EXHIBIT 99.1

PYRAMID OIL COMPANY ANNOUNCES 5-FOR-4 STOCK SPLIT

BAKERSFIELD, Calif. - June 9, 2008 - Pyramid Oil Company (Amex: PDO), today
announced that its board of directors has approved a 5-for-4 split of the
Company's common stock.  Shareholders of record as of the close of business on
the record date of June 24, 2008, will receive one additional share of common
stock for each four shares held.  The effective date of the split will be July
1, 2008, and the additional shares will be mailed or delivered on or about
July 3, 2008, by the Company's transfer agent, Computershare Investor
Services.  Fractional shares will be rounded up.  The stock split will
increase the number of common shares outstanding from approximately 3,741,720
shares to approximately 4,677,150 shares.

John Alexander, president and CEO, said, ''We have achieved strong
improvements in our financial and operational performance, and are encouraged
by the increased level of interest Pyramid has generated within the investment
community.  We believe this stock split will allow us to increase the size of
our public float and make our shares more accessible to a broader base of
prospective 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.

                                       ###

CONTACTS:  John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000

Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044