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