Pioneer Announces Second Quarter Results for 2010

SOUTH JORDAN, Utah, May 14 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the second quarter of fiscal 2010.  Revenues for the second quarter of fiscal 2010 (period ending March 31, 2010) were $305,628 as compared to revenues of $206,954 for the second quarter of fiscal 2009.  The Company posted a net loss of $131,395 for the quarter as compared to a net loss of $8,148 for the second quarter of fiscal 2009.  The net loss for the quarter was primarily due to the cost of terminated leases and lease extensions for the Company's Central Utah Project.  For the six-month period revenues were $549,366 as compared to $377,326 for the same period a year ago.  Net loss was $173,746 as compared to a net loss of $202,489 for the same period a year ago.  Net loss per share for the six-month period was $.02 as compared to a net loss of $.03 per share for the same period in 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