Pioneer Announces First Fiscal Quarter 2010 Results

SOUTH JORDAN, Utah, March 3 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the first quarter of fiscal 2010.  Revenues for the period ending December 31, 2009 (first quarter of fiscal 2010) were $243,738 as compared to revenues of $170,372 for the first quarter of fiscal 2009 (period ending December 31, 2008). The increase in revenues was primarily due to higher oil and gas prices.  The Company reported a net loss of $42,351 or $.01 per share for the quarter as compared to net loss of $194,341 or $.03 per share for the first quarter of fiscal 2009. Pioneer's detailed financial statements can be viewed at http://www.piol.com/fi.html.  

Statements concerning future financial results, production, expenditures, reserve estimates, and other items are forward-looking statements. These statements are based on assumptions concerning commodity prices, drilling results and other factors management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met.

SOURCE Pioneer Oil and Gas