Yuma Energy 8-K Pyramid Oil Company Reports First Quarter Financial Results

Exhibit 99.1

Pyramid Oil Company FOR IMMEDIATE RELEASE:

Pyramid Oil Company Reports First Quarter Financial Results

BAKERSFIELD, Calif. – May 14, 2013 – Pyramid Oil Company (Amex: PDO) today announced financial results for its first quarter ended March 31, 2013.

First quarter revenue was $1.0 million versus $1.4 million in the same quarter of fiscal 2012. The decrease was attributable to lower crude sales volumes versus the year-ago first quarter, and lower crude oil prices, which declined by $5.53 per average barrel of oil equivalent (BOE) to $106.29 from $111.82 per average BOE in the 2012 first quarter.

Operating income was $164,000 versus $457,000 in the first quarter last year. Net income was $113,000, or $0.02 per share, versus $372,000, or $0.08 per share, during the same quarter in 2012.

Pyramid ended the first quarter with cash, cash equivalents and short-term investments of $6.0 million, total current assets of $7.1 million, and working capital of $6.4 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. Current liabilities at March 31 were $680,000 and total liabilities were $2.0 million. Stockholders’ equity at the end of the quarter was $10.8 million.

“We remain focused on advancing our previously discussed 2013 drilling program, which principally involves re-entering various wells on our Delaney Tunnell property in Santa Maria California,” said John Alexander, president and CEO. “We are currently working to secure the required State drilling permits and a contract rig, and hope to commence drilling operations during the second half of the year.”

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

BALANCE SHEETS

ASSETS

	March 31,		December 31,
	2013		2012
	(Unaudited)		(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	3,827,960	$	3,834,097
Short-term investments		2,137,040		2,135,709
Trade accounts receivable		468,564		375,090
Income taxes receivable		67,069		73,069
Crude oil inventory		116,666		82,180
Prepaid expenses and other assets		201,135		257,370
Deferred income taxes		264,400		264,400
TOTAL CURRENT ASSETS		7,082,834		7,021,915
PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment
(successful efforts method)		20,044,387		20,007,453
Capitalized asset retirement costs		425,978		425,978
Drilling and operating equipment		2,058,744		1,966,750
Land, buildings and improvements		1,098,918		1,098,918
Automotive, office and other
property and equipment		1,202,544		1,202,544
		24,830,571		24,701,643
Less: accumulated depletion, depreciation,
amortization and valuation allowances		-21,066,303		-20,953,324
TOTAL PROPERTY AND EQUIPMENT		3,764,268		3,748,319
INVESTMENTS AND OTHER ASSETS
Long-term investments		1,108,968		1,101,526
Deferred income taxes		565,700		621,800
Deposits		250,000		250,000
Other Assets		17,380		17,380
TOTAL INVESTMENTS OTHER ASSETS		1,942,048		1,990,706
TOTAL  ASSETS	$	12,789,150	$	12,760,940

PYRAMID OIL COMPANY
BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
	March 31,		December 31,
	2013		2012
	(Unaudited)		(Audited)
CURRENT LIABILITIES:
Accounts payable	$	191,426	$	226,759
Accrued professional fees		89,838		120,000
Accrued taxes, other than income taxes		70,407		70,407
Accrued payroll and related costs		72,978		58,954
Accrued royalties payable		205,892		204,509
Accrued insurance		49,348		94,116
TOTAL CURRENT LIABILITIES		679,889		774,745
LONG TERM DEBT, net of current maturites		0		0
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS		1,338,240		1,327,861
TOTAL LIABILITIES		2,018,129		2,102,606
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;
4,688,085 shares issued and
outstanding		1,682,971		1,682,971
Retained earnings		9,088,050		8,975,363
TOTAL STOCKHOLDERS' EQUITY		10,771,021		10,658,334
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	12,789,150	$	12,760,940

PYRAMID OIL COMPANY
STATEMENTS OF OPERATIONS
(UNAUDITED)
	Three months ended March 31,
	2013		2012
REVENUES:
Oil and gas sales	$	1,007,803	$	1,369,058
COSTS AND EXPENSES:
Operating expenses		434,438		429,941
General and administrative		222,141		211,016
Taxes, other than income and payroll taxes		30,397		47,421
Provision for depletion,
depreciation and amortization		112,979		181,156
Accretion expense		10,379		13,087
Other costs and expenses		33,225		29,805
		843,559		912,426
OPERATING  INCOME		164,244		456,632
OTHER INCOME (EXPENSE):
Interest income		10,311		10,690
Other income		0		0
Interest expense		0		-426
		10,311		10,264
INCOME BEFORE INCOME
TAX PROVISION		174,556		466,896
Income tax provision
Current		5,769		48,400
Deferred		56,100		46,400
		61,869		94,800
NET INCOME	$	112,687	$	372,096
BASIC INCOME PER COMMON SHARE	$	0.02	$	0.08
DILUTED INCOME PER COMMON SHARE	$	0.02	$	0.08
Weighted average number of
common shares outstanding		4,688,085		4,683,853
Diluted average number of
common shares outstanding		4,688,085		4,687,033