Pyramid Oil Releases Q1 2012 Results

Pyramid Oil Co. (AMEX:PDO) announced that its fiscal results for the first quarter of 2012 include increases in revenue and net income.

As quoted in the press release:

First quarter revenue increased to $1.4 million from $1.3 million in the same quarter of fiscal 2011. The increase was attributable to higher crude oil prices, which increased by $14.70 per average barrel of oil equivalent (BOE) to $111.82 from $97.12 per average BOE in the 2011 first quarter.

Operating income increased to $457,000, up 21% from $376,000 in the first quarter last year. Net income increased 16% to $372,000, or $0.08 per share, from $320,000, or $0.07 per share, during the 2011 first quarter.

Click here to read the full Pyramid Oil Co. (AMEX:PDO) press release.