Pioneer Announces Third Quarter Results For Fiscal 2012

SOUTH JORDAN, Utah, Sept. 10, 2012 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS – News) announced financial results for the third quarter of fiscal 2012.  Revenues for the third quarter of fiscal 2012 (period ending June 30, 2012) were $204,709 as compared to revenues of $314,770 for the third quarter of fiscal 2011.   Net loss was $174,281 or $.02 per share as compared to a net loss of $288,344 or $.04 per share for the third quarter of fiscal 2011.  For the nine-month period revenues were $781,733 as compared to $826,805 for the same period a year ago.  Net loss was $416,514 as compared to a net loss of $530,773 for same nine-month period a year ago.  Loss per share for the nine-month period was $.05 per share as compared to $.07 for fiscal 2011.  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

Copyright 2012 PR Newswire