A counterbalance system may include an outrigger support structure, a first elongated outrigger member, and a second elongated outrigger member. The outrigger support structure is adapted to be mounted in an operating position on a walking beam of a pumping unit. The first elongated outrigger member is connected to the outrigger support structure at a first lateral side of the counterbalance system. The second outrigger member is also connected to the outrigger support structure, but is connected at a second lateral side of the counterbalance system. A first suspension element may be connected to the first outrigger member and a second suspension element may be connected to the second outrigger member. Suitable counterbalance weights may be connected to the first suspension element while additional counterbalance weights may be connected to the second suspension element. These counterbalance weights connected to the first and second suspension elements may be used to counterbalance the weight on the downhole weight on the walking beam.