Tender Offer Announcement: Pioneer Oil and Gas

SOUTH JORDAN, Utah, May 30, 2012 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) ("Company") announced today the commencement of a tender offer for all the outstanding and issued shares of the Company other than those shares owned by the directors and officers of the Company.  The price offered for the shares is One Dollar ($1.00) for each share tendered to the Company on or before 5:00 PM on August 15, 2012, unless extended.  The Company intends to spend up to about $3,200,000 to acquire approximately 44% of the shares outstanding.

The offer is being made pursuant to a Tender Offer and Letter of Transmittal that will be sent out to each shareholder of record during the first part of June 2012.  The Tender Offer will have attached the Company's annual audited report for the period ending September 30, 2011 along with a six-month unaudited statement for the period ending March 31, 2012.  Shareholders who tender their shares will be paid soon after the Tender Offer is closed.  Shareholders are encouraged to review the Tender Offer and its attachments prior to making a decision on whether to tender their shares.

Additional information or questions can be answered by contacting the Company at 1206, W. South Jordan Parkway, Unit B, South Jordan, Utah 84095, (801)566-3000.

SOURCE Pioneer Oil and Gas