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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in