Pioneer Announces Second Quarter Results for 2011

SOUTH JORDAN, Utah, May 12, 2011 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the second quarter of fiscal 2011.  Revenues for the second quarter of fiscal 2011 (period ending March 31, 2011) were $254,783 as compared to revenues of $305,628 for the second quarter of fiscal 2010.   The Company posted a net loss of $94,495 for the quarter as compared to a net loss of $131,395 for the second quarter of fiscal 2010.  For the six-month period revenues were $512,035 as compared to $549,366 for the same period a year ago.  Net loss was $242,429 as compared to a net loss of $173,746 for the same period a year ago.  Net loss per share for the six-month period was $.03 as compared to a net loss of $.02 per share for the same period in fiscal 2010.  

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