Yuma Energy 8-K Pyramid Oil Company Reports Second Quarter and Six-Month

Exhibit 99.1

Pyramid Oil Company FOR IMMEDIATE RELEASE:

Pyramid Oil Company Reports Second Quarter and Six-Month

Financial Results

Strong Operating Cash Flow Further Strengthens Financial Position

BAKERSFIELD, Calif. – August 14, 2012 – Pyramid Oil Company (Amex: PDO) today announced financial results for its second quarter and six-month period ended June 30, 2012.

Second quarter revenue was $1.3 million versus $1.5 million in the same quarter a year ago. The decline was principally attributable to lower crude production volumes. The Company realized second quarter crude prices per average barrel of oil equivalent (BOE) of $108.06 versus $108.79 per average BOE in the same quarter last year.

Operating income was $368,000 versus $512,000 in the second quarter last year. Net income was $289,000, or $0.06 per share, versus net income of $427,000, or $0.09 per share in comparable prior-year quarter.

For the six-month period, revenue was $2.7 million versus $2.9 million during the same period of 2011. Operating income was $824,000 versus $888,000 in the comparable prior-year period, while net income was $661,000, or $0.14 per share, compared with net income of $747,000, or $0.16 per share, in the same period a year ago. Operating cash flow at the mid-year mark increased to $1.3 million from $1.2 million during the first six months of last year.

Pyramid’s financial position continued to strengthen, with cash, cash equivalents and short-term investments increasing to $5.3 million from $4.9 million at December 31, 2011. Working capital improved to $5.7 million from $5.4 million, while total current assets increased to $6.2 million from $6.1 million. At June 30, 2012, the Company also held long-term assets of $1.1 million in the form of certificates of deposit, which, when combined with cash, cash equivalents and short-term investments, was equivalent to $1.37 per share. Pyramid’s current ratio at the end of the second quarter was more than 13:1, and its balance sheet remained free of long-term debt.

“We have delivered another quarter of solid profitability and improved financial strength,” said John Alexander, president and CEO. “Our results continue to reflect our lean corporate structure and the strong pricing we receive for our crude production. So far in the third quarter, our realized crude prices have continued to average more than $100 per BOE.”

Alexander added, “Our recent efforts to increase production have not come without challenges. Our drilling plans have been hampered by the limited availability of contract rigs in our region, and we continue to face production issues with our most recent development well, the Santa Fe #20. We have achieved limited production volumes from the well to date, and have attempted a variety of technical procedures to address what we believe is a blockage in the well bore. We are now considering a re-perforation of the well, which we likely will perform later in the third quarter.”

“Although these issues have temporarily slowed some of our operational progress, we have remained solidly profitable in what is an inherently volatile industry,” Alexander added. “Moreover, our strong financial position has given us the flexibility to evaluate various strategic opportunities that could enhance our reserve portfolio and increase production. Our primary objective in this review process is to enhance long-term value for our shareholders by targeting opportunities that appropriately balancing risk and reward.”

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 June 30,				Six months ended June 30,
	2012		2011		2012		2011
REVENUES:
Oil and gas sales	$	1,340,314	$	1,549,029	$	2,709,372	$	2,876,339
COSTS AND EXPENSES:
Operating expenses		459,798		447,889		889,739		861,545
General and administrative		228,878		219,072		439,894		443,792
Stock based compensation		0		43,743		0		43,743
Taxes, other than income
and payroll taxes		36,960		27,104		84,381		63,959
Provision for depletion,
depreciation and amortization		186,738		225,895		367,894		411,423
Valuation allowances		0		5,851		0		54,384
Accretion expense		5,730		5,229		18,817		21,564
Other costs and expenses		54,669		62,197		84,474		87,684
		972,773		1,036,980		1,885,199		1,988,094
OPERATING INCOME		367,541		512,049		824,173		888,245
OTHER INCOME (EXPENSE):
Interest income		10,170		13,159		20,860		26,511
Other income		250		0		250		500
Interest expense		-290		-385		-716		-1,891
		10,130		12,774		20,394		25,120
INCOME BEFORE INCOME
TAX PROVISION		377,671		524,823		844,567		913,365
Income tax provision
Current		34,600		64,400		83,000		110,600
Deferred		54,500		33,400		100,900		56,100
		89,100		97,800		183,900		166,700
NET INCOME	$	288,571	$	427,023	$	660,667	$	746,665
BASIC INCOME
PER COMMON SHARE	$	0.06	$	0.09	$	0.14	$	0.16
DILUTED INCOME
PER COMMON SHARE	$	0.06	$	0.09	$	0.14	$	0.16
Weighted average number of
common shares outstanding		4,683,853		4,683,853		4,683,853		4,681,811
Diluted average number of
common shares outstanding		4,686,827		4,725,992		4,686,929		4,723,536

PYRAMID OIL COMPANY

BALANCE SHEETS

ASSETS

	June 30,		December 31,
	2012		2011
	(Unaudited)		(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	3,213,023	$	2,762,676
Short-term investments		2,132,644		2,128,380
Trade accounts receivable		358,945		549,476
Joint interest billing receivable		3,235		6,019
Income taxes receivable		23,669		21,169
Crude oil inventory		116,168		118,156
Prepaid expenses and other assets		113,352		255,846
Deferred income taxes		262,500		262,500
TOTAL CURRENT ASSETS		6,223,536		6,104,222
PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment
(successful efforts method)		19,847,970		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		1,228,147		1,192,118
		24,526,123		23,748,207
Less: accumulated depletion, depreciation,
amortization and valuation allowances		-20,459,549		-20,091,655
TOTAL PROPERTY AND EQUIPMENT		4,066,574		3,656,552
INVESTMENTS AND OTHER ASSETS
Long-term investments		1,086,311		1,071,984
Deferred income taxes		680,700		781,600
Deposits		250,000		250,000
Other Assets		17,380		17,380
TOTAL INVESTMENTS OTHER ASSETS		2,034,391		2,120,964
TOTAL  ASSETS	$	12,324,501	$	11,881,738

PYRAMID OIL COMPANY

BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

	June 30,		December 31,
	2012		2011
	(Unaudited)		(Audited)
CURRENT LIABILITIES:
Accounts payable	$	98,430	$	88,494
Accrued professional fees		100,834		142,990
Accrued taxes, other than income taxes		0		77,471
Accrued payroll and related costs		51,968		51,252
Accrued royalties payable		189,753		224,810
Accrued insurance		13,928		82,428
Accrued income taxes		0		0
Current maturities of long-term debt		22,330		32,285
TOTAL CURRENT LIABILITIES		477,243		699,730
LONG TERM DEBT, net of current maturites		0		22,330
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS		1,305,802		1,278,889
TOTAL LIABILITIES		1,783,045		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		8,858,485		8,197,818
TOTAL STOCKHOLDERS' EQUITY		10,541,456		9,880,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	12,324,501	$	11,881,738