Pyramid Oil Company Provides Update on New Carneros Creek Well

BAKERSFIELD, CA--(Marketwire - March 26, 2008) - Pyramid Oil Company (AMEX: PDO) today announced it has completed drilling operations on its new well in the Carneros Creek field, located in Kern County, California. After reaching a depth of 3,300 feet, logging operations were conducted on the well, and production casing was run. Pyramid expects to begin additional completion operations on the well within the coming week, and intends to announce production results in the near future.

About Pyramid Oil Company

Pyramid Oil Company has been in the oil and gas business continuously since incorporating in 1909. Pyramid acquires interests in land and producing properties through acquisition and lease, and then drills and/or operates crude or natural gas wells in an effort to discover or produce oil and/or natural gas. More information about the Company can be found at: http://www.pyramidoil.com.

Safe Harbor Statement

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements regarding the completion and testing of wells. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Factors that could cause or contribute to such differences include, but are not limited to the value of crude oil or the performance of wells.

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