A kukersite oil shale sample from Estonia was pyrolyzed using a Fischer assay method under N2, N2/steam, CO2 and CO2/steam environments. The thermal behavior of the oil shale sample was also studied using TGA and DSC with similar conditions. Also, several properties of produced oils were measured and FTIR analysis was carried out to compare the molecular structure of the derived oils. The presence of steam increased the liquid and gaseous yields, and also caused a greater weight loss in the oil shale. The pyrolysis tests in both the CO2 and N2 atmospheres produced oils with relatively similar properties however, the molecular structure was different.