Pioneer Announces Third Quarter Results for Fiscal 2011

SOUTH JORDAN, Utah, Aug. 30, 2011 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the third quarter of fiscal 2011.  Revenues for the third quarter of fiscal 2011 (period ending June 30, 2011) were $314,770 as compared to revenues of $276,099 for the third quarter of fiscal 2010.   Net loss was $288,344 or $.04 per share as compared to a net loss of $95,282 or $.01 per share for the third quarter of fiscal 2010.  For the nine-month period revenues were $826,805 as compared to $825,465 for the same period a year ago.  Net loss was $530,773 as compared to a net loss of $269,028 for same nine-month period a year ago.  Loss per share for the nine-month period was $.07 compared to $.04 for the prior year period.  The increases in losses for both the nine-month and three-month periods were primarily due to the Company abandoning leases that no longer appeared to be prospective.  Losses on impairment of leases for the three-month period and nine-month periods were respectively $334,160 and $492,653.    

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