Pyramid Oil Company (Pyramid) is engaged in the business of exploration, development and production of crude oil and natural gas. Pyramid acquires interests in land and producing properties through acquisition and lease, on which it drills and/or operates crude oil or natural gas wells. Crude oil and natural gas produced from these properties are sold to various refineries and pipeline companies. Pyramid also participates in specific joint ventures with other companies in the development of oil and gas properties. The Company owns some oil and gas interests in New York, Texas and Wyoming, all of the Company's operations and revenue producing properties are in California. As of December 31, 2011, Pyramid owned and operated 27 oil and gas leases (properties) located within Kern and Santa Barbara Counties in the State of California. The Company sells its crude oil to ConocoPhillips and Kern Oil & Refining.