Pyramid Oil Company Reports 69% Increase in First Quarter Revenue

Pyramid Oil Company (NYSE Amex: PDO) reported the financial results for its first quarter ended March 31, 2010.

The press release is quoted as saying:

Revenue increased 69% to $1.0 million from $594,000 in the first quarter last year. The increase resulted from higher average crude oil prices, which increased $36.73 per barrel of oil equivalent (BOE) to $75.55 from $38.82 per average BOE in the first quarter a year ago. The increase in average price received per BOE was partially offset by a 13% decline in production volumes. Operating income was $229,000, a positive swing of $448,000 when compared with an operating loss of $219,000 in last year’s first quarter. Total costs and expenses declined 5% to $773,000 from $813,000 in the first quarter last year. Net income was $181,000, or $0.04 per share, an improvement of $370,000 versus the net loss of $189,000, or $0.04 per share, reported in the comparable year-ago quarter.

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