Pioneer Announces First Fiscal Quarter 2012 Results

SOUTH JORDAN, Utah, March 9, 2012 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the first quarter of fiscal 2012.  Revenues for the period ending December 31, 2011 (first quarter of fiscal 2012) were $334,906 as compared to $257,252 for the first fiscal quarter of 2011 (period ending December 31, 2010).  The Company reported a net loss of $159,986 or $.02 per share for the quarter as compared to net loss of $147,934 or $.02 per share for the first quarter of fiscal 2011.  The net loss of $159,986 was primarily due to an increase in Costs of Operations resulting from a non-cash charge of $254,168 for abandonment of leases.  These leases were no longer considered viable because of regulatory and market conditions. 

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