Bio-oil created from biomass sources does not have desirable fuel qualities because of high water and oxygenate concentrations. In an attempt to improve these properties without having to undergo expensive upgrading techniques after production, micronized rubber powder (MRP) was co-fed at various ratios with southern yellow pine (SYP) inside an auger reactor to produce upgraded pyrolysis oil. The MRP proved useful in increasing the calorific value of the pyrolysis oil by lowering the water content and the amount of oxygenates in the oil. To improve the pyrolysis oil properties further, nickel oxide and sodium carbonate were added to the feedstock. Fischer titration revealed a reduction in the water content. Sodium carbonate reduced the formation of acids. Both catalysts caused an increase in the formation of unsaturated hydrocarbons and phenolic compounds. Nickel oxide outperformed sodium carbonate in terms of producing pyrolysis oil with an increased calorific value.