Pioneer Announces Second Quarter Results for 2012

SOUTH JORDAN, Utah, May 23, 2012 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the second quarter of fiscal 2012. Revenues for the second quarter of fiscal 2012 (period ending March 31, 2012) were $242,118 as compared to revenues of $254,783 for the second quarter of fiscal 2011. The Company posted a net loss of $82,247 for the quarter as compared to a net loss of $94,495 for the second quarter of fiscal 2011. For the six-month period revenues were $577,024 as compared to $512,035 for the same period a year ago. Net loss was $242,233 as compared to a net loss of $242,429 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 $.03 per share for the same period in fiscal 2011.  

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