Pyramid Oil Company Reports Q4 EPS of $(0.01)

Pyramid Oil Company PDO today announced financial results for its fourth quarter. Fourth quarter revenue increased 22% to $1.2 million from $971,000 in the comparable year-ago quarter. The increase is attributable to higher oil and gas revenue from the Company's core properties in Kern County, California. Operating loss declined to $91,000 from $302,000 in last year's fourth quarter, while net loss declined to $27,000, or $0.01 per diluted share, from a net loss of $183,000, or $0.04 per diluted share, in the fourth quarter a year ago. The Company also announced that the Pike 1-H, the first well in Pyramid's California joint venture with Victory Oil Company, has been drilled, logged and completed, and is expected to be placed on production by this weekend.