Yuma Energy 8-K Pyramid Oil Company Reports Strong Full-Year

Exhibit 99.1

Pyramid Oil Company FOR IMMEDIATE RELEASE:

Pyramid Oil Company Reports Strong Full-Year

and Fourth Quarter Financial Growth

Selected Highlights:

· Full-year oil and gas sales increase 26% to $5.7 million versus 2010

· Full-year EPS improves to $0.23 from $0.05 in prior year

· Operating cash flow increases to $2.5 million from $1.7 million in 2010

· Year-end cash, cash equivalents and short-term investments increase to $6.0 million from $4.6 million at end of 2010; long-term debt less than $25,000

BAKERSFIELD, Calif. – March 29, 2012 – Pyramid Oil Company (Amex: PDO) today announced financial results for its fiscal year and fourth quarter ended December 31, 2011.

Full-year oil and gas sales increased 26% to $5.7 million from $4.5 million in 2010. The increase was principally due to higher average crude oil prices, which increased by $28.74 per average barrel of oil equivalent (BOE) to $104.78 from $76.04 per average BOE in 2010. Total revenue increased 18% to $5.7 million from $4.8 million last year. Total revenue in 2010 included a $321,000 third-quarter gain on the sale of a portion of the Company’s interest in a Texas natural gas joint venture.

Full-year operating income increased to $1.2 million from $54,000 during in 2010. Net income increased to $1.1 million, or $0.23 per share, from net income of $246,000, or $0.05 per share, during 2010. The Company’s strong bottom-line growth was achieved despite non-cash valuation allowances in 2011 of $727,000 associated with two new wells that did not achieve anticipated production results.

For the fourth quarter, total revenue increased 18% to $1.4 million from $1.2 million in the same quarter last year. Average crude oil prices during the quarter increased $26.50 per average BOE to $108.15 from $81.65 per average BOE in the fourth quarter of 2010.

Pyramid reported fourth quarter operating income of $435,000 versus an operating loss of $91,000 in the prior year’s fourth quarter. Net income was $344,000, or $0.07 per share, versus a net loss of $27,000, or $0.01 per share, in the comparable prior-year period.

The Company closed the year with in cash, cash equivalents and short-term investments of $6.0 million, up 30% from $4.6 million at the end of 2010. Total current assets at December 31, 2011, were $7.2 million, working capital was $6.5 million and the Company had a current ratio of 10:1. Long-term debt was $22,000. Pyramid reported full-year cash flow from operations of $2.5 million, up 45% from $1.7 million during 2010.

“The financial results we delivered during 2011 resulted from the sustained strong price environment for crude coupled with our very lean cost structure,” said John Alexander, president and CEO. “Production from our core properties drove solid growth at both the top and bottom lines, as well as in operating cash flow. We also have augmented Pyramid’s financial position, and entered fiscal 2012 with the strongest balance sheet we have had in several years.”

“Looking forward, we will continue to pursue exploratory and developmental drilling prospects on our leases in Kern County, California. During the first quarter we commenced drilling the Santa Fe #20 well on our Carneros Creek property, and we hope to wrap up well completion efforts in the next few days. This is one of several wells we hope to drill during 2012, depending on rig availability. We also will continue to evaluate external growth opportunities as part of our overall objective of building shareholder value.”

About Pyramid Oil Company

Pyramid Oil Company has been in the oil and gas business continuously since incorporating in 1909. Pyramid acquires interests in land and producing properties through acquisition and lease, and then drills and/or operates crude or natural gas wells in an effort to discover or produce oil and/or natural gas. More information about the Company can be found at: http://www.pyramidoil.com.

Safe Harbor Statement

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements regarding the completion and testing of wells. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Factors that could cause or contribute to such differences include, but are not limited to the value of crude oil or the performance of wells.

###

CONTACTS:
John H. Alexander	Geoff High
President and CEO	Principal
Pyramid Oil Company	Pfeiffer High Investor Relations, Inc.
661-325-1000	303-393-7044

PYRAMID OIL COMPANY

STATEMENTS OF OPERATIONS

	Three months ended December 31,				Twelve months ended December 31,
	2011		2010		2011		2010
REVENUES:
Oil and gas sales	$	1,400,768	$	1,185,617	$	5,688,437	$	4,515,211
Gain on sales of property and equipment		0		0		1,512		320,556
		1,400,768		1,185,617		5,689,949		4,835,767
COSTS AND EXPENSES:
Operating expenses		506,619		411,683		1,789,569		1,576,892
General and administrative		213,404		221,106		879,779		874,899
Stock based compensation		0		9,783		43,743		123,283
Taxes, other than income
and payroll taxes		35,805		31,038		137,163		128,351
Provision for depletion,
depreciation and amortization		139,600		204,979		735,231		703,094
Valuation allowances		23,879		355,059		751,263		1,222,527
Accretion expense		18,521		16,180		45,314		34,955
Other costs and expenses		28,366		27,097		147,330		118,043
		966,194		1,276,925		4,529,392		4,782,044
OPERATING INCOME (LOSS)		434,574		-91,308		1,160,557		53,723
OTHER INCOME (EXPENSE):
Interest income		11,159		13,697		49,863		43,601
Other income (expense)		0		-24,058		500		-14,061
Interest expense		-561		33		-3,020		-300
		10,598		-10,328		47,343		29,240
INCOME (lLOSS) BEFORE INCOME
TAX PROVISION (BENEFIT)		445,172		-101,636		1,207,900		82,963
Income tax provision (benefit)
Current		39,903		17,000		203,203		109,100
Deferred		61,000		-91,900		-90,500		-272,000
		100,903		-74,900		112,703		-162,900
NET INCOME (LOSS)	$	344,269	$	-26,736	$	1,095,197	$	245,863
Basic Income (Loss) Per Common Share	$	0.07	$	-0.01	$	0.23	$	0.05
Diluted Income (Loss) Per Common Share	$	0.07	$	-0.01	$	0.23	$	0.05
Weighted average number of
common shares outstanding		4,683,853		4,677,728		4,683,853		4,677,728
Diluted average number of
common shares outstanding		4,687,580		4,686,003		4,687,580		4,686,003

PYRAMID OIL COMPANY

BALANCE SHEETS

ASSETS

	December 30,		December 31,
	2011		2010
	(Unaudited)		(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	2,762,676	$	1,535,532
Short-term investments		3,200,364		3,058,528
Trade accounts receivable		549,476		508,457
Joint interest billing receivable		6,019		0
Income taxes receivable		21,169		0
Crude oil inventory		118,156		86,361
Prepaid expenses and other assets		255,846		230,876
Deferred income taxes		262,500		245,100
TOTAL CURRENT ASSETS		7,176,206		5,664,854
PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment
(successful efforts method)		19,124,558		18,101,529
Capitalized asset retirement costs		401,242		389,463
Drilling and operating equipment		1,956,371		1,946,805
Land, buildings and improvements		1,073,918		1,066,571
Automotive, office and other
property and equipment		1,192,118		1,182,613
		23,748,207		22,686,981
Less: accumulated depletion, depreciation,
amortization and valuation allowances		-20,091,655		-18,687,908
TOTAL PROPERTY AND EQUIPMENT		3,656,552		3,999,073
OTHER ASSETS
Deferred income taxes		781,600		708,500
Deposits		250,000		250,000
Other Assets		17,380		7,380
TOTAL OTHER ASSETS		1,048,980		965,880
TOTAL  ASSETS	$	11,881,738	$	10,629,807

PYRAMID OIL COMPANY

BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

	December 30,		December 31,
	2011		2010
	(Unaudited)		(Audited)
CURRENT LIABILITIES:
Accounts payable	$	88,494	$	73,374
Accrued professional fees		142,990		122,506
Accrued taxes, other than income taxes		77,471		63,361
Accrued payroll and related costs		51,252		60,365
Accrued royalties payable		224,810		193,052
Accrued insurance		82,428		86,888
Accrued income taxes		0		12,800
Current maturities of long-term debt		32,285		13,473
TOTAL CURRENT LIABILITIES		699,730		625,819
LONG TERM DEBT, net of current maturites		22,330		26,946
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS		1,278,889		1,235,193
TOTAL LIABILITIES		2,000,949		1,887,958
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock-no par value;
Authorized - 10,000,000 shares;
Issued and outstanding - none		0		0
Common stock-no par value;
Authorized - 50,000,000;
Issued and outstanding - 4,683,853 shares
and 4,677,728 shares at December 31, 2011
and December 31, 2010, respectively		1,682,971		1,639,228
Retained earnings		8,197,818		7,102,621
TOTAL STOCKHOLDERS' EQUITY		9,880,789		8,741,849
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	11,881,738	$	10,629,807