Pioneer Announces Fiscal 2010 Results

SOUTH JORDAN, Utah, March 8, 2011 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for fiscal 2010.  Revenues for fiscal year 2010 (period ending September 30, 2010) were $1,116,835 as compared to revenues of $1,249,555 for fiscal 2009.   The Company had a net loss of $1,384,852 or $.18 per share as compared to a net loss of $401,814 or $.05 per share for fiscal 2009.  The net loss was primarily due to a non-cash write-off of the value of our resale lease inventory of $1,363,572.  The Company's net cash and liquid investments position was $5,614,801 at the end of fiscal 2010 as compared to $5,739,566 at the end of fiscal 2009.

In another development, the Company announced that it is backing in for a 14.7 percent net revenue interest (18.75 percent working interest) on a successful gas well drilled on the Company's acreage in the Paradox Basin.  It will also be participating in a subsequent development well this summer.  

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