 30, 2011.

OPERATING EXPENSES

Operating expenses increased by $83,233 for the six months ended June 30, 2011. The cost to produce an equivalent barrel of crude oil during the six months ended June 30, 2011 was approximately $30.89 per barrel, an increase of approximately $4.81 per barrel when compared with production costs for the same period of 2010. The increase in lease operating expenses is caused by many factors. These include higher costs for labor, contract operations, chemicals, equipment repair and maintenance, equipment fuel, outside services and equipment rental. This was offset by lower costs for parts and supplies.

Labor costs increased by $25,773 due primarily to an increase in hours worked, both regular and overtime hours, during the six months ended June 30, 2011 when compared with the same period of 2010. Contract operations increased by $16,688 due primarily to higher operating costs on the Wyoming joint venture operations due to workovers on certain wells. Chemical costs increased by $15,455 due to higher volumes of chemical usage at a number of the Company’s oil and gas properties. Equipment repair and maintenance costs increased by $14,061 due primarily to higher levels of maintenance on the Company’s production equipment, pickups and trucks. Equipment fuel costs increased by $13,627 due primarily to the increase in average fuel costs for gasoline and diesel used by the Company’s vehicles and production equipment. Outside services increased by $9,461 due primarily to charges for the Miller lease. The Company engaged a third-party contractor to clear the surface area of the Miller fee property.

Equipment rental costs increased by $7,262 due primarily to higher costs on the Pike lease. The Company leased the surface pumping unit and a crude oil storage tank for the new 1-H well that was drilled in the first quarter of 2011. Parts and supplies were lower by $18,306 due to lower maintenance activities for the first six months ended June 30, 2011.

GENERAL AND ADMINISTRATIVE

General and administrative expenses decreased by $14,162 for the six months ended June 30, 2011 when compared with the same period for 2010. Consulting services decreased by $37,795 and legal services decreased by approximately $4,600. This was offset by higher costs for directors and officer’s liability insurance and accounting services. Consulting services declined due to lower fees for consulting geologists. In 2010, the Company retained a geologist to review its oil and gas properties for future well locations. That project was completed in 2010. Legal fees declined due primarily to lower fees for SEC filings and compliance. Directors and officer’s liability insurance increased by $17,475. The directors and officers liability insurance was not effective until October 1, 2010. Accounting services increased by $14,510 due primarily to additional fees paid to a third-party individual to assist with the training and implementation of a new oil and gas accounting software that was effective January 1, 2011.

PROVISION FOR DEPLETION, DEPRECIATION AND AMORTIZATION

The provision for depletion, depreciation and amortization increased by $65,163 for the six months ended June 30, 2011, when compared with the same period for 2010. The increase is due primarily to an increase in depletion of the Companies oil and gas properties. The increase in depletion of approximately $79,200 is due primarily to an increase in the depletion rate per barrel on the Santa Fe and the Anderson oil producing properties for 2011. The depletion rate for these properties increased for 2011 due to a decrease in oil and gas reserves at December 31, 2010. This was offset by a decline in the amortization of Texas leaseholds. The amortization of Texas leaseholds decreased by approximately $12,000 during the second quarter of 2011, when compared with the same period for 2010.

VALUATION ALLOWANCES

On March 21, 2011, the Company participated in the drilling of a joint venture well in Menard County, Texas. Log analysis of this well indicated that the well would not be commercially viable, and was plugged and abandoned. The Company owns a 30% interest in the joint venture. The Company recorded a valuation allowance of $54,384 against the costs incurred during the six months ended June 30, 2011 for the drilling of this well.

During the second quarter of 2010, the Company commenced drilling of a horizontal well on one of its Mountain View properties in Kern County, California. The well was drilled to its objective but did not encounter adequate hydrocarbons to warrant completion of the well. For the six months ended June 30, 2010, the Company recorded a valuation allowance of $867,468 against the costs that had been incurred for the drilling of this well.

LIQUIDITY AND CAPITAL RESOURCES

Cash and cash equivalents increased by $81,675 for the six months ended June 30, 2011. During the six months ended June 30, 2011, operating activities provided cash of $1,164,568. Cash was also provided by proceeds from the issuance of long-term debt of $55,979 and proceeds from the sale of property and equipment of $21,000. Cash was used for capital spending of $1,125,556 and principal payments on long-term debt of $21,657. See the Statements of Cash Flows for additional detailed information. The Company had available a line of credit of $500,000 and short-term investments of $3,080,185 at June 30, 2011 that provided additional liquidity during the first six months of 2011.

IMPACT OF CHANGING PRICES

The Company’s revenue is affected by crude oil prices paid by the major oil companies. Average crude oil prices for the six months ended June 30, 2011 increased by approximately $28.40 per equivalent barrel when compared with the same period of 2010. The Company cannot predict the future course of crude oil prices.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not Applicable

Item 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation as of the end of the period covered by this report, that our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) are effective to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

There was no change in our internal control over financial reporting that occurred during the quarter ended June 30, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. - Legal Proceedings

None

Item 1A. - Risk Factors

See the risk factors that are included in the Company’s Annual Report on Form 10K for the fiscal year ended December 31, 2010.

Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. - Defaults Upon Senior Securities

None

Item 4. - [Removed and Reserved]

None

Item 5. - Other Information

None

Item 6. - Exhibits

10.1 - Stock Option Agreement dated as of June 2, 2011 between Registrant and John E. Turco.

10.2 - Stock Option Agreement dated as of June 2, 2011 between Registrant and Gary L. Ronning.

31.1 - Certification of the Registrant’s Principal Executive Officer under Exchange Act Rules 13a-14(a) and 15-d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 - Certification of the Registrant’s Principal Financial Officer under Exchange Act Rules 13a-14(a) and 15-d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 - Certification of the Registrant’s Principal Executive Officer under 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 - Certification of the Registrant’s Principal Financial Officer under 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101 - The following information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, formatted in XBRL (eXtensible Business Reporting Language): (1) Balance Sheets as of June 30, 2011 and December 31, 2010; (2) Income Statements for the three and six months ended June 30, 2011 and 2010; (3) Condensed Statements of Cash Flows for the six months ended June 30, 2011 and 2010; and (4) Notes to Financial Statements.*

Pursuant to Rule 406T of Regulation S-T, the information in Exhibit 101 (a) is “furnished” and is not deemed to be “filed” or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, (b) is deemed not to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and (c) is not otherwise subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		PYRAMID OIL COMPANY (registrant)

Dated: August 15, 2011		JOHN H. ALEXANDER
		John H. Alexander
		President


Dated: August 15, 2011		LEE G. CHRISTIANSON
		Lee G. Christianson
		Chief Financial Officer

EX-10.1 2 v229340_ex10-1.htm EXHIBIT 10.1 Unassociated Document

EXHIBIT 10.1

STOCK OPTION AGREEMENT

This Stock Option Agreement (the “Agreement”) is entered into as of June 2, 2011 by and between Pyramid Oil Company, a California corporation (“Pyramid Oil”), and John E. Turco (the “Option Holder”).

RECITALS

A. Pyramid Oil’s Board of Directors (the “Board”) has adopted the 2006 Equity Incentive Plan (the “Plan”), and Pyramid Oil’s shareholders have approved the Plan. The Option Holder has had an opportunity to review the Plan.

B. The Option Holder is a non-employee director of Pyramid Oil. On June 2, 2011, the Board approved the grant of a stock option to the Option Holder upon the terms set forth in this Agreement.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, Pyramid Oil and the Option Holder hereby agree as follows:

1. Option Grant and Exercise Price.

(a) Pyramid Oil hereby grants to the Option Holder the right and option (the “Option”) to purchase, on the terms set forth in this Agreement and in the Plan, Five Thousand (5,000) shares of Pyramid Oil’s common stock, no par value (“Common Stock”), at an exercise price of Five Dollars and Forty Cents ($5.40) per share. The Option exercise price is equal to or greater than the closing price of the Common Stock on the Option grant date of June 2, 2011, as reported by the NYSE Amex Equities.

(b) The Option is not intended by Pyramid Oil and the Option Holder to be an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

2. Vesting and Term of the Option.

(a) The Option is fully vested and exercisable as of June 2, 2011. Subject to earlier termination as provided in Section 2(b) of this Agreement, the Option shall remain exercisable to and including June 1, 2016. The Option shall not be exercisable after June 1, 2016.

(b) If the Option Holder’s service as a director of Pyramid Oil terminates for any reason, the Option shall remain exercisable until the first to occur of (1) the ninetieth day after the date of the termination of the Option Holder’s service as a director or (2) June 1, 2016.

3. Manner of Exercising the Option. The Option Holder may exercise the vested portion of the Option, in whole or in part, at any time on or before the date of the expiration of the Option specified above in Section 2, provided that a partial exercise of the Option may not be for fewer than one thousand shares of Common Stock unless fewer than one thousand shares subject to the vested portion of the Option remain unexercised, in which event the entire remaining vested portion of the Option must be exercised at one time. The Option shall not be exercisable with respect to a fraction of a share of Common Stock. In order to exercise any portion of the Option, the Option Holder must deliver to Pyramid Oil’s Chief Executive Officer a written notice of exercise in the form of the notice attached to this Agreement. Pyramid Oil shall not issue any shares of Common Stock following the exercise of the Option until full payment of the exercise price has been made.

4. Payment of the Option Exercise Price. The Option Holder shall pay the Option exercise price by either of the following methods:

(a) By a personal check payable to the order of Pyramid Oil; or

(b) By delivery of irrevocable instructions to a broker (1) to sell a number of shares of Common Stock issuable upon exercise of the Option in an amount sufficient to pay the Option exercise price and (2) to promptly deliver cash from that sale to Pyramid Oil in full payment of the Option exercise price, provided that the Option Holder shall deliver to Pyramid Oil a copy of such instructions to the broker.

5. Delivery of a Stock Certificate to the Option Holder. Promptly after the Option Holder’s exercise of the Option and full payment of the Option exercise price, Pyramid Oil shall deliver to the Option Holder (a) a stock certificate evidencing the shares of Common Stock acquired by the Option Holder or (b) if approved by Pyramid Oil after a request is made by the Option Holder, Pyramid Oil shall deliver the shares of Common Stock by book or electronic entry to an account specified by the Option Holder.

6. Transferability of the Option. The Option Holder is not entitled to assign or otherwise transfer the Option, either voluntarily or by operation of law, other than by will or the laws of descent and distribution, and the Option shall be exercisable during the Option Holder’s lifetime only by the Option Holder or by the Option Holder’s legal guardian or representative. Following the death of the Option Holder, the Option shall be exercisable during the Option term described above in Section 2 by the Option Holder’s legal representative or by the beneficiaries of the Option designated under the Option Holder’s will or trust or the laws of descent and distribution.

7. Securities Law Compliance. No shares of Common Stock shall be issued or delivered upon exercise of the Option unless and until the Board determines that the exercise of the Option and the issuance and delivery of shares of Common Stock upon the exercise of the Option will comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, applicable state securities laws and the requirements of the Nasdaq Stock Market.

8. Incorporation by Reference of the Plan. The Plan and all of its terms, as amended from time to time, are incorporated by reference into this Agreement. The Option Holder acknowledges that he or she has received and reviewed a copy of the Plan. This Agreement is not a complete restatement of all of the terms of the Plan. Pyramid Oil and the Option Holder agree to be bound by the Plan, as amended from time to time, and agree that the terms of the Plan shall govern if and to the extent that there are any inconsistencies between the Plan and this Agreement.

9. Option Holder’s Representations and Warranties. In connection with the receipt of the Option pursuant to this Agreement and in contemplation of the Option Holder’s purchase of shares of Common Stock upon exercise of the Option, the Option Holder hereby agrees, represents and warrants as follows; provided that all of the following agreements, representations and warranties shall be deemed to have been given again by the Option Holder as of the date that he exercises the Option:

(a) Access to Information. The Option Holder has had a sufficient opportunity to review (1) the Plan and (2) all annual and periodic reports and proxy statements that Pyramid Oil has filed with the Securities and Exchange Commission (the “SEC”) during the preceding twelve months. Neither Pyramid Oil nor any of its officers, directors, employees or other agents has made any representation or recommendation to the Option Holder about the advisability of the Option Holder’s purchase of the shares of Common Stock that are subject to the Option.

(b) Ability to Bear Investment Risk. The Option Holder is aware that any purchase of stock involves an element of risk. The Option Holder can afford to bear the risks of an investment in Pyramid Oil. The Option Holder has sufficient knowledge and experience in financial and investment matters to enable him to evaluate the merits and risks of the proposed purchase of the shares of Common Stock subject to the Option and to make an informed investment decision.

(c) Resale Restrictions. The Option Holder understands that (1) neither the SEC nor any state or other regulatory authority has made any recommendation or finding concerning the value of the shares of Common Stock subject to the Option, and (2) the shares may be offered, sold or otherwise transferred by the Option Holder only if the transaction is registered and qualified under the applicable provisions of federal and state securities laws or if exemptions from registration and qualification are available. The Option Holder agrees not to sell, pledge or otherwise transfer any of the shares of Common Stock acquired upon exercise of the Option except in full compliance with (x) all applicable federal and state securities laws, rules and regulations and (y) Pyramid Oil’s insider trading policy.

(d) No Right to Continue to Serve as a Director. The Option Holder understands that nothing in the Plan or this Agreement gives the Option Holder a right to continue to serve as a director of Pyramid Oil.

10. Miscellaneous Provisions.

(a) Further Instruments. Pyramid Oil and the Option Holder agree to execute all further instruments and to take all further actions as may be reasonably necessary to carry out the terms of this Agreement.

(b) Provisions Subject to Applicable Law. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way and shall be construed in accordance with the purposes and intent of this Agreement.

(c) Complete Agreement. This Agreement and the Plan constitute the complete and exclusive agreement between Pyramid Oil and the Option Holder with respect to the subject matter of this Agreement and replace and supersede any and all other prior written and oral agreements or statements by the parties relating to the subject matter of this Agreement.

(d) Successors and Assigns. Subject to the provisions of this Agreement and the Plan relating to the transferability of the Option and the shares of Common Stock acquired upon exercise of the Option, this Agreement shall be binding upon and inure to the benefit of Pyramid Oil and the Option Holder and their respective successors and assigns. Whenever appropriate in this Agreement, references to Pyramid Oil or the Option Holder shall be deemed to refer to such person’s legal representative, estate or other transferees, successors or assigns, as applicable.

(e) Notices. Any notice required or permitted to be given to Pyramid Oil or the Option Holder must be in writing and shall be deemed to have been duly given (1) when delivered in person, (2) when sent by facsimile transmission (provided confirmation of facsimile transmission is obtained), (3) on the second business day after dispatch by United States registered or certified mail (postage prepaid and return receipt requested), (4) on the next business day if transmitted by national overnight courier, or (5) on the date delivered if sent by e-mail (provided confirmation of e-mail receipt is obtained), in each case to the address shown below the party’s signature or to any other address as the party may designate in the foregoing manner to the other party.

(f) Amendment and Termination. This Agreement may be amended or terminated only by a writing executed by both Pyramid Oil and the Option Holder.

(g) Counterparts. This Agreement may be executed by facsimile or by e-mail transmission in PDF format and in two counterparts, each of which shall be deemed an original, but both of which shall constitute one and the same instrument.

(h) Governing Law; Enforcement of this Agreement. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of California without giving effect to California’s conflict-of-law principles. Each party to this Agreement is entitled to bring an action for temporary or preliminary injunctive relief at any time in any court of competent jurisdiction in order to prevent immeasurable and irreparable injury that might result from a breach of this Agreement. To the fullest extent permitted by applicable law, the unsuccessful party to any court action regarding this Agreement shall pay to the prevailing party all costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred in the court action by the successful party, all of which shall be included in and as a part of the award rendered in the action. For purposes of this paragraph, attorneys’ fees shall include, without limitation, fees incurred in connection with post-judgment and post-award actions.

[signature page follows]

IN WITNESS WHEREOF, Pyramid Oil and the Option Holder have executed and delivered this Agreement as of the day and year first written above.

	PYRAMID OIL COMPANY
	By:	JOHN H. ALEXANDER
		John H. Alexander Chief Executive Officer
	Address: 2008 21st Street P.O. Box 832 Bakersfield, California 93302 Attention: Chief Executive Officer Fax: (661) 325-0100 E-Mail: john@pyramidoil.com
	JOHN E. TURCO
	JOHN E. TURCO
	Address: P.O. Box 2437 San Jose, California 95109 Fax: ________________________________ E-Mail: _____________________________

OPTION EXERCISE NOTICE

Pyramid Oil Company

2008 21st Street

P.O. Box 832

Bakersfield, California 93302

Attention: Chief Executive Officer

I hereby notify Pyramid Oil Company (“Pyramid Oil”) of my election to purchase [_____] shares of Pyramid Oil’s common stock at a purchase price of $5.40 per share pursuant to an option that was granted under the Stock Option Agreement dated as of June 2, 2011 (the “Agreement”).

I will deliver to Pyramid Oil the purchase price of the shares in the manner provided in the Agreement.

I agree to execute whatever additional documents are requested by Pyramid Oil in order to complete the exercise of my option. All of the representations and warranties that I made in Section 9 of the Agreement remain accurate as of the date of this notice.

Dated: _________________

John E. Turco

EX-10.2 3 v229340_ex10-2.htm EXHIBIT 10.2 Unassociated Document

EXHIBIT 10.2

STOCK OPTION AGREEMENT

This Stock Option Agreement (the “Agreement”) is entered into as of June 2, 2011 by and between Pyramid Oil Company, a California corporation (“Pyramid Oil”), and Gary L. Ronning (the “Option Holder”).

RECITALS

B. The Option Holder is a non-employee director of Pyramid Oil. On June 2, 2011, the Board approved the grant of a stock option to the Option Holder upon the terms set forth in this Agreement.

1. Option Grant and Exercise Price.

(b) The Option is not intended by Pyramid Oil and the Option Holder to be an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

2. Vesting and Term of the Option.

4. Payment of the Option Exercise Price. The Option Holder shall pay the Option exercise price by either of the following methods:

(a) By a personal check payable to the order of Pyramid Oil; or

10. Miscellaneous Provisions.

(f) Amendment and Termination. This Agreement may be amended or terminated only by a writing executed by both Pyramid Oil and the Option Holder.

[signature page follows]

IN WITNESS WHEREOF, Pyramid Oil and the Option Holder have executed and delivered this Agreement as of the day and year first written above.

	PYRAMID OIL COMPANY
	By:	JOHN H. ALEXANDER
		John H. Alexander Chief Executive Officer
	Address: 2008 21st Street P.O. Box 832 Bakersfield, California 93302 Attention: Chief Executive Officer Fax: (661) 325-0100 E-Mail: john@pyramidoil.com

	GARY L. RONNING
	GARY L. RONNING

	Address: P.O. Box 832 Bakersfield, California 93302 Fax: ________________________________ E-Mail: _____________________________

OPTION EXERCISE NOTICE

Pyramid Oil Company

2008 21st Street

P.O. Box 832

Bakersfield, California 93302

Attention: Chief Executive Officer

I will deliver to Pyramid Oil the purchase price of the shares in the manner provided in the Agreement.

Dated: _________________

Gary L. Ronning

EX-31.1 4 v229340_ex31-1.htm Unassociated Document

Exhibit 31.1

Certification Pursuant to 15 U.S.C. Section 7241

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, John H. Alexander, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pyramid Oil Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 15, 2011

	By: JOHN H. ALEXANDER John H. Alexander President and Chief Executive Officer

EX-31.2 5 v229340_ex31-2.htm Unassociated Document

Exhibit 31.2

Certification Pursuant to 15 U.S.C. Section 7241

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Lee G. Christianson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pyramid Oil Company;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: August 15, 2011

By: LEE G. CHRISTIANSON

Lee G. Christianson

Chief Financial Officer

EX-32.1 6 v229340_ex32-1.htm Unassociated Document

Exhibit 32.1

Pyramid Oil Company

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to Section 906

Of The Sarbanes-Oxley Act of 2002

In connection with the Annual Report of Pyramid Oil Company (the Company) on Form 10-Q for the period ended June 30, 2011, as filed with the Securities and Exchange Commission (the Report), I, John H. Alexander, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 15, 2011

JOHN H. ALEXANDER

John H. Alexander

Chief Executive Officer

EX-32.2 7 v229340_ex32-2.htm Unassociated Document

Exhibit 32.2

Pyramid Oil Company

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to Section 906

Of The Sarbanes-Oxley Act of 2002

In connection with the Annual Report of Pyramid Oil Company (the Company) on Form 10-Q for the period ended June 30, 2011, as filed with the Securities and Exchange Commission (the Report), I, Lee G. Christianson, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 15, 2011

LEE G. CHRISTIANSON

Lee G. Christianson

Chief Financial Officer

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<div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >2. Recent Accounting Pronouncements </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >  </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="font-style:italic;display:inline;" >ASU 2010-28 </font> – In December 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-28, “ <font style="font-style:italic;display:inline;" >When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts” </font> (“ASU 2010-28”). ASU 2010-28 provides amendments to ASC No. 350 “ <font style="font-style:italic;display:inline;" >Intangibles- Goodwill and Other” </font> , modifying Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist. The qualitative factors are consistent with the existing guidance and examples in paragraph 350-20-35-30, which requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010 and early adoption is not permitted. The adoption of ASU 2010-28 did not have a material impact on the Company’s financial condition, results of operations and cash flows, or disclosures thereto. </font> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" >  </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="font-style:italic;display:inline;" >ASU 2010-29 </font> – In December 2010, the FASB issued ASU No. 2010-29, “ <font style="font-style:italic;display:inline;" >Disclosure of Supplementary Pro Forma Information for Business Combinations” </font> (“ASU 2010-29”). ASU 2010-29 provides amendments to ASC No. 805 <font style="font-style:italic;display:inline;" >“Business Combinations” </font> , which specify that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments in this update also expand the supplemental pro forma disclosure under ASC No. 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments in this update are effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010, with early adoption permitted. The adoption of ASU 2010-29 did not have a material impact on the Company’s financial condition, results of operations and cash flows, or disclosures thereto. </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="font-style:italic;display:inline;" >ASU 2011-04 </font> - In May 2011, the FASB issued ASU 2011-04, <font style="font-style:italic;display:inline;" >“Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” </font> (ASU 2011-04) which amends ASC Topic 820, Fair Value Measurement. The updated guidance in ASC Topic 820 changes the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The updated guidance in ASC Topic 820 is effective during interim and annual period beginning after December 15, 2011. Early adoption is not permitted. We are currently evaluating the impact of ASU 2011-04 on our results of operations, financial condition and disclosure requirements. We will apply the provisions of these accounting standards after the effective date. </font> </div><div style="text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" > </font> </div> </div><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:8pt;" > </font> </div> </div> </div><div style="text-indent:0pt;display:block;" >  </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="font-style:italic;display:inline;" >ASU 2011-05 </font> - In June 2011, the FASB issued ASU 2011-05, <font style="font-style:italic;display:inline;" >“Presentation of Comprehensive Income” </font> (ASU 2011-05) which amends ASC Topic 220, Comprehensive Income. The updated guidance in ASC Topic 220 gives an entity the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The updated guidance in ASC Topic 220 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance will not have any impact on our results of operations or financial condition. </font> </div> </div>

<div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >5. Income Tax Provision </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company recognized an income tax provision of $166,700 for the six months ended June 30, 2011 compared to a net income tax benefit of $210,500 for the same period in 2010. </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income tax provision for the six months ended June 30, 2011 was calculated as follows: </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Current tax provision </font> </div> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:7.95pt;" > </font>94,800 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:11.3pt;" > </font>15,800 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >110,600 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Deferred tax provision </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:17.95pt;" > </font>43,800 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:17.95pt;" > </font>12,300 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >56,100 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:4.65pt;" > </font>138,600 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:11.3pt;" > </font>28,100 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >166,700 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr> </table> </div><div style="text-indent:0pt;display:block;" >  </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income tax provision (benefit) for the six months June 30, 2010 was calculated as follows: </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Current tax provision </font> </div> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:4.65pt;" > </font>37,850 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >7,050 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >44,900 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Deferred tax (benefit) </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(198,900 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:9.1pt;" > </font>(56,500 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(255,400 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(161,050 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:2.4pt;" > </font>(49,450 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(210,500 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td> </tr> </table> </div><div style="text-indent:0pt;display:block;" >  </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income tax provision for the three months ended June 30, 2011 was calculated as follows: </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Current tax provision </font> </div> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:11.3pt;" > </font>54,500 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:17.95pt;" > </font>9,900 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:0.5pt;" > </font>64,400 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Deferred tax provision </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:17.95pt;" > </font>26,100 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:24.65pt;" > </font>7,300 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >33,400 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:11.3pt;" > </font>80,600 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:11.3pt;" > </font>17,200 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:0.5pt;" > </font>97,800 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr> </table> </div><div style="text-indent:0pt;display:block;" >  </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Income tax provision (benefit) for the three months ended June 30, 2010 was calculated as follows: </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Federal </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >State </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;border-top:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" style="border-bottom:black 2px solid;border-top:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Total </font> </div> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-top:black;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="12%" colspan="2" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Current tax provision </font> </div> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:4.65pt;" > </font>20,850 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >4,050 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >24,900 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:2px;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" > Deferred tax (benefit) </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:2.4pt;" > </font>(228,850 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:9.1pt;" > </font>(65,100 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(293,950 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="58%" style="border-left:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="58%" style="border-left:black;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(208,000 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;text-indent:0pt;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:2.4pt;" > </font>(61,050 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >(269,050 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;border-right:black;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >) </font> </td> </tr> </table> </div><div style="text-indent:0pt;display:block;" >  </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Deferred income taxes are recognized using the asset and liability method by applying income tax rates to cumulative temporary differences based on when and how they are expected to affect the tax returns. Deferred tax assets and liabilities are adjusted for income tax rate changes. Deferred income tax assets have been offset by a valuation allowance of $1,726,000 as of June 30, 2011. Management reviews deferred income taxes regularly throughout the year, and accordingly makes any necessary adjustments to properly reflect the valuation allowance based upon current financial trends and projected results. </font> </div> </div>

<div><div><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-weight:bold;font-size:10pt;font-family:times new roman;" >9. Stock Based Compensation </font> </div><div style="display:block;text-indent:0pt;" ><br /> </div><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >The Company issued warrants and options to purchase common shares of the Company as compensation for consulting and Board of Directors services. The value of warrants and options issued for compensation are accounted for as a non-cash expense to the Company at the fair value of the warrants and options issued. The Company values the warrants and options at fair value as calculated by using the Black-Scholes option-pricing model. As of June 30, 2011 the Company has $0 in unamortized stock based compensation related to outstanding options and warrants. </font> </div><div style="display:block;text-indent:0pt;" ><br /> </div><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >The following table summarizes the warrant and option activity for the six months ended June 30, 2011: </font> </div><div style="display:block;text-indent:0pt;" ><br /> </div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-size:10pt;font-family:times new roman;" ><tr><td valign="bottom" style="padding-bottom:2px;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >(Unaudited) </font> </div> </td><td valign="bottom" style="padding-bottom:2px;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Number of </font> </font> </div><font style="display:inline;font-size:10pt;font-family:times new roman;" >Warrants and Options </font> </div> </td><td valign="bottom" nowrap="nowrap" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" style="padding-bottom:2px;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" colspan="2" style="border-bottom:black 2px solid;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Weighted-Average </font> </div><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Exercise Price </font> </div> </td><td valign="bottom" nowrap="nowrap" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td> </tr><tr><td valign="bottom" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" colspan="2" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" colspan="2" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="72%" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Outstanding, December 31, 2010 </font> </div> </td><td valign="bottom" width="1%" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:24.8pt;" > </font>25,000 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:45.95pt;" > </font>3.20 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="72%" style="padding-left:7%;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Granted </font> </div> </td><td valign="bottom" width="1%" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:24.8pt;" > </font>10,000 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:52.6pt;" > </font>5.40 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="72%" style="padding-left:7%;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Exercised </font> </div> </td><td valign="bottom" width="1%" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:15.95pt;" > </font>(10,000 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >) </font> </td><td valign="bottom" width="1%" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:52.6pt;" > </font>3.20 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="72%" style="padding-left:7%;padding-bottom:2px;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Cancelled </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:2px;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:52.6pt;" > </font>— </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:2px;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:52.6pt;" > </font>— </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="72%" style="padding-bottom:4px;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Outstanding, June 30, 2011 </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:4px;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:24.8pt;" > </font>25,000 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="padding-bottom:4px;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" ><font style="margin-left:45.95pt;" > </font>4.08 </font> </td><td valign="bottom" nowrap="nowrap" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >  </font> </td> </tr> </table> </div><div style="margin-left:0pt;text-indent:0pt;margin-right:0pt;" ><div><div style="width:100%;text-align:left;" ><font style="display:inline;font-size:8pt;font-family:times new roman;" >  </font> </div> </div><div><div style="width:100%;text-align:right;" ><font style="display:inline;font-size:8pt;font-family:times new roman;" > </font> </div> </div> </div><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >On March 1, 2011, a consultant exercised 10,000 warrants under “cash-less” exercise provisions of the warrant agreement. </font> </div><div style="display:block;text-indent:0pt;" ><br /> </div><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >The following summarizes the warrants issued, outstanding and exercisable as of June 30, 2011: </font> </div><div style="display:block;text-indent:0pt;" >  </div><div style="display:block;text-indent:0pt;" ><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-size:10pt;font-family:times new roman;" ><tr style="background-color:#ccffcc;" ><td valign="top" width="53%" style="border-top:medium none;border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Grant Date </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;border-top:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >November, 2008 </font> </div> </td> </tr><tr style="background-color:#ffffff;" ><td valign="top" width="53%" style="border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Strike Price </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >$3.20 </font> </div> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="top" width="53%" style="border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Expiration Date </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >November, 2011 </font> </div> </td> </tr><tr style="background-color:#ffffff;" ><td valign="top" width="53%" style="border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Warrants Remaining </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >15,000 </font> </div> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="top" width="53%" style="border-left:medium none;border-bottom:4px;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Proceeds if Exercised </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;border-bottom:4px;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >$48,000 </font> </div> </td> </tr> </table> </div> </div><div style="display:block;text-indent:0pt;" ><br /> </div><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >The following summarizes the options issued, outstanding and exercisable as of June 30, 2011: </font> </div><div style="display:block;text-indent:0pt;" >  </div><div style="display:block;text-indent:0pt;" ><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-size:10pt;font-family:times new roman;" ><tr style="background-color:#ccffcc;" ><td valign="top" width="53%" style="border-top:medium none;border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Grant Date </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;border-top:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >June 2, 2011 </font> </div> </td> </tr><tr style="background-color:#ffffff;" ><td valign="top" width="53%" style="border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Strike Price </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >$5.40 </font> </div> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="top" width="53%" style="border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Expiration Date </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >June 1, 2016 </font> </div> </td> </tr><tr style="background-color:#ffffff;" ><td valign="top" width="53%" style="border-left:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Options Remaining </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >10,000 </font> </div> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="top" width="53%" style="border-left:medium none;border-bottom:4px;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >Proceeds if Exercised </font> </div> </td><td valign="top" width="25%" style="border-right:medium none;border-bottom:4px;" ><div style="display:block;margin-left:0pt;text-indent:0pt;margin-right:0pt;text-align:center;" ><font style="display:inline;font-size:10pt;font-family:times new roman;" >$54,000 </font> </div> </td> </tr> </table> </div> </div><div style="display:block;text-indent:0pt;" ><br /> </div> </div> </div>

<div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >12. Asset Retirement Obligations </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Company recognizes a liability at discounted fair value for the future retirement of tangible long-lived assets and associated assets retirement cost associated with the petroleum and natural gas properties. The fair value of the liability is capitalized as part of the cost of the related asset and amortized to expense over its useful life. The liability accretes until the date of expected settlement of the retirement obligations. The related accretion expense is recognized in the statement of operations. The provision will be revised for the effect of any changes to timing related to cash flow or undiscounted abandonment costs. Actual expenditures incurred for the purpose of site reclamation are charged to the asset retirement obligations to the extent that the liability exists on the balance sheet. Differences between the actual costs incurred and the fair value of the liability recorded are recognized in income in the period the actual costs are incurred. </font> </div><div style="text-indent:0pt;display:block;" ><br /> </div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >There are no legally restricted assets for the settlement of asset retirement obligations. A reconciliation of the Company’s asset retirement obligations from the periods presented, are as follows: </font> </div><div style="text-indent:0pt;display:block;" >  </div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr style="background-color:#ccffcc;" ><td valign="bottom" width="86%" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Balance at December 31, 2010 </font> </div> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:0.65pt;" > </font>1,235,193 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="86%" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:18pt;" > </font>Incurred during the period </font> </div> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:51.75pt;" > </font>— </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="86%" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:18pt;" > </font>Additions for new wells </font> </div> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:23.95pt;" > </font>11,779 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ffffff;" ><td valign="bottom" width="86%" style="padding-bottom:2px;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:18pt;" > </font>Accretion expense </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:2px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 2px solid;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="11%" style="border-bottom:black 2px solid;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:23.95pt;" > </font>21,564 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:2px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr><tr style="background-color:#ccffcc;" ><td valign="bottom" width="86%" style="padding-bottom:4px;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:justify;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Balance at June 30, 2011 </font> </div> </td><td valign="bottom" width="1%" style="padding-bottom:4px;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td><td valign="bottom" width="1%" style="border-bottom:black 4px double;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >$ </font> </td><td valign="bottom" width="11%" style="border-bottom:black 4px double;text-align:right;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" ><font style="margin-left:0.65pt;" > </font>1,268,536 </font> </td><td valign="bottom" width="1%" nowrap="nowrap" style="text-align:left;padding-bottom:4px;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >  </font> </td> </tr> </table> </div><div style="text-indent:0pt;display:block;" >  </div> </div>

68674

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Statement [Table] Statement [Table] Statement [Line Items] REVENUES: Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Trading Symbol Trading Symbol Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Statement of Financial Position [Abstract] Assets [Abstract] ASSETS Cash and Cash Equivalents, At Carrying Value Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Total Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Short-Term Investments Short-term investments Short-term Investments, Total Accounts Receivable, Net, Current Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2011 and 2010) Accounts Receivable, Net, Current, Total Due from Joint Ventures, Current Joint interest billing receivable Energy Related Inventory, Crude Oil and Natural Gas Liquids Crude oil inventory Prepaid Expense and Other Assets, Current Prepaid expenses and other assets Deferred Tax Assets, Net, Current Deferred Income taxes Deferred Income taxes Deferred Tax Assets, Net, Current, Beginning Balance Deferred Tax Assets, Net, Current, Ending Balance Assets, Current TOTAL CURRENT ASSETS TOTAL CURRENT ASSETS Property, Plant and Equipment, Gross [Abstract] PROPERTY AND EQUIPMENT, at cost: Oil and Gas Property, Successful Effort Method, Gross Oil and gas properties and equipment (successful efforts method) Capitalized Costs, Asset Retirement Costs Capitalized asset retirement costs Machinery and Equipment, Gross Drilling and operating equipment Machinery and Equipment, Gross, Total Land, Buildings and Improvements, Gross Land, buildings and improvements Carrying amount as of the balance sheet date of real estate held for productive use. 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Furniture and Fixtures, Gross Automotive, office and other property and equipment Automotive, office and other property and equipment Property, Plant and Equipment, Gross Property, Plant and Equipment, Gross, Total Property, Plant and Equipment, Gross, Total Property, Plant and Equipment, Gross, Beginning Balance Property, Plant and Equipment, Gross, Ending Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less - accumulated depletion, depreciation, amortization and valuation allowances Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Total Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Beginning Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance Less - accumulated depletion, depreciation, amortization and valuation allowances Less - accumulated depletion, depreciation, amortization and valuation allowances Property, Plant and Equipment, Net TOTAL PROPERTY AND EQUIPMENT TOTAL PROPERTY AND EQUIPMENT Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Other Assets [Abstract] OTHER ASSETS Other assets. Deferred Tax Assets, Net, Noncurrent Deferred income taxes Deferred Tax Assets, Net, Noncurrent, Total Deposits Assets, Noncurrent Deposits Other Assets, Noncurrent Other assets Other assets Assets, Noncurrent Excluding Property, Plant, Equipment TOTAL OTHER ASSETS TOTAL OTHER ASSETS Sum of the carrying amounts as of the balance sheet date of all assets excluding property plant and equipment that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Assets TOTAL ASSETS TOTAL ASSETS Liabilities and Stockholders' Equity [Abstract] LIABILITIES AND SHAREHOLDERS' EQUITY Accounts Payable, Current Accounts payable Accounts Payable, Current, Total Accrued Professional Fees, Current Accrued professional fees Accrual for Taxes Other than Income Taxes, Current Accrued taxes, other than income taxes Employee-related Liabilities, Current Accrued payroll and related costs Employee-related Liabilities, Current, Total Accrued Royalties, Current Accrued royalties payable Accrued Insurance, Current Accrued insurance Accrued insurance Accrued Income Taxes, Current Accrued income taxes Long-term Debt, Current Maturities Current maturities of long-term debt Current maturities of long-term debt Liabilities, Current TOTAL CURRENT LIABILITIES TOTAL CURRENT LIABILITIES Long-term Debt, Excluding Current Maturities Long-term debt, net of current maturities Long-term debt, net of current maturities Asset Retirement Obligations, Noncurrent LIABILITY FOR ASSET RETIREMENT OBLIGATIONS LIABILITY FOR ASSET RETIREMENT OBLIGATIONS Asset Retirement Obligations, Noncurrent, Ending Balance Liabilities TOTAL LIABILITIES TOTAL LIABILITIES Commitments and Contingencies COMMITMENTS AND CONTINGENCIES (Note 4) Stockholders' Equity Attributable to Parent [Abstract] SHAREHOLDERS' EQUITY: Preferred Stock, Value, Issued Preferred stock, no par value Authorized - 10,000,000 shares Issued and outstanding - none Preferred Stock, Value, Issued, Total Preferred Stock, Value, Issued, Beginning Balance Preferred Stock, Value, Issued, Ending Balance Common Stock, Value, Issued Common stock, no par value (Note 6, 7 and 9) Authorized - 50,000,000 shares Issued and outstanding - 4,683,853 shares Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Retained Earnings (Accumulated Deficit) Retained earnings Retained earnings Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Stockholders' Equity Attributable to Parent TOTAL STOCKHOLDERS' EQUITY TOTAL STOCKHOLDERS' EQUITY Stockholders' Equity Attributable to Parent, Beginning Balance Stockholders' Equity Attributable to Parent, Ending Balance Liabilities and Stockholders' Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Balance Sheet Parentherical [Abstract] Balance Sheet Parentherical [Abstract] Balance sheet parentherical. Allowance for Doubtful Accounts Receivable, Current Reserve for doubtful accounts (in dollars) Preferred Stock, No Par Value Preferred stock, no par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Shares Outstanding, Beginning Balance Preferred Stock, Shares Outstanding, Ending Balance Common Stock, No Par Value Common stock, no par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Revenues [Abstract] REVENUES: Oil and Gas Sales Revenue Oil and gas sales Oil and gas sales Gain (Loss) On Sale Of Oil and Gas Property Gain on sales of fixed assets Gain on sales of fixed assets Gain on sale of fixed assets Oil and Gas Revenue Oil and Gas Revenue Including Gain On Fixed Assets Oil and Gas Revenue Including Gain On Fixed Assets Aggregate revenue during the period related to oil and gas business activities including gain on sale of oil and gas fixed assets. Operating Expenses [Abstract] COSTS AND EXPENSES: Cost of Goods Sold, Oil and Gas Operating expenses Cost of Goods Sold, Oil and Gas, Total General and Administrative Expense General and administrative General and Administrative Expense, Total Share-based Compensation Stock based compensation Taxes Other Than Income and Payroll Taxes Taxes, other than income and payroll taxes All taxes, other than income of the entity and payroll. Depreciation, Depletion and Amortization, Nonproduction Provision for depletion, depreciation, and amortization Depreciation, Depletion and Amortization, Nonproduction, Total Valuation Allowance Valuation allowances The definition includes valuation allowance for the costs that had been incurred for the drilling wells that are abandoned or discarded due to economical unviability. Accretion Expense Accretion expense Other Cost and Expense, Operating Other costs and expenses Other costs and expenses Operating Expenses Operating Expenses Operating Expenses Operating Income (Loss) OPERATING INCOME (LOSS) OPERATING INCOME (LOSS) Nonoperating Income (Expense) [Abstract] OTHER INCOME (EXPENSE): Investment Income, Interest Interest income Other Nonoperating Income Other income Interest Expense Interest expense Interest Expense, Total Interest expense Interest expense Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense) Income (Loss) From Continuing Operations Before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects Of Changes In Accounting Principles, Noncontrolling Interest INCOME (LOSS) BEFORE INCOME TAX PROVISION (BENEFIT) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest, Total Income Tax Expense (Benefit) [Abstract] Income tax provision (benefit) Current Income Tax Expense (Benefit) Current Current Income Tax Expense (Benefit), Total Deferred Income Tax Expense (Benefit) Deferred Deferred Income Tax Expense (Benefit) Income Tax Expense (Benefit) Income Tax Expense (Benefit) Net Income (Loss) Attributable To Parent Net income (loss) NET INCOME (LOSS) NET INCOME (LOSS) Earnings Per Share, Basic BASIC INCOME (LOSS) PER COMMON SHARE (in dollars per share) BASIC INCOME (LOSS) PER COMMON SHARE (in dollars per share) Earnings Per Share, Diluted DILUTED INCOME (LOSS) PER COMMON SHARE (in dollars per share) DILUTED INCOME (LOSS) PER COMMON SHARE (in dollars per share) Weighted Average Number of Shares Outstanding, Basic Weighted average number of common shares outstanding (in shares) Weighted average number of common shares outstanding (in shares) Weighted Average Number of Shares Outstanding, Diluted Diluted average number of common shares outstanding (in shares) Diluted average number of common shares outstanding (in shares) Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, Depletion and Amortization Provision for depletion, depreciation, and amortization Depreciation, Depletion and Amortization, Total Gain (Loss) on Disposition of Property Loss on disposal of fixed assets Gain (Loss) on Disposition of Property, Total Loss on disposal of fixed assets Deferred Income Taxes and Tax Credits Deferred income taxes Deferred Income Taxes and Tax Credits, Total Increase (Decrease) in Asset Retirement Obligations Asset retirement obligations Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) In Trade Accounts and Income Taxes Receivable (Increase) in trade accounts and interest receivable The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.The reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. (Increase) in trade accounts and interest receivable Increase (Decrease) In Other Fossil Fuel Inventories Decrease (Increase) in crude oil inventories Decrease (Increase) in crude oil inventories Increase (Decrease) In Prepaid Expense Decrease in prepaid expenses Decrease in prepaid expenses Increase (Decrease) in Other Operating Assets (Increase) in other assets (Increase) in other assets Increase (Decrease) in Accounts Payable and Accrued Liabilities (Decrease) in accounts payable and accrued liabilities (Decrease) in accounts payable and accrued liabilities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Payments To Acquire Property, Plant, and Equipment Capital expenditures Payments to Acquire Property, Plant, and Equipment, Total Capital expenditures Proceeds From Redemption Of Short-Term Investments Redemptions of short-term investments The cash inflow from securities or other assets, physical assets that are used in the normal conduct of business to produce goods and services, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Payments to Acquire Short-term Investments Payments to acquire short-term investments Payments to acquire short-term investments Increase In Short Term Investments (Increase) decrease in short-term investments Reflects interest earned on short-term investments (bank certificates of deposit) that has been added to the principal balance of the CD. (Increase) decrease in short-term investments Proceeds From Sale Of Property, Plant, and Equipment Proceeds from sale of property and equipment Proceeds from sale of property and equipment Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Origination of Loans to Employee Stock Ownership Plans Loans to employees Reflects cash inflow with regard to repayment of payroll advances made to employees for various reasons. The advances are repaid through payroll deductions. Loans to employees Proceeds from Issuance of Long-term Debt Proceeds from issuance of long-term debt Proceeds from Repayment of Loans by Employee Stock Ownership Plans Principal payments from loans to employees Reflects cash inflow with regard to repayment of payroll advances made to employees for various reasons. The advances are repaid through payroll deductions. 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Severance Award Agreements [Text Block] Severance Award Agreements [Text Block] Disclosure related to amount awarded to employees, in addition to wages and any other money that employers owe employees, when their employment ends through a layoff or other termination. Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Related Party Transactions [Abstract] Related Party Transaction [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Stock Based Compensation [Abstract] Stock Based Compensation [Abstract] Stock Based Compensation. Stock Based Compensation [Text Block] Stock Based Compensation [Text Block] The entire disclosure for issuance of warrants to purchase common shares of the Company as compensation for consulting services. Fair Value Disclosures [Abstract] Fair Value [Abstract] Fair Value Disclosures [Text Block] Fair Value Disclosures [Text Block] Registration Payment Arrangements [Abstract] Registration Payment Arrangements [Abstract] Registration Statement On Form S-3 [Text Block] Registration Statement On Form S-3 [Text Block] Disclosure relating to the registration statement designed to provide the Company the flexibility to offer and sell the Company's common stock. 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BALANCE SHEETS [Parenthetical] (USD $)	Jun. 30, 2011	Dec. 31, 2010
Reserve for doubtful accounts (in dollars)	$ 4,000	$ 4,000
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	4,683,853	4,683,853
Common stock, shares outstanding	4,683,853	4,683,853

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

Issuance value per share of no-par value, nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

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STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
REVENUES:
Oil and gas sales	$ 1,549,029	$ 1,228,391	$ 2,875,327	$ 2,230,130
Gain on sales of fixed assets			1,012	0
Oil and Gas Revenue Including Gain On Fixed Assets			2,876,339	2,230,130
COSTS AND EXPENSES:
Operating expenses	447,889	438,392	861,545	778,312
General and administrative	219,072	250,588	443,792	457,955
Stock based compensation	43,743	0	43,743	0
Taxes, other than income and payroll taxes	27,104	29,839	63,959	57,659
Provision for depletion, depreciation, and amortization	225,895	196,873	411,423	346,260
Valuation allowances	5,851	842,327	54,384	867,468
Accretion expense	5,229	5,898	21,564	12,111
Other costs and expenses	62,197	47,303	87,684	64,543
Operating Expenses	1,036,980	1,811,220	1,988,094	2,584,308
OPERATING INCOME (LOSS)	512,049	(582,829)	888,245	(354,178)
OTHER INCOME (EXPENSE):
Interest income	13,159	8,430	26,511	16,383
Other income	0	3,600	500	6,397
Interest expense	(385)	(122)	(1,891)	(303)
Nonoperating Income (Expense)	12,774	11,908	25,120	22,477
INCOME (LOSS) BEFORE INCOME TAX PROVISION (BENEFIT)	524,823	(570,921)	913,365	(331,701)
Income tax provision (benefit)
Current	64,400	24,900	110,600	44,900
Deferred	33,400	(293,950)	56,100	(255,400)
Income Tax Expense (Benefit)	97,800	(269,050)	166,700	(210,500)
NET INCOME (LOSS)	$ 427,023	$ (301,871)	$ 746,665	$ (121,201)
BASIC INCOME (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.09	$ (0.06)	$ 0.16	$ (0.03)
DILUTED INCOME (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.09	$ (0.06)	$ 0.16	$ (0.03)
Weighted average number of common shares outstanding (in shares)	4,683,853	4,677,728	4,681,811	4,677,728
Diluted average number of common shares outstanding (in shares)	4,725,992	4,677,728	4,723,536	4,677,728

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DOCUMENT AND ENTITY INFORMATION	6 Months Ended
DOCUMENT AND ENTITY INFORMATION	Jun. 30, 2011	Aug. 12, 2011
Entity Registrant Name	PYRAMID OIL CO
Entity Central Index Key	0000081318
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	pdo
Entity Common Stock, Shares Outstanding		4,683,853
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2011

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Incentive and Retention Plan	6 Months Ended
Incentive and Retention Plan	Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Incentive and Retention Plan On January 9, 2007, the Company’s Board of Directors adopted an Incentive and Retention Plan pursuant to which the Company’s officers and other employees selected by the Company’s Compensation Committee are entitled to receive payments if they are employed by the Company as of the date of a ‘Corporate Transaction,’ as defined in the Incentive and Retention Plan. A ‘Corporate Transaction’ includes certain mergers involving the Company, sales of Company assets, and other changes in the control of the Company, as specified in the Incentive and Retention Plan. In general, the amount that is payable to each plan participant will equal the number of plan units that have been granted to him or her, multiplied by the increase in the value of the Company between January 9, 2007 and the date of a Corporate Transaction. There has been no Corporate Transaction since the adoption of the Incentive and Retention Plan.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

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Asset Retirement Obligations

6 Months Ended

Jun. 30, 2011

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation Disclosure [Text Block]

12. Asset Retirement Obligations

There are no legally restricted assets for the settlement of asset retirement obligations. A reconciliation of the Company’s asset retirement obligations from the periods presented, are as follows:

Balance at December 31, 2010	$	1,235,193
Incurred during the period		—
Additions for new wells		11,779
Accretion expense		21,564
Balance at June 30, 2011	$	1,268,536

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

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Dividends	6 Months Ended
Dividends	Jun. 30, 2011
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	3. Dividends No cash dividends were paid during the six months ended June 30, 2011 and 2010.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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Stock Based Compensation

6 Months Ended

Jun. 30, 2011

Stock Based Compensation [Abstract]

Stock Based Compensation [Text Block]

9. Stock Based Compensation

The following table summarizes the warrant and option activity for the six months ended June 30, 2011:

(Unaudited)	Number of Warrants and Options			Weighted-Average Exercise Price

Outstanding, December 31, 2010		25,000		$	3.20
Granted		10,000			5.40
Exercised		(10,000	)		3.20
Cancelled		—			—
Outstanding, June 30, 2011		25,000		$	4.08

On March 1, 2011, a consultant exercised 10,000 warrants under “cash-less” exercise provisions of the warrant agreement.

The following summarizes the warrants issued, outstanding and exercisable as of June 30, 2011:

Grant Date	November, 2008
Strike Price	$3.20
Expiration Date	November, 2011
Warrants Remaining	15,000
Proceeds if Exercised	$48,000

The following summarizes the options issued, outstanding and exercisable as of June 30, 2011:

Grant Date	June 2, 2011
Strike Price	$5.40
Expiration Date	June 1, 2016
Options Remaining	10,000
Proceeds if Exercised	$54,000

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Fair Value	6 Months Ended
Fair Value	Jun. 30, 2011
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	10. Fair Value Effective January 1, 2009, the Company adopted FASB ASC 820 (formerly SFAS No. 157) for our nonfinancial assets and nonfinancial liabilities measured on a non-recurring basis. The Company adopted the provisions of FASB ASC 820 for measuring the fair value of our financial assets and liabilities during 2008. As defined in FASB ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that we believe market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. FASB ASC 820 establishes a three-tiered fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Included in this category is the Company’s determination of the value of its asset retirement obligation liability. The obligation has increased $33,343 during the six months ended June 30, 2011 as a result of normal accretion expense and the drilling of a new well. The carrying amount of our cash and equivalents, short term investments, accounts receivable, accounts payable and accrued expenses reported in the condensed consolidated balance sheets approximates fair value because of the short maturity of those instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

XML 23 R13.htm IDEA: XBRL DOCUMENT

Related Party Transaction	6 Months Ended
Related Party Transaction	Jun. 30, 2011
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	8. Related-party Transaction Effective January 1, 1990, John H. Alexander, an officer and director of the Company participated with a group of investors that acquired the mineral and fee interest on one of the Company’s oil and gas leases (Santa Fe Energy lease) in the Carneros Creek field after the Company declined to participate. The thirty-three percent interest owned by Mr. Alexander represents a minority interest in the investor group. Royalties on oil and gas production from this property paid to the investor group approximated $119,000 during the six months ended June 30, 2011 and $103,000 during the six months ended June 30, 2010.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-Name Accounting Standards Codification
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-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
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-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

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-Topic 850
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

XML 24 R6.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2011
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	1. Summary of Significant Accounting Policies The financial statements include the accounts of Pyramid Oil Company (the Company). Such financial statements included herein have been prepared by the Company, without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. A summary of the Company’s significant accounting policies is contained in its December 31, 2010 Form 10-K which is incorporated herein by reference. The financial data presented herein should be read in conjunction with the Company’s December 31, 2010 financial statements and notes thereto, contained in the Company’s Form 10-K. In the opinion of the Company, the unaudited financial statements, contained herein, include all adjustments necessary to present fairly the Company’s financial position as of June 30, 2011 and the results of its operations and its cash flows for the three and six month periods ended June 30, 2011 and 2010. The results of operations for any interim period are not necessarily indicative of the results to be expected for a full year. Income Taxes - When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company files income tax returns in the U.S. federal jurisdiction, California, Texas and New York states. With few exceptions, the Company is no longer subject to U.S. federal tax examination for the years before 2007. State jurisdictions that remain subject to examination range from 2006 to 2010. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months. The Company policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of the date of adoption of FASB ASC 740, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the quarter. Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. Earnings (Loss) per Share - Basic earnings (loss) per common share is computed by dividing the net income (loss) applicable to common stock by the weighted average number of shares of common stock outstanding during the period. Valuation Allowances - The Company has recorded valuation allowances for certain of its oil and gas properties when the undiscounted future net cash flows are less than the net capitalized costs for the property. On March 21, 2011, the Company participated in the drilling of a joint venture well in Menard County, Texas. Log analysis of this well indicated that the well would not be commercially viable, and was plugged and abandoned. The Company owns a 30% interest in the joint venture. The Company recorded a valuation allowance of $54,384 against the costs incurred during the first six months of 2011 for the drilling of this well. Joint Interest Billing Receivable - The Company entered into a joint venture agreement on February 23, 2011 with Victory Oil Company for the drilling of a well on the Company’s Pike lease. The well was drilled during the first quarter of 2011. The well was completed and placed into production during April 2011. The Company’s share of the total costs for drilling and completing this well are 68% and Victory Oil’s share of costs are 32%. As of June 30, 2011, the Company’s share of costs for drilling this well are approximately $897,000 and Victory Oil’s share of the costs were approximately $422,000. At June 30, 2011, the Company has a joint interest billing receivable of approximately $69,000 for its remaining share of the costs for drilling and operating this well. Initial production results from this well indicated water entry problems that have disrupted the flow of oil from this well. The Company has been attempting to correct these problems with different procedures and treatments. As of this report, the initial problem still exists.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 25 R9.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2011
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	4. Commitments and Contingencies In February 2002, the Company entered into an employment agreement with John H. Alexander pursuant to which Mr. Alexander agreed to serve as the Company’s Vice President. On June 3, 2004, Mr. Alexander was appointed as the Company’s President and Chief Executive Officer. The employment agreement is for an initial term of six years, which term automatically renews annually if written notice is not tendered. The agreement was automatically renewed on June 3, 2011. Pursuant to the employment agreement, the Company may terminate Mr. Alexander’s employment with or without cause at any time before its term expires upon providing written notice. In the event the Company terminates Mr. Alexander’s employment without cause, Mr. Alexander would be entitled to receive a severance amount equal to his annual base salary and benefits for the balance of the term of his employment agreement. In the event of termination by reason of Mr. Alexander’s death or permanent disability, his legal representative will be entitled to receive his annual salary and benefits for the remaining term of his employment agreement. In the event of, or termination following, a change in control of the Company, as defined in the agreement, Mr. Alexander would be entitled to receive his annual salary and benefits for the remainder of the term of his agreement. In the event that Mr. Alexander is terminated the Company would incur approximately $600,000 in costs. The Company has been notified by the United States Environmental Protection Agency (EPA) of a final settlement offer to settle its potential liability as a generator of waste containing hazardous substances that was disposed of at a waste disposal site in Santa Barbara County. The Company has responded to the EPA by indicating that the waste contained petroleum products that fall within the exception to the definition of hazardous substances for petroleum-related substances of the pertinent EPA regulations. Management has concluded that under both Federal and State regulations no reasonable basis exists for any valid claim against the Company. As such, the likelihood of any settlement is deemed remote. There has been not further communication form the EPA on this matter since September 25, 2009.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Publisher FASB
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-Name Statement of Financial Accounting Standard (FAS)
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Income Tax Provision

6 Months Ended

Jun. 30, 2011

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

5. Income Tax Provision

The Company recognized an income tax provision of $166,700 for the six months ended June 30, 2011 compared to a net income tax benefit of $210,500 for the same period in 2010.

Income tax provision for the six months ended June 30, 2011 was calculated as follows:

	Federal		State		Total

Current tax provision	$	94,800	$	15,800	$	110,600
Deferred tax provision		43,800		12,300		56,100

	$	138,600	$	28,100	$	166,700

Income tax provision (benefit) for the six months June 30, 2010 was calculated as follows:

	Federal			State			Total

Current tax provision	$	37,850		$	7,050		$	44,900
Deferred tax (benefit)		(198,900	)		(56,500	)		(255,400	)

	$	(161,050	)	$	(49,450	)	$	(210,500	)

Income tax provision for the three months ended June 30, 2011 was calculated as follows:

	Federal		State		Total

Current tax provision	$	54,500	$	9,900	$	64,400
Deferred tax provision		26,100		7,300		33,400

	$	80,600	$	17,200	$	97,800

Income tax provision (benefit) for the three months ended June 30, 2010 was calculated as follows:

	Federal			State			Total

Current tax provision	$	20,850		$	4,050		$	24,900
Deferred tax (benefit)		(228,850	)		(65,100	)		(293,950	)

	$	(208,000	)	$	(61,050	)	$	(269,050	)

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Name Statement of Financial Accounting Standard (FAS)
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-Section 08
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2011
Subsequent Events [Abstract]
Subsequent Events [Text Block]	13. Subsequent Events The Company evaluated subsequent events after the balance sheet date of June 30, 2011 through the date these unaudited financial statements were issued.

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Severance Award Agreements
6 Months Ended

Jun. 30, 2011

Severance Award Agreements [Abstract]

Severance Award Agreements [Text Block]
6. Severance Award Agreements

On September 15, 2010, the Company and John Alexander entered into a Severance Award Agreement pursuant to which the Company awarded Mr. Alexander a supplemental payment in connection with his future severance of employment with the Company and recorded an increase to stockholders’ equity of $113,500 (25,000 shares at $4.54 per share). Pursuant to the Severance Award Agreement and following the termination of Mr. Alexander’s employment, he will be entitled to receive (at the Company’s option) 25,000 shares of the Company’s common stock or the then-fair market value of the shares. As of September 30, 2010, the Company intends to deliver the Company’s common shares for the Severance Award; therefore, in accordance with FASB ASC Topic 718, Compensation-Stock Compensation, management has classified the share-based compensation as stockholders’ equity at September 30, 2010.

XML 31 R5.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 746,665	$ (121,201)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for depletion, depreciation, and amortization	411,423	346,260
Valuation allowances	54,384	867,468
Gain on sale of fixed assets	(1,012)	0
Stock based compensation	43,743	0
Accretion expense	21,564	12,111
Loss on disposal of fixed assets	0	803
Deferred income taxes	56,100	(255,400)
Asset retirement obligations	11,779	0
Changes in operating assets and liabilities:
(Increase) in trade accounts and interest receivable	(159,627)	(80,418)
Decrease (Increase) in crude oil inventories	156	(2,073)
Decrease in prepaid expenses	118,272	71,747
(Increase) in other assets	(10,000)	0
(Decrease) in accounts payable and accrued liabilities	(128,879)	(132,929)
Net cash provided by operating activities	1,164,568	706,368
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,125,556)	(1,498,010)
Redemptions of short-term investments	0	480,000
Payments to acquire short-term investments	0	(250,000)
(Increase) decrease in short-term investments	(21,657)	38,101
Proceeds from sale of property and equipment	21,000	0
Net cash used in investing activities	(1,126,213)	(1,229,909)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans to employees	(800)	(1,900)
Proceeds from issuance of long-term debt	55,979	0
Principal payments from loans to employees	800	2,300
Principal payments on long-term debt	(12,659)	(12,304)
Net cash provided by (used in) financing activities	43,320	(11,904)
Net increase (decrease) in cash and cash equivalents	81,675	(535,445)
Cash and cash equivalents at beginning of year	1,535,532	1,438,825
Cash and cash equivalents at end of year	1,617,207	903,380
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the six months for interest	1,891	303
Cash paid during the six months for income taxes	$ 111,800	$ 800

XML 32 R7.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2011
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	2. Recent Accounting Pronouncements ASU 2010-28 – In December 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-28, “ When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts” (“ASU 2010-28”). ASU 2010-28 provides amendments to ASC No. 350 “ Intangibles- Goodwill and Other” , modifying Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist. The qualitative factors are consistent with the existing guidance and examples in paragraph 350-20-35-30, which requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010 and early adoption is not permitted. The adoption of ASU 2010-28 did not have a material impact on the Company’s financial condition, results of operations and cash flows, or disclosures thereto. ASU 2010-29 – In December 2010, the FASB issued ASU No. 2010-29, “ Disclosure of Supplementary Pro Forma Information for Business Combinations” (“ASU 2010-29”). ASU 2010-29 provides amendments to ASC No. 805 “Business Combinations” , which specify that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments in this update also expand the supplemental pro forma disclosure under ASC No. 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amendments in this update are effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010, with early adoption permitted. The adoption of ASU 2010-29 did not have a material impact on the Company’s financial condition, results of operations and cash flows, or disclosures thereto. ASU 2011-04 - In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (ASU 2011-04) which amends ASC Topic 820, Fair Value Measurement. The updated guidance in ASC Topic 820 changes the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The updated guidance in ASC Topic 820 is effective during interim and annual period beginning after December 15, 2011. Early adoption is not permitted. We are currently evaluating the impact of ASU 2011-04 on our results of operations, financial condition and disclosure requirements. We will apply the provisions of these accounting standards after the effective date. ASU 2011-05 - In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income” (ASU 2011-05) which amends ASC Topic 220, Comprehensive Income. The updated guidance in ASC Topic 220 gives an entity the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The updated guidance in ASC Topic 220 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance will not have any impact on our results of operations or financial condition.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References+ Details

XML 33 R16.htm IDEA: XBRL DOCUMENT

Registration Statement on Form S-3	6 Months Ended
Registration Statement on Form S-3	Jun. 30, 2011
Registration Payment Arrangements [Abstract]
Registration Statement On Form S-3 [Text Block]	11. Registration Statement on Form S-3 The Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC) on December 22, 2009, that became effective on January 14, 2010. The registration statement is designed to provide the Company the flexibility to offer and sell from time to time up to $20 million of the Company’s common stock. The Company may offer and sell such securities through one or more methods of distribution, subject to market conditions and the Company’s capital needs. The terms of any offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of the offering. The Company has not filed any supplemental prospectus with the SEC or sold any common stock under this registration statement.

XML 34 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 1,617,207	$ 1,535,532
Short-term investments	3,080,185	3,058,528
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2011 and 2010)	599,410	508,457
Joint interest billing receivable	68,674	0
Crude oil inventory	86,205	86,361
Prepaid expenses and other assets	112,604	230,876
Deferred Income taxes	262,500	245,100
TOTAL CURRENT ASSETS	5,826,785	5,664,854
PROPERTY AND EQUIPMENT, at cost:
Oil and gas properties and equipment (successful efforts method)	19,102,006	18,101,529
Capitalized asset retirement costs	401,242	389,463
Drilling and operating equipment	1,953,683	1,946,805
Land, buildings and improvements	1,073,918	1,066,571
Automotive, office and other property and equipment	1,226,301	1,182,613
Property, Plant and Equipment, Gross, Total	23,757,150	22,686,981
Less - accumulated depletion, depreciation, amortization and valuation allowances	(19,118,315)	(18,687,908)
TOTAL PROPERTY AND EQUIPMENT	4,638,835	3,999,073
OTHER ASSETS
Deferred income taxes	635,000	708,500
Deposits	250,000	250,000
Other assets	17,380	7,380
TOTAL OTHER ASSETS	902,380	965,880
TOTAL ASSETS	11,368,000	10,629,807
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	90,486	73,374
Accrued professional fees	88,049	122,506
Accrued taxes, other than income taxes	0	63,361
Accrued payroll and related costs	67,880	60,365
Accrued royalties payable	213,969	193,052
Accrued insurance	11,484	86,888
Accrued income taxes	11,600	12,800
Current maturities of long-term debt	31,793	13,473
TOTAL CURRENT LIABILITIES	515,261	625,819
Long-term debt, net of current maturities	51,946	26,946
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS	1,268,536	1,235,193
TOTAL LIABILITIES	1,835,743	1,887,958
COMMITMENTS AND CONTINGENCIES (Note 4)
SHAREHOLDERS' EQUITY:
Preferred stock, no par value Authorized - 10,000,000 shares Issued and outstanding - none	0	0
Common stock, no par value (Note 6, 7 and 9) Authorized - 50,000,000 shares Issued and outstanding - 4,683,853 shares	1,682,971	1,639,228
Retained earnings	7,849,286	7,102,621
TOTAL STOCKHOLDERS' EQUITY	9,532,257	8,741,849
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 11,368,000	$ 10,629,807

Severance Award Agreements	6 Months Ended
Severance Award Agreements	Jun. 30, 2011
Severance Award Agreements [Abstract]
Severance Award Agreements [Text Block]	6. Severance Award Agreements On September 15, 2010, the Company and John Alexander entered into a Severance Award Agreement pursuant to which the Company awarded Mr. Alexander a supplemental payment in connection with his future severance of employment with the Company and recorded an increase to stockholders’ equity of $113,500 (25,000 shares at $4.54 per share). Pursuant to the Severance Award Agreement and following the termination of Mr. Alexander’s employment, he will be entitled to receive (at the Company’s option) 25,000 shares of the Company’s common stock or the then-fair market value of the shares. As of September 30, 2010, the Company intends to deliver the Company’s common shares for the Severance Award; therefore, in accordance with FASB ASC Topic 718, Compensation-Stock Compensation, management has classified the share-based compensation as stockholders’ equity at September 30, 2010.