Yuma Energy 8-K Pyramid Oil Company Reports Continued Earnings Growth

Exhibit 99.1

Pyramid Oil Company FOR IMMEDIATE RELEASE:

Pyramid Oil Company Reports Continued Earnings Growth

in First Fiscal Quarter

BAKERSFIELD, Calif. – May 15, 2012 – Pyramid Oil Company (NYSE Amex: PDO) today announced financial results for its first quarter ended March 31, 2012.

First quarter revenue increased to $1.4 million from $1.3 million in the same quarter of fiscal 2011. The increase was attributable to higher crude oil prices, which increased by $14.70 per average barrel of oil equivalent (BOE) to $111.82 from $97.12 per average BOE in the 2011 first quarter.

Operating income increased to $457,000, up 21% from $376,000 in the first quarter last year. Net income increased 16% to $372,000, or $0.08 per share, from $320,000, or $0.07 per share, during the 2011 first quarter.

Pyramid ended the quarter with cash, cash equivalents and short-term investments of $4.9 million, total current assets of $6.0 million, and working capital of $5.4 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. These CDs were classified on the December 31, 2011, balance sheet as short-term investments, but have been reclassified due to their date of maturity. At March 31, the Company remained free of long-term debt.

“We have delivered another quarter of solid earnings growth and have maintained a very strong balance sheet,” said John Alexander, president and CEO. “During the period we also drilled a development well on our Carneros Creek property in Kern County, California. This well, the Santa Fe #20, has now been completed and stimulated using a gel-fracking procedure. Following an initial production of fluids, an unexplained blockage has occurred, and we are currently attempting to identify the cause and correct it.”

Mr. Alexander added, “As part of our long-range effort to increase oil volumes, we hope to drill at least two additional wells during the balance of the year, provided we can obtain contract drilling rigs. Of course we also will continue to evaluate external growth opportunities that could further enhance value for our shareholders.”

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.

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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

(UNAUDITED)

	Three months ended March 31,
	2012		2011
REVENUES:
Oil and gas sales	$	1,369,058	$	1,327,310
COSTS AND EXPENSES:
Operating expenses		429,941		413,656
General and administrative		211,016		224,720
Taxes, other than income and payroll taxes		47,421		36,855
Provision for depletion,
depreciation and amortization		181,156		185,528
Valuation allowances		0		48,533
Accretion expense		13,087		16,335
Other costs and expenses		29,805		25,487
		912,426		951,114
OPERATING  INCOME		456,632		376,196
OTHER INCOME (EXPENSE):
Interest income		10,690		13,352
Other income		0		500
Interest expense		-426		-1,506
		10,264		12,346
INCOME BEFORE INCOME
TAX PROVISION		466,896		388,542
Income tax provision
Current		48,400		46,200
Deferred		46,400		22,700
		94,800		68,900
NET INCOME	$	372,096	$	319,642
BASIC INCOME PER COMMON SHARE	$	0.08	$	0.07
DILUTED INCOME PER COMMON SHARE	$	0.08	$	0.07
Weighted average number of
common shares outstanding		4,683,853		4,679,770
Diluted average number of
common shares outstanding		4,687,033		4,687,030

PYRAMID OIL COMPANY

BALANCE SHEETS

ASSETS

	March 31,		December 31,
	2012		2011
	(Unaudited)		(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	2,740,356	$	2,762,676
Short-term investments		2,130,510		2,128,380
Trade accounts receivable		519,581		549,476
Joint interest billing receivable		8,495		6,019
Income taxes receivable		0		21,169
Crude oil inventory		134,709		118,156
Prepaid expenses and other assets		205,726		255,846
Deferred income taxes		262,500		262,500
TOTAL CURRENT ASSETS		6,001,877		6,104,222
PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment
(successful efforts method)		19,727,871		19,124,558
Capitalized asset retirement costs		409,338		401,242
Drilling and operating equipment		1,966,750		1,956,371
Land, buildings and improvements		1,073,918		1,073,918
Automotive, office and other
property and equipment		1,192,118		1,192,118
		24,369,995		23,748,207
Less: accumulated depletion, depreciation,
amortization and valuation allowances		-20,272,811		-20,091,655
TOTAL PROPERTY AND EQUIPMENT		4,097,184		3,656,552
INVESTMENTS AND OTHER ASSETS
Long-term investments		1,078,787		1,071,984
Deferred income taxes		735,200		781,600
Deposits		250,000		250,000
Other Assets		17,380		17,380
TOTAL INVESTMENTS OTHER ASSETS		2,081,367		2,120,964
TOTAL  ASSETS	$	12,180,428	$	11,881,738

PYRAMID OIL COMPANY

BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

	March 31,		December 31,
	2012		2011
	(Unaudited)		(Audited)
CURRENT LIABILITIES:
Accounts payable	$	126,360	$	88,494
Accrued professional fees		43,784		142,990
Accrued taxes, other than income taxes		77,471		77,471
Accrued payroll and related costs		59,645		51,252
Accrued royalties payable		209,085		224,810
Accrued insurance		45,354		82,428
Accrued income taxes		27,231		0
Current maturities of long-term debt		32,560		32,285
TOTAL CURRENT LIABILITIES		621,490		699,730
LONG TERM DEBT, net of current maturites		5,981		22,330
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS		1,300,072		1,278,889
TOTAL LIABILITIES		1,927,543		2,000,949
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock-no par value;
10,000,000 authorized shares;
no shares issued or outstanding		0		0
Common stock-no par value;
50,000,000 authorized shares;
4,683,853 shares issued and
outstanding		1,682,971		1,682,971
Retained earnings		8,569,914		8,197,818
TOTAL STOCKHOLDERS' EQUITY		10,252,885		9,880,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	12,180,428	$	11,881,738