About Pyramid Oil Company (PDO:AMEX)
Pyramid owns and operates 27 oil and gas leases located within Kern and Santa Barbara Counties in the State of California. All of Pyramid's oil production is classified as primary recovery production; although certain properties may be conducive to secondary recovery operations in the future, depending on the prevailing price of oil.
Crude oil and natural gas produced from Pyramid’s properties are sold to various refineries and pipeline companies. The majority of all oil and gas properties that Pyramid owns and operates is for its own account. Pyramid also participates in joint ventures with other companies in the development of oil and gas properties.
The Company owns a gross 12.5% working interest (before payout) in a Texas natural gas joint venture. The initial well in the project was drilled in early 2008, and after strong natural gas shows, the operator executed a gas sales contract and completed a 3.8-mile gas sales pipeline. The JV holds oil and gas leases on approximately 5,700 contiguous acres surrounding the initial well, and plans to commence additional drilling operations on the acreage.
- Pyramid owns and operates 27 oil and gas leases within Kern and Santa Barbara Counties. 21 leases were operating in 2007
- Company has potential to operate 121 wells on its California properties. 61 wells were operating in 2007
- Most production currently classified as primary recovery, although certain wells being considered for secondary recovery efforts in light of strong crude price environment
- Company enjoys 20+year relationships with its two largest crude customers: Conoco Phillips & Kern Oil & Refining
- Pyramid owns 12.5% of natural gas joint venture in south-central Texas covering 5,700 contiguous acres
- Post-frac testing of initial well indicated natural gas rates of over 4 million cubic feet/day and approximately 40 barrels/day of condensate.
- Gas tested at over 1,200 BTU/cubic foot andbottom-hole pressures exceeded 8,000 psi
- Gas sales expected to commence mid-2008
- Additional drilling on acreage expected shortlyafter completion of pipeline
Board of Directors and Executive Management Profiles
JOHN H. ALEXANDER, President and Chief Executive Officer
Mr. Alexander has been an independent oil operator in Orange County, California, since 1970. He has been President and Chief Executive Officer of Pyramid Oil Company since June 3, 2004. From 1986 to 2004, Mr. Alexander was Vice President and a director of the Company.
MICHAEL D. HERMAN, Chairman
Mr. Herman has been Chairman of the Company since July of 2005 and the majority shareholder of the Company since June 15, 2005. He also is the Chairman and sole shareholder of Heat Waves Hot Oil Service, LLC and Dillco. Heat Waves and Dillco provide various energy related services such as water hauling, acidizing, frac heating and hot oil services to customers in Kansas, Oklahoma, Colorado and New Mexico. Mr. Herman was the Chairman and owner of Pasadena, California based Key Food Ingredients, Inc. from January 1,2005 until October, 2007. Key Food Ingredients supplies dehydrated vegetables from its factory in Qngdao, China to customers worldwide. He also was Chairman and owner of Telematrix, Inc. from October 1992 until December 1998 when the company was sold to a major hospitality company, and he repurchased a majority ownership interest in December 2004 and held that majority ownership interest until April 2006. Telematrix Inc. designs and distributes communications products and telephones to hospitality and business customers globally. From November 2003 until February 2005, Mr. Herman was Chairman and majority shareholder of Ft. Lauderdale based Sunair Electronics but chose not to stand for re-election as a director in February 2006. Sunair Electronics is engaged in the design, manufacture and sale of high frequency communications equipment for long-range voice and data applications.
THOMAS W. LADD, Director
Mr. Ladd has been President and Chairman of the Board of Tetra Oil Company, which is engaged in petroleum lease acquisition, exploration and operations, since 1979. Mr. Ladd is also an independent geologist, offering consulting services in petroleum, government compliance, environmental assessments and co-generation development.
GARY L. RONNING, Director
Mr. Ronning had been Executive Vice President, Western Region of Prime Natural Resources, LLC, since 1999. He previously was with Ferguson Energy, an independent oil and gas exploration company, since 1967. Mr. Ronning held several positions with Ferguson Energy.
JOHN E. TURCO
Mr. Turco has been the President and Chief Financial Officer of Corotto Company, Inc., an agricultural company growing citrus in Kern County, California, since March 1991. Mr. Turco has been President of Turco Desert Company, Inc., an agricultural company growing dates, grapes and citrus in California's Coachella Valley, since August 1991. Mr. Turco served as a member and chairman of the finance committee of the California Citrus Research Board from November 1992 until September 2001. He has served as a trustee of the United Agricultural Benefit Trust, which provides medical insurance to agricultural workers, since January 2002.
Chart and Stock Information
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the close of the period covered by this report.
COMMON STOCK WITHOUT PAR VALUE -- 4,677,728