Contact Information: CONTACTS: John H. Alexander President and CEO Pyramid Oil Company 661-325-1000 Geoff High Principal Pfeiffer High Investor Relations, Inc. 303-393-7044
Pyramid Oil Company Corrects Third-Party Information Regarding Oil and Gas Reserves
| Source: Pyramid Oil Company
BAKERSFIELD, CA--(Marketwire - June 26, 2008) - Pyramid Oil Company (AMEX : PDO ) today
announced that as of January 1, 2008, the Company had estimated future net
recoverable proved reserves (from both developed and undeveloped
properties) of 806,000 barrels of crude oil, as was reported in the
Company's Annual Report on Form 10-KSB with the Securities and Exchange
Commission (SEC) on March 31, 2008, for the fiscal year ended December 31,
2007.
On June 25, 2008, it was brought to the Company's attention that certain
websites have incorrectly reported that, as of January 1, 2008, Pyramid had
proved crude oil reserves of 806 million barrels of oil. Pyramid Oil had
no involvement in the dissemination of this incorrect information and
advises investors and other persons to rely only on the information that is
contained in the company's Annual Report on Form 10-KSB, and its other
filings with the SEC.
About Pyramid Oil Company
Pyramid Oil Company has been in the oil and gas business continuously since
incorporating in 1909. Pyramid acquires interests in land and producing
properties through acquisition and lease, and then drills and/or operates
crude or natural gas wells in an effort to discover or produce oil and/or
natural gas. More information about the Company can be found at:
http://www.pyramidoil.com.
Safe Harbor Statement
Certain statements and information included in this press release
constitute "forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995, including statements
regarding the completion and tes1ting of wells. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause the
Company's actual results in future periods to differ materially from
forecasted results. Factors that could cause or contribute to such
differences include, but are not limited to the value of crude oil or the
performance of wells.