Yuma Energy 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'PYRAMID OIL CO	'
Entity Central Index Key	'0000081318	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'PDO	'
Entity Common Stock, Shares Outstanding	'	4,788,085
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$4,355,590	$4,404,246
Restricted cash	0	967,329
Short-term investments	2,143,028	2,140,822
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2014 and 2013)	486,632	484,468
Income taxes receivable	724,400	12,400
Crude oil inventory	92,524	102,334
Prepaid expenses and other assets	126,839	249,030
Deferred income taxes	87,000	711,800
TOTAL CURRENT ASSETS	8,016,013	9,072,429
PROPERTY AND EQUIPMENT, at cost:	'	'
Oil and gas properties and equipment (successful efforts method)	19,899,762	19,883,190
Capitalized asset retirement costs	412,612	412,612
Drilling and operating equipment	2,058,744	2,058,744
Land, buildings and improvements	1,098,918	1,098,918
Automotive, office and other property and equipment	1,158,764	1,136,566
Property, Plant and Equipment, Gross, Total	24,628,800	24,590,030
Less - accumulated depletion, depreciation, amortization and valuation allowances	-21,529,273	-21,335,914
TOTAL PROPERTY AND EQUIPMENT	3,099,527	3,254,116
INVESTMENTS AND OTHER ASSETS	'	'
Long-term investments	1,146,674	1,131,707
Deferred income taxes	370,000	459,900
Deposits	250,000	250,000
Other assets	11,380	11,380
TOTAL INVESTMENTS AND OTHER ASSETS	1,778,054	1,852,987
TOTAL ASSETS	12,893,594	14,179,532
CURRENT LIABILITIES:	'	'
Accounts payable	304,429	290,930
Accrued professional fees	12,162	140,711
Accrued taxes, other than income taxes	0	54,444
Accrued payroll and related costs	37,572	40,932
Accrued royalties payable	240,548	226,502
Accrued insurance	36,018	113,480
Liability for deferred compensation	39,166	1,026,655
TOTAL CURRENT LIABILITIES	669,895	1,893,654
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS	1,329,352	1,305,862
TOTAL LIABILITIES	1,999,247	3,199,516
CONTINGENCIES (Note 4)	'	'
SHAREHOLDERS' 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 shares Issued and outstanding - 4,788,085 shares	1,847,384	1,847,384
Retained earnings	9,046,963	9,132,632
TOTAL SHAREHOLDERS' EQUITY	10,894,347	10,980,016
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$12,893,594	$14,179,532

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS [Parenthetical] (USD $)	Jun. 30, 2014	Dec. 31, 2013
Reserve for doubtful accounts (in dollars)	$4,000	$4,000
Preferred Stock, No Par Value (in dollars per share)	$0	$0
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, No Par Value (in dollars per share)	$0	$0
Common stock, shares authorized	50,000,000	50,000,000
Common Stock, shares, Issued	4,788,085	4,788,085
Common stock, shares outstanding	4,788,085	4,788,085

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUES:	'	'	'	'
Oil and gas sales	$1,022,757	$1,154,409	$2,066,356	$2,162,212
COSTS AND EXPENSES:	'	'	'	'
Operating expenses	435,837	500,043	932,127	934,481
General and administrative	272,328	234,862	850,291	457,003
Taxes, other than income and payroll taxes	27,495	37,158	61,104	67,555
Provision for depletion, depreciation, and amortization	113,541	148,817	217,511	261,796
Accretion expense	14,073	7,932	23,490	18,311
Other costs and expenses	43,989	52,973	90,079	86,198
Costs and expenses, Total	907,263	981,785	2,174,602	1,825,344
OPERATING (LOSS) INCOME	115,494	172,624	-108,246	336,868
OTHER INCOME (EXPENSE):	'	'	'	'
Interest income	9,736	10,004	19,397	20,315
Other income (loss)	-321	0	6,679	0
Nonoperating Income (Expense)	9,415	10,004	26,076	20,315
(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE	124,909	182,628	-82,170	357,183
Income tax (benefit) expense	'	'	'	'
Current	-186,200	9,357	-711,200	15,126
Deferred	238,200	43,200	714,700	99,300
Income tax (benefit) expense, Total	52,000	52,557	3,500	114,426
NET (LOSS) INCOME	$72,909	$130,071	($85,670)	$242,757
BASIC INCOME PER COMMON SHARE (in dollars per share)	$0.02	$0.03	($0.02)	$0.05
DILUTED INCOME PER COMMON SHARE (in dollars per share)	$0.02	$0.03	($0.02)	$0.05
Weighted average number of common shares outstanding (in shares)	4,754,752	4,688,085	4,721,418	4,688,085
Diluted average number of common shares outstanding (in shares)	4,761,614	4,688,085	4,721,418	4,688,085

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net (loss) income	($85,670)	$242,757
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:	'	'
Provision for depletion, depreciation, and amortization	217,511	261,796
Accretion expense	23,490	18,311
Deferred income taxes	714,700	99,300
Changes in operating assets and liabilities:	'	'
Trade accounts and income taxes receivable	-714,164	-60,401
Crude oil inventories	9,810	-1,402
Prepaid expenses	122,512	139,804
Deferred compensation liability	-987,489	0
Accounts payable and accrued liabilities	-236,270	-215,652
Net cash (used in) provided by operating activities	-935,570	484,513
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	-63,242	-148,281
Restricted cash	967,329	0
Increase in short-term investments	-2,206	-2,697
Increase in long-term investments	-14,967	-14,967
Net cash provided by (used in) Investing activities	886,914	-165,945
Net (decrease) increase in cash and cash equivalents	-48,656	318,568
Cash and cash equivalents at beginning of period	4,404,246	3,834,097
Cash and cash equivalents at end of period	4,355,590	4,152,665
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'
Cash paid during the six months for income taxes	$800	$800

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
		1	Summary of Significant Accounting Policies
	The financial statements include the accounts of Pyramid Oil Company (the “Company”). Such financial statements included herein have been prepared by the Company, without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
	A summary of the Company's significant accounting policies is contained in its Annual Report on Form 10-K for the year ended December 31, 2013. The financial data presented herein should be read in conjunction with the Company's December 31, 2013 financial statements and notes thereto, contained in the Company's Form 10-K.
	In the opinion of management, the unaudited financial statements, contained herein, include all adjustments necessary to present fairly the Company's financial position as of June 30, 2014 and the results of its operations and its cash flows for the three and six month periods ended June 30, 2014 and 2013. The results of operations for any interim period are not necessarily indicative of the results to be expected for a full year.
	Stock Based Compensation
	The Company accounts for its share based compensation in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718.  Stock-based compensation cost represents stock options issued to non-employee members of the Board of Directors, and is measured at the grant date based on the estimated fair value of the award, and is recognized as expense over the requisite vesting period.
	The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model. Assumptions relative to volatility and anticipated forfeitures are determined at the time of grant. There were no stock option grants during the three or six month periods ended June 30, 2014 or 2013.
	Income Taxes
	When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.
	The Company files income tax returns in the U.S. federal jurisdiction, and in the states of California, Texas and New York. With few exceptions, the Company is no longer subject to U.S. federal tax examination for the years prior to 2010. State jurisdictions that remain subject to examination range from 2010 to 2013. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.
	The Company policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of the date of adoption of FASB ASC 740-10-25, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the six month period ended June 30, 2014.
	Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of operations.
	Income Taxes Receivable
	The Company has recognized income taxes receivable of $724,400 at June 30, 2014. The Company recorded an increase in income taxes receivable for the first quarter of 2014 in the amount of $525,000. This increase was due primarily to the deduction of deferred compensation for tax purposes in the amount of $1,003,973. The deferred compensation had been recorded for financial statement purposes during the third quarter of 2013. The Company recorded an increase in income taxes receivable for the second quarter of 2014 in the amount of $187,000. The increase was due primarily to the deduction of deferred compensation in the amount of $488,485 in the second quarter of 2014. The deferred compensation had been recorded for financial statement purposes in prior periods.
	Income (Loss) per Share
	Basic income (loss) per common share is computed by dividing the net income (loss) applicable to common stock by the weighted average number of shares of common stock outstanding during the period.
	Diluted income (loss) is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period plus the weighted average number of dilutive common stock equivalents outstanding for the period. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted income (loss) calculation.
	Valuation Allowances
	The Company records valuation allowances for its oil and gas properties when the undiscounted future net cash flows are less than the net capitalized costs for the property. No valuation allowances were recorded during the first six months of 2014 or 2013.
	Reclassifications
	Certain reclassifications have been made to prior period financial statements to conform to the current year presentation.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
Accounting Changes and Error Corrections [Abstract]	'
Accounting Changes and Error Corrections [Text Block]	'
		2	Recent Accounting Pronouncements
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective as of the first interim period within annual reporting periods beginning on or after December 15, 2016, and will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method or determined the effect of the standard on its financial position, results of operations, cash flows, or presentation thereof.

Dividends

Dividends	6 Months Ended
	Jun. 30, 2014
Stockholders Equity Note [Abstract]	'
Stockholders Equity Note Disclosure [Text Block]	'
		3	Dividends
	No cash dividends were paid during the six month periods ended June 30, 2014 and 2013.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
		4	Contingencies
	In September 2009, the Company was notified by the U. S. Environmental Protection Agency (“EPA”) of a final settlement offer to settle its potential liability as a generator of waste containing hazardous substances that were disposed of at a waste disposal site in Santa Barbara County, California. The Company responded to the EPA in October 2009 by indicating that the waste contained petroleum products that fall within the exception to the definition of hazardous substances for petroleum-related substances of the pertinent EPA regulations. Management has concluded that under both federal and state regulations no reasonable basis exists for any valid claim against the Company. As such, the likelihood of any liability is deemed remote. There has been no further communication from the EPA on this matter since September 25, 2009.
	Under the terms of the merger agreement between the Company and Yuma Energy, Inc., the Company may be required to pay to Yuma a termination fee of approximately $1.0 million if the merger agreement is terminated under certain circumstances.

Income_Tax_Expense_Benefit

Income Tax Expense (Benefit)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
		5	Income Tax Expense (Benefit)
	The Company recognized an income tax expense (benefit) of $3,500 for the six months ended June 30, 2014 compared to an income tax expense (benefit) of $114,426 for the same period in 2013.
	Income tax expense (benefit) for the six months ended June 30, 2014 was calculated as follows:
			Federal		State		Total
	Current tax (benefit)		$	-610,000	$	-101,200	$	-711,200
	Deferred tax expense			562,800		151,900		714,700
			$	-47,200	$	50,700	$	3,500
	Income tax expense (benefit) for the six months June 30, 2013 was calculated as follows:
			Federal		State		Total
	Current tax expense		$	12,726	$	2,400	$	15,126
	Deferred tax expense			77,200		22,100		99,300
			$	89,926	$	24,500	$	114,426
	Income tax expense (benefit) for the three months ended June 30, 2014 was calculated as follows:
			Federal		State		Total
	Current tax (benefit)		$	-160,000	$	-26,200	$	-186,200
	Deferred tax expense			185,400		52,800		238,200
			$	25,400	$	26,600	$	52,000
	Income tax expense (benefit) for the three months ended June 30, 2013 was calculated as follows:
			Federal		State		Total
	Current tax expense		$	7,957	$	1,400	$	9,357
	Deferred tax expense			33,500		9,700		43,200
			$	41,457	$	11,100	$	52,557
	Deferred income taxes are recognized using the asset and liability method by applying income tax rates to cumulative temporary differences based on when and how they are expected to affect the tax returns. Deferred tax assets and liabilities are adjusted for income tax rate changes. Deferred income tax assets have been offset by a valuation allowance of $1,719,000 as of June 30, 2014 and December 31, 2013. Management reviews deferred income taxes regularly throughout the year, and accordingly makes any necessary adjustments to properly reflect the valuation allowance based upon current financial trends and projected results.

Incentive_and_Retention_Plan

Incentive and Retention Plan	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]	'
Incentive and Retention Plan, Disclosure [Text Block]	'
		6	Incentive and Retention Plan
	On January 9, 2007, the Company's Board of Directors adopted an Incentive and Retention Plan (the “Incentive Plan”) pursuant to which the Company's officers and other employees selected by the Company's Compensation Committee are entitled to receive payments if they are employed by the Company as of the date of a 'Corporate Transaction,' as defined in the Incentive Plan. A 'Corporate Transaction' includes certain mergers involving the Company, sales of Company assets, and other changes in the control of the Company, as specified in the Incentive and Retention Plan. In general, the amount that is payable to each plan participant will equal the number of plan units that have been granted to him or her, multiplied by the increase in the value of the Company between January 9, 2007 and the date of a Corporate Transaction. There has been no Corporate Transaction since the adoption of the Incentive Plan. No employees have been selected by the Compensation Committee to receive payments under the Incentive Plan.
	On April 25, 2014, the Company’s Board of Directors approved the issuance of 100,000 shares of Company common stock under the Company’s 2006 Equity Incentive Plan to certain employees, directors and consultants which vest upon a change in control.

Relatedparty_Transaction

Related-party Transaction	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
		7	Related-party Transaction
	Effective January 1, 1990, John H. Alexander, a former officer and director of the Company, participated with a group of investors that acquired the mineral and fee interest on one of the Company's oil and gas leases (the “Santa Fe Energy lease”) in the Carneros Creek field after the Company declined to participate. The thirty-three percent interest owned by Mr. Alexander represents a minority interest in the investor group. Mr. Alexander resigned as President and Chief Executive Officer and director of the Company effective September 30, 2013. Royalties on oil and gas production from this property paid to the investor group approximated $81,000 during the six months ended June 30, 2013. Because Mr. Alexander is no longer an officer, director or employee of the Company, the amounts paid to Mr. Alexander for royalties during the first six months of 2014 are no longer considered a related-party transaction.

Stock_Based_Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
		8	Stock Based Compensation
	Stock-Option Plan
	The Company has issued stock options as compensation for non-employee members of the Board of Directors under its 2006 Equity Incentive Plan.  These options vest immediately and are exercisable for a five-year period from the date of the grant.
	The following is a summary of the Company’s stock option activity.
							Weighted-
					Weighted-		Average
					Average		Remaining		Aggregate
					Exercise		Contractual		Intrinsic
			Options		Price		Life (Years)		Value
	Outstanding at December 31, 2013		105,000		$	5.17	4.66		$	-
	Granted		-							-
	Exercised		-							-
	Forfeited		-							-
	Outstanding at June 30, 2014 (unaudited)		105,000		$	5.17	4.16		$	-
	Vested and expected to vest at June 30, 2014		105,000		$	5.17	4.16		$	-
	Exercisable at June 30, 2014		105,000		$	5.17	4.16		$	-
	As of June 30, 2014, there were no unvested stock options or unrecognized stock option expense.
	The following table summarizes information about stock options outstanding and exercisable at June 30, 2014.
				Options Outstanding						Options Exercisable
						Weighted	Weighted				Weighted
						Average	Average				Average
	Exercise			Number		Remaining	Exercise			Number	Exercise
	Price			of Shares		Life (Years)	Price			of Shares	Price
	$	5.4		5,000		1.92	$	5.4		5,000	$	5.4
		5.16		100,000		4.27		5.16		100,000		5.16
				105,000						105,000

Fair_Value

Fair Value	6 Months Ended
	Jun. 30, 2014
Fair Value [Abstract]	'
Fair Value Disclosures [Text Block]	'
		9	Fair Value
	As defined in FASB ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that the Company believes market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. FASB ASC 820 establishes a three-tiered fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:
	Level 1 - Observable inputs such as quoted prices in active markets;
	Level 2 - Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
	Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Included in this category is the Company's determination of the value of its asset retirement obligation liability. The obligation increased $23,490 as of June 30, 2014 compared to December 31, 2013 as a result of normal accretion expense.
	The carrying amount of cash and cash equivalents, short term investments, accounts receivable and accounts payable reported in the balance sheets approximates fair value because of the short maturity of those instruments.
	Fair Value on Nonrecurring Basis
	Certain assets and liabilities are measured at fair value on a nonrecurring basis in accordance with GAAP (for example, when there is evidence of impairment). There were no instances of impairment recorded in the quarter ended June 30, 2014.

Asset_Retirement_Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Asset Retirement Obligation Disclosure [Text Block]	'
		10	Asset Retirement Obligations
	The Company recognizes a liability at discounted fair value for the future retirement of tangible long-lived assets and associated assets retirement cost associated with the petroleum and natural gas properties. The fair value of the liability is capitalized as part of the cost of the related asset and amortized to expense over its useful life. The liability accretes until the date of expected settlement of the retirement obligations. The related accretion expense is recognized in the statement of operations. The provision will be revised for the effect of any changes to timing related to cash flow or undiscounted abandonment costs. Actual expenditures incurred for the purpose of site reclamation are charged to the asset retirement obligations to the extent that the liability exists on the balance sheet. Differences between the actual costs incurred and the fair value of the liability recorded are recognized in income in the period the actual costs are incurred.
	There are no legally restricted assets for the settlement of asset retirement obligations. A reconciliation of the Company's asset retirement obligations from the periods presented, are as follows:
	Balance at December 31, 2013		$	1,305,862
	Incurred during the period ended June 30, 2014			0
	Additions for new wells ended June 30, 2014			0
	Accretion expense ended June 30, 2014			23,490
	Balance at June 30, 2014		$	1,329,352

Registration_Statement_on_Form

Registration Statement on Form S-3	6 Months Ended
	Jun. 30, 2014
Registration Statement On Form S3 [Abstract]	'
Registration Statement On Form S-3 [Text Block]	'
		11	Registration Statement on Form S-3
	The Company filed a shelf registration statement on Form S-3 with the SEC on November 5, 2013, that was declared effective on November 21, 2013. The registration statement is designed to provide the Company the flexibility to offer and sell from time to time up to $30 million of the Company's common stock, subject to certain limitations based on the value of common stock held by non-affiliates. The Company may offer and sell such securities through one or more methods of distribution, subject to market conditions and the Company's capital needs. The terms of any offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of the offering. The Company has not filed any supplemental prospectus with the SEC or sold any common stock under this registration statement.

Merger_Agreement

Merger Agreement	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
		12	Merger Agreement
	On February 6, 2014, the Company and privately held Yuma Energy, Inc. (“Yuma”) announced they had entered into a definitive merger agreement for an all-stock transaction. On August 1, 2014, the Company and Yuma entered into an amended and restated definitive merger agreement to eliminate the proposed reincorporation of the Company from California to Delaware. Upon completion of the transaction, which is subject to the approval of shareholders of both companies, the Company will change its name to “Yuma Energy, Inc.,” and relocate its headquarters to Houston, Texas, while maintaining offices in Bakersfield, California, to oversee its California operations.
	Under the terms of the merger agreement, the Company will issue an aggregate of approximately 66 million shares of its common stock to Yuma shareholders, resulting in former Yuma shareholders owning approximately 93% of the Company after consummation of the merger. Upon closing, there will be an aggregate of approximately 71 million shares of common stock outstanding. The transaction is expected to qualify as a tax-deferred reorganization under Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”).
	The merger agreement is subject to the approval of the shareholders of both companies, as well as other customary approvals, including authorization to list the newly issued shares on the NYSE MKT. The companies anticipate completing the transaction in the third quarter of 2014. See Note 14

Settlement_Agreement

Settlement Agreement	6 Months Ended
	Jun. 30, 2014
Compensation Related Costs [Abstract]	'
Compensation Related Costs, General [Text Block]	'
		13	Settlement Agreement
	In February 2002, the Company entered into an employment agreement with John H. Alexander pursuant to which Mr. Alexander agreed to serve as the Company's Vice President. On June 3, 2004, Mr. Alexander was appointed as the Company's President and Chief Executive Officer. The employment agreement was for an initial term of six years, which term automatically renews annually if written notice is not tendered. The agreement was automatically renewed on June 3, 2013. On September 30, 2013, Mr. Alexander resigned as the President and Chief Executive Officer of the Company.
	In connection with Mr. Alexander’s resignation, Mr. Alexander and the Company entered into a Settlement Agreement and General Release of Claims, dated as of September 30, 2013 (the “Settlement Agreement”). Pursuant to the Settlement Agreement, among other things:
		·	Mr. Alexander’s existing employment agreement terminated effective as of September 30, 2013;
		·	The Company agreed to pay an aggregate amount of $967,329 to Mr. Alexander in satisfaction of amounts that are owed to Mr. Alexander under his employment agreement, with such amount to be paid in three equal installments of $322,443 each, on April 5, 2014, January 5, 2015, and January 5, 2016. These amounts were included in restricted cash and deferred compensation liability;
		·	The Company agreed to secure these payments owed to Mr. Alexander in a “rabbi trust” pursuant to a Trust Agreement, dated as of October 1, 2013 between the Company and Gilbert Ansolabehere, as trustee (the “Trust Agreement”);
		·	Mr. Alexander agreed to resign as a director and officer of the Company;
		·	The Company and Mr. Alexander entered into a Consulting Agreement, dated as of October 1, 2013 (the “Consulting Agreement”), pursuant to which Mr. Alexander will serve as a consultant to the Company on a part-time basis through September 30, 2014 for a fee of $10,000 per month;
		·	The Company and Mr. Alexander waived known and unknown claims against each other;
		·	Michael D. Herman, Chairman of the Board of Directors of the Company and Interim President and Chief Executive Officer of the Company, agreed to purchase shares of the Company’s common stock held by Messrs. Alexander and Turco; and
		·	The Company and Mr. Alexander entered into an Indemnity Agreement, dated as of September 30, 2013 (the “Indemnity Agreement”), pursuant to which the Company agreed to indemnify Mr. Alexander against certain claims, losses, costs and expenses that may result in the future from lawsuits and other proceedings in connection with his service as a director and an officer of the Company.
	On March 18, 2014, the Trust Agreement noted above was terminated by agreement of the Company, Mr. Alexander and the trustee, and the funds were disbursed. At June 30, 2014, the Company had recorded a liability for deferred compensation of $39,166. These amounts represent payroll taxes related to certain Severance Award Agreements issued to Mr. Alexander.
	On June 16, 2014, the Company issued 100,000 shares of common stock pursuant to certain Severance Award Agreements that had been entered into between John H. Alexander and the Company. The Severance Award Agreements had been approved by the Board of Directors in prior years. Pursuant to the Severance Award Agreements, following the termination of Mr. Alexander’s employment, he was entitled to receive (at the Company’s option) 100,000 shares of the Company’s common stock or the then-fair market value of the shares.

Registration_Statement_on_Form1

Registration Statement on Form S-4	6 Months Ended
	Jun. 30, 2014
Registration Statement on Form S-4 [Abstract]	'
Registration Statement on Form S-4 [Text Block]	'
		14	Registration Statement on Form S-4
	On August 4, 2014, the Company filed a Registration Statement on Form S-4 as amended by Amendment No. 1 to the Form S-4 filed on August 7, 2014 (the “Form S-4”) with the SEC to effectuate the proposed merger of Pyramid Merger Subsidiary, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Subsidiary”), with and into Yuma Energy, Inc. (“Yuma”), with Yuma becoming a wholly-owned subsidiary of the Company (the “merger”). In order to complete the merger, the Company’s shareholders must vote to approve and adopt the merger agreement (which includes the approval of the issuance of shares of common stock of the Company to stockholders of Yuma; and approval of the change of the Company’s name to “Yuma Energy, Inc.”) and the proposals related to the amendments to the restated articles of incorporation of the Company, and Yuma shareholders must also vote to approve and adopt the merger agreement. See Note 12.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
		15	Subsequent Events
	The Company evaluated subsequent events after the balance sheet date of June 30, 2014 through August 14, 2014 and except as discussed in Note 12 and Note 14, determined that no additional disclosures are required.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	'
	Stock Based Compensation
	The Company accounts for its share based compensation in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718.  Stock-based compensation cost represents stock options issued to non-employee members of the Board of Directors, and is measured at the grant date based on the estimated fair value of the award, and is recognized as expense over the requisite vesting period.
	The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model. Assumptions relative to volatility and anticipated forfeitures are determined at the time of grant. There were no stock option grants during the three or six month periods ended June 30, 2014 or 2013.
Income Tax, Policy [Policy Text Block]	'
	Income Taxes
	When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.
	The Company files income tax returns in the U.S. federal jurisdiction, and in the states of California, Texas and New York. With few exceptions, the Company is no longer subject to U.S. federal tax examination for the years prior to 2010. State jurisdictions that remain subject to examination range from 2010 to 2013. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.
	The Company policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of the date of adoption of FASB ASC 740-10-25, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the six month period ended June 30, 2014.
	Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of operations.
Income Taxes Receivable [Policy Text Block]	'
	Income Taxes Receivable
	The Company has recognized income taxes receivable of $724,400 at June 30, 2014. The Company recorded an increase in income taxes receivable for the first quarter of 2014 in the amount of $525,000. This increase was due primarily to the deduction of deferred compensation for tax purposes in the amount of $1,003,973. The deferred compensation had been recorded for financial statement purposes during the third quarter of 2013. The Company recorded an increase in income taxes receivable for the second quarter of 2014 in the amount of $187,000. The increase was due primarily to the deduction of deferred compensation in the amount of $488,485 in the second quarter of 2014. The deferred compensation had been recorded for financial statement purposes in prior periods.
Earnings Per Share, Policy [Policy Text Block]	'
	Income (Loss) per Share
	Basic income (loss) per common share is computed by dividing the net income (loss) applicable to common stock by the weighted average number of shares of common stock outstanding during the period.
	Diluted income (loss) is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period plus the weighted average number of dilutive common stock equivalents outstanding for the period. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted income (loss) calculation.
Valuation Allowances [Policy Text Block]	'
	Valuation Allowances
	The Company records valuation allowances for its oil and gas properties when the undiscounted future net cash flows are less than the net capitalized costs for the property. No valuation allowances were recorded during the first six months of 2014 or 2013.
Reclassification, Policy [Policy Text Block]	'
	Reclassifications
	Certain reclassifications have been made to prior period financial statements to conform to the current year presentation.

Income_Tax_Expense_Benefit_Tab

Income Tax Expense (Benefit) (Tables)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	'
	Income tax expense (benefit) for the six months ended June 30, 2014 was calculated as follows:
		Federal		State		Total
	Current tax (benefit)	$	-610,000	$	-101,200	$	-711,200
	Deferred tax expense		562,800		151,900		714,700
		$	-47,200	$	50,700	$	3,500
	Income tax expense (benefit) for the six months June 30, 2013 was calculated as follows:
		Federal		State		Total
	Current tax expense	$	12,726	$	2,400	$	15,126
	Deferred tax expense		77,200		22,100		99,300
		$	89,926	$	24,500	$	114,426
	Income tax expense (benefit) for the three months ended June 30, 2014 was calculated as follows:
		Federal		State		Total
	Current tax (benefit)	$	-160,000	$	-26,200	$	-186,200
	Deferred tax expense		185,400		52,800		238,200
		$	25,400	$	26,600	$	52,000
	Income tax expense (benefit) for the three months ended June 30, 2013 was calculated as follows:
		Federal		State		Total
	Current tax expense	$	7,957	$	1,400	$	9,357
	Deferred tax expense		33,500		9,700		43,200
		$	41,457	$	11,100	$	52,557

Stock_Based_Compensation_Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]	'
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	The following is a summary of the Company’s stock option activity.
							Weighted-
					Weighted-		Average
					Average		Remaining		Aggregate
					Exercise		Contractual		Intrinsic
			Options		Price		Life (Years)		Value
	Outstanding at December 31, 2013		105,000		$	5.17	4.66		$	-
	Granted		-							-
	Exercised		-							-
	Forfeited		-							-
	Outstanding at June 30, 2014 (unaudited)		105,000		$	5.17	4.16		$	-
	Vested and expected to vest at June 30, 2014		105,000		$	5.17	4.16		$	-
	Exercisable at June 30, 2014		105,000		$	5.17	4.16		$	-
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	'
	The following table summarizes information about stock options outstanding and exercisable at June 30, 2014.
				Options Outstanding						Options Exercisable
						Weighted	Weighted				Weighted
						Average	Average				Average
	Exercise			Number		Remaining	Exercise			Number	Exercise
	Price			of Shares		Life (Years)	Price			of Shares	Price
	$	5.4		5,000		1.92	$	5.4		5,000	$	5.4
		5.16		100,000		4.27		5.16		100,000		5.16
				105,000						105,000

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]	'
Schedule of Asset Retirement Obligations [Table Text Block]	'
	A reconciliation of the Company's asset retirement obligations from the periods presented, are as follows:
	Balance at December 31, 2013	$	1,305,862
	Incurred during the period ended June 30, 2014		0
	Additions for new wells ended June 30, 2014		0
	Accretion expense ended June 30, 2014		23,490
	Balance at June 30, 2014	$	1,329,352

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended			6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Significant Accounting Policies [Line Items]	'	'	'	'	'
Income Taxes Receivable	$724,400	'	'	$724,400	'
Increase (Decrease) in Income Taxes Receivable	187,000	525,000	'	'	'
Deferred Compensation Liability, Current and Noncurrent	$488,485	$1,003,973	'	$488,485	'
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	'	0	0	0

Dividends_Details_Textual

Dividends (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Schedule Of Dividend Disclosure [Line Items]	'	'
Dividends, Cash	$0	$0

Contingencies_Details_Textual

Contingencies (Details Textual) (Yuma Energy, Inc [Member], USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Yuma Energy, Inc [Member]	'
Contingencies [Line Items]	'
Contract Termination Fee	$1

Income_Tax_Expense_Benefit_Det

Income Tax Expense (Benefit) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Tax Expense (Benefit), Federal:	'	'	'	'
Current tax (benefit) expense	($160,000)	$7,957	($610,000)	$12,726
Deferred tax expense	185,400	33,500	562,800	77,200
Total	25,400	41,457	-47,200	89,926
Income Tax Expense (Benefit), State:	'	'	'	'
Current tax (benefit) expense	-26,200	1,400	-101,200	2,400
Deferred tax expense	52,800	9,700	151,900	22,100
Total	26,600	11,100	50,700	24,500
Income Tax Expense (Benefit), Total:	'	'	'	'
Current tax (benefit) expense	-186,200	9,357	-711,200	15,126
Deferred tax expense	238,200	43,200	714,700	99,300
Income tax (benefit) expense, Total	$52,000	$52,557	$3,500	$114,426

Income_Tax_Expense_Benefit_Det1

Income Tax Expense (Benefit) (Details Textual) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Line Items]	'	'
Deferred Tax Assets, Valuation Allowance	$1,719,000	$1,719,000

Incentive_and_Retention_Plan_D

Incentive and Retention Plan (Details Textual) (Equity Incentive Plan [Member])	Apr. 25, 2014
Equity Incentive Plan [Member]	'
Incentive and Retention Plan [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	100,000

Relatedparty_Transaction_Detai

Related-party Transaction (Details Textual) (Oil and Gas Properties [Member], USD $)	6 Months Ended
	Jun. 30, 2013
Oil and Gas Properties [Member]	'
Related Party Transaction [Line Items]	'
Royalty Expense	$81,000

Stock_Based_Compensation_Detai

Stock Based Compensation (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of Options, Outstanding at December 31, 2013	105,000	'
Number of Options, Granted	0	'
Number of Options, Exercised	0	'
Number of Options, Forfeited	0	'
Number of Options, Outstanding at June 30, 2014	105,000	105,000
Number of Options, Vested and expected to vest at June 30, 2014	105,000	'
Number of Options, Exercisable at June 30, 2014	105,000	'
Weighted Average Exercise Price, Outstanding at December 31, 2013 (in dollars per share)	$5.17	'
Weighted Average Exercise Price, Outstanding at June 30, 2014 (in dollars per share)	$5.17	$5.17
Weighted Average Exercise Price, Vested and expected to vest at June 30, 2014 (in dollars per share)	$5.17	'
Weighted Average Exercise Price, Exercisable at June 30, 2014 (in dollars per share)	$5.17	'
Weighted Average Remaining Contractual Life Outstanding (Years)	'4 years 1 month 28 days	'4 years 7 months 28 days
Weighted Average Remaining Contractual Life Vested and expected to vest at June 30, 2014 (Years)	'4 years 1 month 28 days	'
Weighted Average Remaining Contractual Life Exercisable at June 30, 2014 (Years)	'4 years 1 month 28 days	'
Aggregate Intrinsic Value, Outstanding at December 31, 2013 (in dollars)	$0	'
Aggregate Intrinsic Value, Granted (in dollars)	0	'
Aggregate Intrinsic Value, Exercised (in dollars)	0	'
Aggregate Intrinsic Value, Forfeited (in dollars)	0	'
Aggregate Intrinsic Value, Outstanding at June 30, 2014 (in dollars)	0	0
Aggregate Intrinsic Value, Vested and expected to vest at June 30, 2014 (in dollars)	0	'
Aggregate Intrinsic Value, Exercisable at June 30, 2014 (in dollars)	$0	'

Stock_Based_Compensation_Detai1

Stock Based Compensation (Details 1) (Employee Stock Option [Member], USD $)	6 Months Ended
	Jun. 30, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Options Outstanding, Number of Shares	105,000
Options Exercisable, Number of Shares	105,000
Exercise Price Range $5.40 [Member]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Options Outstanding, Number of Shares	5,000
Options Outstanding, Weighted Average Remaining Life (Years)	'1 year 11 months 1 day
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$5.40
Options Exercisable, Number of Shares	5,000
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$5.40
Exercise Price Range $5.16 [Member]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Options Outstanding, Number of Shares	100,000
Options Outstanding, Weighted Average Remaining Life (Years)	'4 years 3 months 7 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$5.16
Options Exercisable, Number of Shares	100,000
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$5.16

Stock_Based_Compensation_Detai2

Stock Based Compensation (Details Textual) (USD $)	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$0

Fair_Value_Details_Textual

Fair Value (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Accretion Expense	$23,490

Asset_Retirement_Obligations_D

Asset Retirement Obligations (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule of Asset Retirement Obligation [Line Items]	'	'	'	'
Balance at December 31, 2013	'	'	$1,305,862	'
Incurred during the period ended June 30, 2014	'	'	0	'
Additions for new wells ended June 30, 2014	'	'	0	'
Accretion expense ended June 30, 2014	14,073	7,932	23,490	18,311
Balance at June 30, 2014	$1,329,352	'	$1,329,352	'

Registration_Statement_on_Form2

Registration Statement on Form S-3 (Details Textual) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
Registration Statement on Form S-3 [Line Items]	'
Registration Payment, Arrangement for Common Stock	$30

Merger_Agreement_Details_Textu

Merger Agreement (Details Textual)	Jun. 30, 2014	Dec. 31, 2013	Feb. 06, 2014
			Yuma Energy, Inc [Member]
Business Acquisition [Line Items]	'	'	'
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	'	'	66,000,000
Stock holders Ownership Percentage In Parent Company	'	'	93.00%
Common Stock, Shares, Outstanding	4,788,085	4,788,085	71,000,000

Settlement_Agreement_Details_T

Settlement Agreement (Details Textual) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
			Mr Alexander [Member]	First Installment Payable On April 5, 2014 [Member]	Second installment Payable on January 5, 2015 [Member]	Third installment Payable on January 5, 2016 [Member]
				Mr Alexander [Member]	Mr Alexander [Member]	Mr Alexander [Member]
Settlement Agreement [Line Items]	'	'	'	'	'	'
Officers Compensation	'	'	$967,329	$322,443	$322,443	$322,443
Professional Fees	'	'	10,000	'	'	'
Deferred Compensation Liability, Current, Total	39,166	1,026,655	'	'	'	'
Stock Issued During Period, Value, Issued for Services	'	'	$100,000	'	'	'