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 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