Pioneer Announces Second Quarter Results For 2014

SOUTH JORDAN, Utah, June 16, 2014 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS – News) announced financial results for the second quarter of fiscal 2014.  Revenues for the second quarter of fiscal 2014 (period ending March 31, 2014) were $327,546 as compared to revenues of $174,630 for the second quarter of fiscal 2013.  The Company posted a net loss of $264,169 for the quarter as compared to a net loss of $261,704 for the second quarter of fiscal 2013.  For the six-month period revenues were $785,177 as compared to $367,274 for the same period a year ago.  Net loss was $1,067,913 as compared to a net loss of $446,920 for the same period a year ago.  Net loss per share for the six-month period was $.19 as compared to a net loss of $.08 per share for the same period in fiscal 2013. The net loss was almost entirely due to write-offs of $947,871 on abandonment and impairment of resale leases and loss on disposal of oil and gas properties of $236,373. 

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