Pimco Dynamic Income Opportunities Fund (PDO)

Pyramid Oil Company is a California Corporation, incorporated on October 9, 1909. The Company is in the business of exploration, development and production of crude oil and natural gas. The Company acquires interests in land and producing properties through acquisition and lease on which it drills and/or operates crude oil or natural gas wells in efforts to discover and/or to produce oil and gas. Crude oil and natural gas produced from these properties are sold to various refineries and pipeline companies. The majority of all oil and gas properties that the Company owns and operates are for its own account. It also participates in specific joint ventures with other companies in the development of oil and gas properties. The Company owns some minor oil and gas interests in New York, Texas and Wyoming, all of the Company's operations and major revenue producing properties are in California. It operated and has interests in 27 oil and gas leases in Kern and Santa Barbara Counties in the State of California. During 2011, the Company operated 18 leases within California, 16 of these leases had total annual gross oil production exceeding 1,000 barrels per lease. Production activities mainly consist of the daily pumping of oil from a well(s) into tanks, maintaining the production facilities both at the well and tank settings, preparing and shipping the crude oil to buyers. The Company sells its crude oil to ConocoPhillips and Kern Oil & Refining, accounting for approximately 50% and 47%, respectively, of the Company's crude oil and gas sales in 2011. The Company's activities are subject to existing federal and state laws and regulations governing environmental quality and pollution control.