Pyramid owns and operates 27 oil and gas leases located within Kern and Santa Barbara Counties in the State of California.   All of Pyramid's oil production is classified as primary recovery production; although certain properties may be conducive to secondary recovery operations in the future, depending on the prevailing price of oil.

Crude oil and natural gas produced from Pyramid’s properties are sold to various refineries and pipeline companies.  The majority of all oil and gas properties that Pyramid owns and operates is for its own account.  Pyramid also participates in joint ventures with other companies in the development of oil and gas properties.  

The Company owns a gross 12.5% working interest (before payout) in a Texas natural gas joint venture. The initial well in the project was drilled in early 2008, and after strong natural gas shows, the operator executed a gas sales contract and completed a 3.8-mile gas sales pipeline.  The JV holds oil and gas leases on approximately 5,700 contiguous acres surrounding the initial well, and plans to commence additional drilling operations on the acreage.