Pioneer Announces Third Quarter Results for Fiscal 2010

SOUTH JORDAN, Utah, Aug. 24 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the third quarter of fiscal 2010.  Revenues for the third quarter of fiscal 2010 (period ending June 30, 2010) were $276,099 as compared to revenues of $195,861 for the third quarter of fiscal 2009.   Net loss was $95,282 or $.01 per share as compared to a net loss of $89,573 or $.01 per share for the third quarter of fiscal 2009.    For the nine-month period revenues were $825,465 as compared to $573,187 for the same period a year ago.   Net loss was $269,028 as compared to a net loss of $292,062 for same nine-month period a year ago.  Loss per share for the nine-month period remained the same at $.04.

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