Pyramid Oil chairman sells more shares, cutting stake to 37.3%

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Shareholder Michael D. Herman reduced his ownership interest in Pyramid Oil Co. to 37.3%, from 45.4% on July 31, with the sale of 379,991 shares of the company's stock.

He sold the shares between Aug. 27 and Sept. 5 at prices ranging from $9.70 to $14.69 each, it was reported in a schedule 13D filed with the Securities and Exchange Commission.

Herman, the chairman of the company's board, beneficially owns approximately 1.74 million shares of the Bakersfield, Calif.-based developer and producer of crude oil and natural gas.

In a prior SEC filing, Herman reported the sale of 57,409 Pyramid Oil shares on July 29.

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