PYRAMID OIL COMPANY STATEMENTS OF OPERATIONS (UNAUDITED) Three months ended March 31, 2010 2009 ------------ ------------ REVENUES: $ 1,001,739 $ 594,045 ------------ ------------ COSTS AND EXPENSES: Operating expenses 339,920 351,350 General and administrative 207,367 225,304 Taxes, other than income and payroll taxes 27,820 48,298 Provision for depletion, depreciation and amortization 149,387 158,314 Valuation allowances 25,141 0 Accretion expense 6,213 5,866 Other costs and expenses 17,240 24,171 ------------ ------------ 773,088 813,303 ------------ ------------ OPERATING INCOME (LOSS) 228,651 -219,258 ------------ ------------ OTHER INCOME (EXPENSE): Interest income 7,953 26,475 Other income 2,797 3,600 Interest expense -181 -415 ------------ ------------ 10,569 29,660 ------------ ------------ INCOME (LOSS) BEFORE INCOME TAX PROVISION (BENEFIT) 239,220 -189,598 Income tax provision (benefit) Current 20,000 -103,383 Deferred 38,550 103,000 ------------ ------------ 58,550 -383 ------------ ------------ NET INCOME (LOSS) $ 180,670 $ -189,215 ============ ============ BASIC INCOME (LOSS) PER COMMON SHARE $ 0.04 $ -0.04 ============ ============ DILUTED INCOME (LOSS) PER COMMON SHARE $ 0.04 $ -0.04 ============ ============ Weighted average number of common shares outstanding 4,677,728 4,677,728 ============ ============ Diluted average number of common shares outstanding 4,686,018 4,677,728 ============ ============ PYRAMID OIL COMPANY BALANCE SHEETS ASSETS March 31, December 31, 2010 2009 (Unaudited) (Audited) ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $ 1,083,551 $ 1,438,825 Short-term investments 3,348,487 3,344,061 Trade accounts receivable 585,980 375,954 Income taxes receivable 104,281 124,281 Crude oil inventory 89,177 62,760 Deferred income taxes 196,200 196,200 Prepaid expenses and other assets 141,837 169,595 ------------ ------------ TOTAL CURRENT ASSETS 5,549,513 5,711,676 ------------ ------------ PROPERTY AND EQUIPMENT, at cost Oil and gas properties and equipment (successful efforts method) 16,596,418 16,085,228 Capitalized asset retirement costs 389,463 382,550 Drilling and operating equipment 2,109,993 2,109,993 Land, buildings and improvements 1,066,571 1,065,371 Automotive, office and other property and equipment 1,164,035 1,160,617 ------------ ------------ 21,326,480 20,803,759 Less: accumulated depletion, depreciation, amortization and valuation allowance -17,296,047 -17,125,834 ------------ ------------ 4,030,433 3,677,925 ------------ ------------ OTHER ASSETS Deposits 250,000 250,000 Deferred income taxes 446,850 485,400 Other Assets 17,013 17,013 ------------ ------------ TOTAL ASSETS $ 10,293,809 $ 10,142,014 ============ ============ PYRAMID OIL COMPANY BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY March 31, December 31, 2010 2009 (Unaudited) (Audited) ------------ ------------ CURRENT LIABILITIES: Accounts payable $ 49,029 $ 88,170 Accrued professional fees 108,739 138,381 Accrued taxes, other than income taxes 62,310 62,310 Accrued payroll and related costs 65,108 51,606 Accrued royalties payable 197,955 159,933 Accrued insurance 36,326 54,947 Current maturities of long-term debt 14,518 20,640 ------------ ------------ TOTAL CURRENT LIABILITIES 533,985 575,987 ------------ ------------ LIABILITY FOR ASSET RETIREMENT OBLIGATION 1,206,451 1,193,324 ------------ ------------ TOTAL LIABILITIES 1,740,436 1,769,311 ------------ ------------ COMMITMENTS STOCKHOLDERS' EQUITY: Preferred stock - no par value; 10,000,000 authorized shares; no shares issued or outstanding 0 0 Common stock - no par value; 50,000,000 authorized shares; 4,677,728 shares issued and outstanding 1,515,945 1,515,945 Retained earnings 7,037,428 6,856,758 ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 8,553,373 8,372,703 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,293,809 $ 10,142,014 ============ ============
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