Pyramid Announces 5-for-4 Stock Split
Bakersfield-based Pyramid Oil Company announced that its board of directors has approved a 5-for-4 split of the Company's common stock. Shareholders of record as of the close of business on the record date of June 24, 2008, will receive one additional share of common stock for each four shares held. The effective date of the split will be July 1, 2008, and the additional shares will be mailed or delivered on or about July 3, 2008, by the Company's transfer agent, Computershare Investor Services. Fractional shares will be rounded up. The stock split will increase the number of common shares outstanding from approximately 3,741,720 shares to approximately 4,677,150 shares.
John Alexander, president and CEO, said, "We have achieved strong improvements in our financial and operational performance, and are encouraged by the increased level of interest Pyramid has generated within the investment community. We believe this stock split will allow us to increase the size of our public float and make our shares more accessible to a broader base of prospective shareholders."