SOUTH JORDAN, Utah, May 21 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the second quarter of fiscal 2009. Revenues for the second quarter of fiscal 2009 (period ending March 31, 2009) were $206,954 as compared to revenues of $369,747 for the second quarter of fiscal 2008. Net income was a loss $8,148 as compared to net income of $167,000 for the second quarter of fiscal 2008. For the six-month period revenues were $377,326 as compared to $635,174 for the same period a year ago. Net loss was $202,489 as compared to net income $95,587 for the same period a year ago. Earnings per share for the six-month period decreased from $.01 to a loss of $.03 per share. The decrease in revenues and net income was primarily the result of substantially lower oil and gas prices. Oil, gas and royalty income for the six-month period decreased from $597,428 to $377,326.
Pioneer's detailed financial statements can be viewed at http://www.piol.com/fi.html. Pioneer's financial statements are also available at http://www.pinksheets.com/.
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.
Pioneer Oil and Gas
CONTACT: Don J. Colton of Pioneer Oil and Gas, +1-801-566-3000
Web Site: http://www.piol.com/
