Pyramid Oil Company, Yuma Energy to merge
HOUSTON -- Pyramid Oil Company and privately held Yuma Energy have jointly announced that they have entered into a definitive merger agreement for an all-stock transaction. Upon completion of the transaction, which is subject to the approval of stockholders of both companies, Pyramid will change its name to "Yuma Energy, Inc.," and relocate its headquarters to Houston, while maintaining offices in Bakersfield to oversee its California operations.
Headquartered in Houston, Yuma has been in the oil and gas business for over 30 years. Yuma focuses on the exploration for, and development of, conventional and unconventional oil and gas prospects, primarily through the use of 3D seismic surveys, in the U.S. Gulf Coast region. In addition, Yuma has a non-operated position in the Bakken shale in North Dakota. The company’s core competencies in generating oil and gas prospects include: unconventional oil plays; onshore liquids-rich projects; and high-impact, deep onshore prospects beneath known producing trends, identified through the use of 3D seismic surveys. As of December 31, Yuma had oil and gas leasehold acreage of approximately 80,000 net acres.
Yuma is producing approximately 2,850 boepd, and based on a Netherland, Sewell & Associates, Inc. July 31 reserve report using SEC pricing parameters. The group had approximately 19.8 million boe of proved reserves. By comparison, Pyramid is producing approximately 130 boepd, and had proved reserves of 482,000 boe, as of December 31, 2012.