The well was drilled to a total depth of 3,351ft, and encountered the two dominant oil and gas zones in the field. The company is commencing completion activities, which will include logging, perforating and hydraulic fracturing.
John Alexander, president and CEO of Pyramid Oil, said: “This is the first of up to five wells we anticipate drilling on our California properties during 2010. We intend to capitalize on the strength of our balance sheet and will internally fund this ramp up in drilling activity. We recently hired a highly regarded independent geologist to assist us in targeting new horizons on our current leases as we seek to increase production.”
Pyramid Oil is engaged in oil and gas business. The company acquires interests in land and producing properties through acquisition and lease, and then drills and/or operates crude or natural gas wells.
