Pioneer Announces First Fiscal Quarter 2011 Results

Mar 21, 2011, 12:59 ET from Pioneer Oil and Gas

SOUTH JORDAN, Utah, March 21, 2011 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the first quarter of fiscal 2011.  Revenues for the period ending December 31, 2010 (first quarter of fiscal 2011) were $257,252 as compared to $243,738 for the first fiscal quarter of 2010 (period ending December 31, 2009).  The Company reported a net loss of $147,934 or $.02 per share for the quarter as compared to net loss of $42,351 or $.01 per share for the first quarter of fiscal 2010.  The net loss of $147,934 was primarily due to an increase in Costs of Operations resulting from a non-cash charge of $158,518 for abandonment of leases.  These leases were no longer considered viable because of regulatory and market conditions.  

Pioneer's detailed financial statements can be viewed at  

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