SOUTH JORDAN, Utah, Jan. 27 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for fiscal 2009. Revenues for fiscal year 2009 (period ending September 30, 2009) were $1,249,555 as compared to revenues of $9,947,141 for fiscal 2008. The Company had a net loss of $401,814 or $.05 per share as compared to net income of $4,966,160 or $.67 per share for fiscal 2008. The decrease in revenues and income was primarily due to the absence of Project and Lease Sales Income. Project and Lease Sales Income is a result of large projects developed and sold by the Company and although the Company is currently marketing several projects, none were sold during fiscal 2009. Total oil and gas sales and royalty income decreased from $1,888,725 (2008) to $1,249,555 (2009) primarily because of lower product prices.
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