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Pioneer Announces Fiscal 2012 Results

SOUTH JORDAN, Utah, Jan. 14, 2013 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for fiscal 2012.  Revenues for fiscal year 2012 (period ending September 30, 2012) were $968,038 as compared to revenues of $1,254,186 for fiscal 2011.   The Company had a net loss of $1,104,988 or $.15 per share as compared to a net loss of $388,901 or $.05 per share for fiscal 2011.  The net loss for fiscal 2012 was mostly caused by two factors: a non-cash write-off of the value of our resale lease inventory of $763,965 and substantially lower natural gas 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

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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