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

Exhibit 99.1

Pyramid Oil Company FOR IMMEDIATE RELEASE:

Pyramid Oil Company Reports Second Quarter Financial Results

BAKERSFIELD, Calif. – August 14, 2013 – Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its second quarter ended June 30, 2013.

Second quarter revenue was $1.2 million versus $1.3 million in the same quarter last year. The decrease was attributable to lower crude sales volumes versus the year-ago second quarter, and lower crude oil prices. Crude prices declined by $9.27 per average barrel of oil equivalent (BOE) to $98.79 from $108.06 per average BOE in the 2012 second quarter.

Operating income was $173,000 versus $368,000 in the second quarter last year. Net income was $130,000, or $0.03 per share, versus $289,000, or $0.06 per share, during the same quarter in 2012.

For the six-month period, revenue was $2.2 million versus $2.7 million during the same period of 2012. Operating income was $337,000 versus $824,000 in the comparable prior-year period, while net income was $243,000, or $0.05 per share, versus $661,000, or $0.14 per share, in the same period a year ago. Operating cash flow at the mid-year mark was $485,000 compared with $1.3 million during the first six months of last year.

At June 30, Pyramid had cash, cash equivalents and short-term investments of $6.3 million, total current assets of $7.3 million, and working capital of $6.7 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. Current liabilities at June 30 were $559,000 and total liabilities were $1.9 million. Stockholders’ equity at the end of the quarter was $10.9 million.

John Alexander, president and CEO, said increasing Pyramid’s crude production volumes remains a high priority. “We are focused on advancing our well re-entry program in Santa Maria, California. We are still awaiting associated permits from the State of California, and then will secure a contract drilling rig. We remain optimistic we can commence drilling operations later this 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

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
REVENUES:
Oil and gas sales	$	1,154,409	$	1,340,314	$	2,162,212	$	2,709,372
COSTS AND EXPENSES:
Operating expenses		500,043		459,798		934,481		889,739
General and administrative		234,862		228,878		457,003		439,894
Taxes, other than income
and payroll taxes		37,158		36,960		67,555		84,381
Provision for depletion,
depreciation and amortization		148,817		186,738		261,796		367,894
Accretion expense		7,932		5,730		18,311		18,817
Other costs and expenses		52,973		54,669		86,198		84,474
		981,785		972,773		1,825,344		1,885,199
OPERATING INCOME		172,624		367,541		336,868		824,173
OTHER INCOME (EXPENSE):
Interest income		10,004		10,170		20,315		20,860
Other income		0		250		0		250
Interest expense		0		-290		0		-716
		10,004		10,130		20,315		20,394
INCOME BEFORE INCOME
TAX PROVISION		182,628		377,671		357,183		844,567
Income tax provision
Current		9,357		34,600		15,126		83,000
Deferred		43,200		54,500		99,300		100,900
		52,557		89,100		114,426		183,900
NET INCOME	$	130,071	$	288,571	$	242,757	$	660,667
BASIC INCOME
PER COMMON SHARE	$	0.03	$	0.06	$	0.05	$	0.14
DILUTED INCOME
PER COMMON SHARE	$	0.03	$	0.06	$	0.05	$	0.14
Weighted average number of
common shares outstanding		4,688,085		4,683,853		4,688,085		4,683,853
Diluted average number of
common shares outstanding		4,688,085		4,686,827		4,688,085		4,686,929

PYRAMID OIL COMPANY

BALANCE SHEETS

ASSETS

	June 30,		December 31,
	2013		2012
	(Unaudited)		(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	4,152,665	$	3,834,097
Short-term investments		2,138,406		2,135,709
Trade accounts receivable		467,160		375,090
Income taxes receivable		41,400		73,069
Crude oil inventory		83,582		82,180
Prepaid expenses and other assets		117,566		257,370
Deferred income taxes		264,400		264,400
TOTAL CURRENT ASSETS		7,265,179		7,021,915
PROPERTY AND EQUIPMENT, at cost
Oil and gas properties and equipment
(successful efforts method)		20,063,740		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
		24,849,924		24,701,643
Less: accumulated depletion, depreciation,
amortization and valuation allowances		-21,215,120		-20,953,324
TOTAL PROPERTY AND EQUIPMENT		3,634,804		3,748,319
INVESTMENTS AND OTHER ASSETS
Long-term investments		1,116,493		1,101,526
Deferred income taxes		522,500		621,800
Deposits		250,000		250,000
Other Assets		17,380		17,380
TOTAL INVESTMENTS OTHER ASSETS		1,906,373		1,990,706
TOTAL  ASSETS	$	12,806,356	$	12,760,940

PYRAMID OIL COMPANY
BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
	June 30,		December 31,
	2013		2012
	(Unaudited)		(Audited)
CURRENT LIABILITIES:
Accounts payable	$	177,346	$	226,759
Accrued professional fees		84,604		120,000
Accrued taxes, other than income taxes		0		70,407
Accrued payroll and related costs		57,446		58,954
Accrued royalties payable		226,500		204,509
Accrued insurance		13,197		94,116
TOTAL CURRENT LIABILITIES		559,093		774,745
LONG TERM DEBT, net of current maturites		0		0
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS		1,346,172		1,327,861
TOTAL LIABILITIES		1,905,265		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		9,218,120		8,975,363
TOTAL STOCKHOLDERS' EQUITY		10,901,091		10,658,334
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	12,806,356	$	12,760,940