Pyramid Oil Company Celebrates 100 Years of Continuous Operation
Do you know when to trade PDO ?
PDO | Quote | Chart | News | PowerRating -- Pyramid Oil Company (NYSE Amex: PDO | Quote | Chart | News | PowerRating) today announced it has achieved
100 years of continuous operation as an independent exploration and
production company. Pyramid was incorporated in California on
October 9, 1909, when California oil sold for approximately $0.60 per
barrel. The Company commenced operations with the purchase of a
75-acre producing property in Ventura County's Santa Paula oil
fields.
Today, Pyramid's production takes place on the Company's 27 oil and
gas leases located within California's Kern and Santa Barbara
Counties. Pyramid also is participating in a 5,700-acre natural gas
joint venture in south-central Texas. During its most recent fiscal
year, Pyramid generated net income of $1.5 million on revenues of
$6.6 million.
John Alexander, who joined Pyramid in 1986 and has served as
president and CEO since 2004, said, "After 100 years and countless
boom and bust cycles, Pyramid continues to succeed as an independent
oil and gas producer. The talent and resiliency of our founders and
many employees throughout the years have allowed the Company to
continue operating when so many of our peers could not. Pyramid has
emerged from the most recent downturn with a strong balance sheet, a
portfolio of producing properties and a range of opportunities for
future growth. We look forward to continuing the Pyramid tradition
of success as we maintain our focus on building value for our
shareholders."
About Pyramid Oil Company
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 opportunities for future growth, continuing the
Pyramid tradition of success and building future value for our
shareholders. 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.
CONTACTS:
John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000
Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044
SOURCE: Pyramid Oil Company
For full details on Pyramid Oil (PDO) PDO. Pyramid Oil (PDO) has Short Term PowerRatings at TradingMarkets. Details on Pyramid Oil (PDO) Short Term PowerRatings is available at This Link.
- Pyramid Oil Co. (PDO) Corporate Event Announcement Notice - 03/11/10
- Pyramid Oil Co. (PDO) Corporate Event Announcement Notice - 03/10/10
- Portal Resources Grants Options - 03/05/10
- Bharat Book Bureau: Pyramid Oil Company - Financial Analysis Review - 02/19/10
- Pyramid Oil concludes drilling operations on Carneros Creek well - 02/03/10
- More News >>
