Operating income increased 12% to $860,000 versus $767,000 in the third quarter a year ago, while net income improved by 8% to $704,000, or $0.15 per diluted share, from $652,000, or $0.14 per diluted share, in the third quarter last year. Cash flow from operations at Sept. 30, 2008, was $3.2 million, up 177% versus $1.2 million at Sept. 30, 2007.

John Alexander, president and CEO, said, "Our strong third quarter revenue and earnings results allowed us to further enhance our financial position. Our balance sheet at Sept. 30 included more than $4.2 million in cash, cash equivalents and short-term investments, up from $2.9 million at the end of our second quarter, and $2.1 million at Dec. 31, 2007. We also have less than $30,000 in long-term debt and no obligatory capital projects scheduled. We have utilized cash on hand to upgrade certain wells, facilities and equipment, and in light of the recent steep decline in crude prices, we already have taken action to reduce operating costs and maintain our financial strength. We also are exploring opportunities for acquiring attractively priced production assets. We believe Pyramid is well positioned to weather the current pricing environment and capitalize on strategic opportunities to expand our asset portfolio."

In light of these declines, Mr. Alexander said Pyramid's Texas natural gas joint venture is not currently producing at anticipated levels. "The consensus opinion of the operator and JV participants is that the well has a 'skin damage' condition that is preventing gas from entering the well bore. The joint venture is currently considering a small workover program and acid job to address the problem."

Nine-month Results

Total revenue at the nine-month mark increased 61% to $5.7 million versus total revenue of $3.5 million in the same period a year ago. Last year's total nine-month revenue included the previously mentioned $440,000 gain from the sale of fixed assets. Nine-month operating income increased 137% to $2.8 million from $1.2 million in the same period a year ago. Net income increased 129% to $2.4 million, or $0.52 per diluted share, from $1.1 million, or $0.23 per diluted share, during the 2007 nine-month period.

About Pyramid Oil Company

Pyramid Oil Company has been in the oil and gas business continuously since incorporating in 1909. Pyramid acquires interests in land and producing properties through acquisition and lease, and then drills and/or operates crude or natural gas wells in an effort to discover or produce oil and/or natural gas. More information about the Company can be found at: http://www.pyramidoil.com.

Safe Harbor Statement

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements regarding the completion and testing of wells. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Factors that could cause or contribute to such differences include, but are not limited to the value of crude oil or the performance of wells.

                            Pyramid Oil Company
                         Statements of Operations
                                (Unaudited)
                              Three months ended       Nine months ended
                                 September 30,           September 30,
                            ----------------------- -----------------------
                               2008        2007        2008        2007
                            ----------- ----------- ----------- -----------
REVENUES:
    Oil and gas sales       $ 1,999,119 $ 1,168,440 $ 5,712,201 $ 3,105,033
    Gain on sale of fixed
     assets                         500     440,473         500     440,473
                            ----------- ----------- ----------- -----------
                              1,999,619   1,608,913   5,712,701   3,545,506
                            ----------- ----------- ----------- -----------
COSTS AND EXPENSES:
    Operating expenses          548,991     417,901   1,433,274   1,189,214
    Exploration costs                 0       1,036     -28,812       6,687
    General and
     administrative             298,759     265,685     740,359     716,614
    Taxes, other than
     income and payroll
     taxes                       42,481      30,301      99,091      78,912
    Provision for
     depletion,
     depreciation and
     amortization               169,185     113,976     523,244     332,553
    Accretion expense            54,847       5,466      66,468      16,587
    Other costs and
     expenses                    25,643       7,589     101,215      31,641
                            ----------- ----------- ----------- -----------
                              1,139,906     841,954   2,934,839   2,372,208
                            ----------- ----------- ----------- -----------
OPERATING INCOME                859,713     766,959   2,777,862   1,173,298
                            ----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE):
    Interest income              22,661      20,873      64,672      63,053
    Other income                  5,217       4,305      24,031      16,286
    Interest expense               -529         -75      -1,763      -1,872
                            ----------- ----------- ----------- -----------
                                 27,349      25,103      86,940      77,467
                            ----------- ----------- ----------- -----------
INCOME BEFORE INCOME
 TAX PROVISION                  887,062     792,062   2,864,802   1,250,765
    Income tax provision
     (benefit)
      Current                   -35,223     139,650     239,252     183,075
      Deferred                  218,000           0     179,000           0
                            ----------- ----------- ----------- -----------
                                182,777     139,650     418,252     183,075
                            ----------- ----------- ----------- -----------
NET INCOME                  $   704,285 $   652,412 $ 2,446,550 $ 1,067,690
                            =========== =========== =========== ===========
EARNINGS  PER COMMON SHARE
    Basic and diluted
     income per common
     share                  $      0.15 $      0.14 $      0.52 $      0.23
                            =========== =========== =========== ===========
Basic and diluted weighted
  average number of common
  shares outstanding          4,677,728   4,677,728   4,677,728   4,677,728
                            =========== =========== =========== ===========
                            PYRAMID OIL COMPANY
                              BALANCE SHEETS
                                  ASSETS
                                                September 30,  December 31,
                                                    2008          2007
                                                 (Unaudited)    (Audited)
                                                ------------- -------------
CURRENT ASSETS:
  Cash                                          $   1,956,085 $     618,448
  Short-term investments                            2,271,080     1,478,979
  Trade accounts receivable                           653,024       643,340
  Interest receivable                                   4,579         2,251
  Crude oil inventory                                  83,184        71,298
  Deferred income taxes                                72,000             0
  Prepaid expenses                                     54,175       170,913
                                                ------------- -------------
         TOTAL CURRENT ASSETS                       5,094,127     2,985,229
                                                ------------- -------------
PROPERTY AND EQUIPMENT, at cost
  Oil and gas properties and equipment
   (successful efforts method)                     15,715,290    14,734,929
  Capitalized asset retirement costs                  378,065       310,579
  Drilling and operating equipment                  2,080,127     2,050,556
  Land, buildings and improvements                  1,063,140     1,010,847
  Automotive, office and other
   property and equipment                           1,162,324     1,141,451
                                                ------------- -------------
                                                   20,398,946    19,248,362
  Less: accumulated depletion, depreciation,
   amortization and valuation allowance           -14,563,854   -14,040,610
                                                ------------- -------------
                                                    5,835,092     5,207,752
                                                ------------- -------------
OTHER ASSETS
  Deposits                                            250,000       250,000
  Other Assets                                          7,380         7,380
  Assets held for resale                                9,633         9,633
                                                ------------- -------------
                                                $  11,196,232 $   8,459,994
                                                ============= =============
                               PYRAMID OIL COMPANY
                                 BALANCE SHEETS
                      LIABILITIES AND STOCKHOLDERS' EQUITY
                                                September 30,  December 31,
                                                     2008          2007
                                                  (Unaudited)    (Audited)
                                                ------------- -------------
CURRENT LIABILITIES:
  Accounts payable                              $      88,385 $     108,500
  Accrued professional fees                            71,790        54,165
  Accrued taxes, other than income taxes               38,122        61,684
  Accrued payroll and related costs                    53,713        57,647
  Accrued royalties payable                           209,130       212,916
  Accrued insurance                                     6,600        65,999
  Accrued income taxes                                166,357       145,815
  Current maturities of long-term debt                 23,670        26,868
                                                ------------- -------------
         TOTAL CURRENT LIABILITIES                    657,767       733,594
                                                ------------- -------------
LONG-TERM DEBT, net of current maturities              26,703        44,542
                                                ------------- -------------
DEFERRED TAXES                                        251,000             0
                                                ------------- -------------
LIABILITY FOR SHARE BASED COMPENSATION                      0        67,000
                                                ------------- -------------
LIABILITY FOR ASSET RETIREMENT OBLIGATION           1,144,857     1,010,903
                                                ------------- -------------
COMMITMENTS
STOCKHOLDERS' EQUITY:
  Preferred stock-no par value;
   10,000,000 authorized shares;
   no shares issued or outstanding                          0             0
  Common stock-no par value;
   50,000,000 authorized shares;
   4,677,728 shares issued and
   outstanding                                      1,137,010     1,071,610
  Retained earnings                                 7,978,895     5,532,345
                                                ------------- -------------
                                                    9,115,905     6,603,955
                                                ------------- -------------
                                                $  11,196,232 $   8,459,994
                                                ============= =============

CONTACTS:
John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000

Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044

SOURCE: Pyramid Oil Company

"The APPRAISE-1 study provided encouraging trends suggesting that anticoagulation with apixaban on top of current standards of care and continued beyond the initial hospitalization period may reduce the risk of a second heart attack, stroke or death. As with all effective anticoagulants, there was a trade off with some increase in bleeding for reduction in risk. We look forward to further studies of apixaban in patients with ACS to fully understand its potential beyond current therapies in this population," said John H. Alexander, M.D., Principal Investigator of the APPRAISE-1 study, Duke Clinical Research Institute and Duke Heart Center in Durham, North Carolina.

The six-month APPRAISE-1 study was not powered to demonstrate significance on the composite efficacy endpoint of cardiovascular death, non-fatal heart attack, severe recurrent ischemia and non-hemorrhagic stroke. However, there was a non-significant relative risk reduction compared to placebo (n=611) of 27 percent for 2.5 mg twice daily (n=317) and 39 percent for 10 mg once daily (n= 318) doses.

The incidence of the primary endpoint of this safety study, major bleeding plus clinically relevant non-major bleeding, was 5.7 percent for apixaban patients who took the 2.5 mg twice daily dose (n=315), 7.9 percent for patients who took the 10 mg once daily dose (n=315), and 3.0 percent for patients who took placebo (n=599). The bleeding scale used in the APPRAISE-1 trial was the comprehensive International Society of Thrombosis and Haemostasis (ISTH) standard. The incidence of major ISTH bleeding was 0.8 percent with placebo (n=599) versus 1.6 and 1.9 percent with the 2.5 mg twice daily (n=315) and 10 mg once daily (n=315) doses, respectively. Results for major bleeding measured using the more commonly used TIMI scale, in a post-hoc assessment, were 0.3 percent (n=599) for placebo, 0.0 percent (n=315) for the 2.5 mg twice daily apixaban dose and 1.0 percent (n= 315) for the 10 mg once daily apixaban dose. Two additional arms of the study that examined higher doses, 10 mg twice daily and 20 mg once daily, were stopped early due to increased total bleeding.

The incidence of adverse events, serious adverse events and discontinuations due to adverse events was similar for all treatment groups. The discontinuation rates for bleeding events were 1.2 percent with placebo, 1.9 percent with the 2.5 mg twice daily dose and 2.9 percent with the 10 mg once daily dose. The incidence of liver function test abnormalities following six-month dosing was similar with apixaban and placebo. The frequencies of alanine aminotransferase (ALT) elevations above 3-fold the upper limit of normal were 2.7, 0, and 1.0 percent for the placebo, 2.5 mg twice daily apixaban, and 10 mg once daily apixaban groups, respectively.

"This important study helps to identify appropriate apixaban dosing for future studies, with the goal of balancing potential efficacy benefit while minimizing the risk of bleeding for ACS patients," said Jack Lawrence, vice president, Research and Development, Bristol-Myers Squibb. "The objective is to identify whether apixaban can reduce the risk of secondary cardiovascular events, offering significant improvements for patient lives, as well as reducing the economic burden of cardiovascular disease around the world."

About the APPRAISE-1 Study

The study was a double-blind, placebo-controlled, dose-ranging study to evaluate the safety and efficacy of apixaban (2.5 mg twice daily, 10 mg once daily, 10 mg twice daily, or 20 mg once daily) over a 26-week treatment period in 1715 patients presenting with acute coronary syndrome (ACS). All patients received aspirin a%n 165 mg/day. The use of clopidogrel was left to the discretion of the treating physician. The primary endpoint of the study was the incidence of ISTH-defined major bleeding and clinically relevant non-major bleeding. The composite efficacy endpoint was the amount of time from patient randomization to the first occurrence of a combination of cardiovascular events including cardiovascular death, non-fatal heart attack, severe recurrent ischemia and non-hemorrhagic stroke.

Acute Coronary Syndrome (ACS)

Acute coronary syndrome (ACS) is a life-threatening form of coronary heart disease (CHD) that occurs when the heart muscle does not receive enough oxygen-rich blood. ACS includes myocardial infarction (MI), also known as a heart attack, and unstable angina, or sudden, severe chest pain that typically occurs when a person is at rest. Every year, ACS affects an estimated 1.4 million people in the United States and an estimated 1.40 million people in Europe. Even though patients are treated with intense management of ACS in the hospital setting, there still remains an unmet need for new treatments that can reduce the significant residual risk of acute MI, stroke and cardiovascular death. Patients with an ACS event are often given IV or injectable anticoagulants but, due to the route of administration, the use of these agents is limited to the hospital.

About the Apixaban Clinical Trial Program

Apixaban is currently being explored in the EXPANSE clinical trial program which includes eight Phase III clinical studies involving approximately 45,000 patients worldwide. The ADVANCE-2 and 3 trials are investigating the safety and efficacy of apixaban 2.5 mg twice daily compared to enoxaparin 40 mg once daily in patients undergoing major orthopedic surgery. The ADOPT study is investigating apixaban for one month compared to standard of care (enoxaparin 40 mg once daily for at least 6 days followed by placebo) for the prevention of VTE in hospitalized patients who are medically ill and at risk of VTE.

Apixaban is also in Phase III trials studying the prevention of stroke and other thromboembolic events in patients with atrial fibrillation (AF) and studying the treatment of VTE. The AF program consists of two trials. The ARISTOTLE trial is investigating apixaban compared to warfarin in approximately 15,000 patients with atrial fibrillation. The AVERROES trial is investigating apixaban compared to aspirin in approximately 5,600 patients with atrial fibrillation who are ineligible for vitamin K antagonists (VKA) treatment or haven't tolerated previous VKA treatment.

The VTE treatment program consists of two trials. The AMPLIFY trial is a 6-month trial investigating apixaban compared to enoxaparin plus warfarin in approximately 4,800 patients with acute DVT or PE. The AMPLIFY-EXT trial is a 12-month trial investigating apixaban compared to placebo for extended treatment to prevent recurrent VTE in approximately 2,400 patients who have completed 6 to 12 months of treatment for DVT or PE.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life. For more information visit www.bms.com.

About Pfizer

Founded in 1849, Pfizer is the world's largest research-based pharmaceutical company. Pfizer is taking new approaches to advancing better health as it discovers, develops, manufactures and delivers quality, safe and effective prescription medicines to treat and help prevent disease for both people and animals. For more information visit www.pfizer.com.

Bristol-Myers Squibb Forward-Looking Statement

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the clinical trials described in this release will support a regulatory filing or that the product will receive regulatory approval. There can be no assurance that if approved, the products described in this release will be commercially successful. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2007, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Pfizer Forward-Looking Statement

The information contained in this release is as of August 26, 2008. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

This release contains forward-looking information about a product candidate, apixaban, including its potential benefits that involves substantial risks and uncertainties. Such risks and uncertainties include, among other things, the uncertainties inherent in research and development; decisions by regulatory authorities regarding whether and when to approve any drug applications that may be filed for such product candidate as well as their decisions regarding labeling and other matters that could affect its availability or commercial potential; and competitive developments.

A further description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and in its reports on Form 10-Q and Form 8-K.

SOURCE: Pfizer Inc

Media: 
BMS 
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or 
Pfizer 
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or 
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or 
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or 
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