Pyramid Oil Company Celebrates 100 Years of Operation
Pyramid Oil Company 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."