Pioneer Oil and Gas Posts Third Quarter Financial Results

Pioneer Oil and Gas announced financial results for the third quarter of fiscal 2009. Revenues for the third quarter of fiscal 2009 (period ending June 30, 2009) were $195,861 as compared to revenues of $8,980,066 for the third quarter of fiscal 2008. Net loss was $89,573 or $.01 per share as compared to net income of $5,035,004 or $.67 per share for the third quarter of fiscal 2008. The third quarter results were substantially lower than the prior period because of the lack of project and lease sales income and substantially lower oil and natural gas prices. For the nine-month period revenues were $573,187 as compared to $9,615,240 for the same period a year ago. Net loss was $292,062 as compared to net income of $5,130,590 for same nine-month period a year ago. Earnings per share for the nine-month period decreased from $.69 to a loss of $.04.

Total stockholder's equity decreased from $15,990,846 on September 30, 2008 to $10,116,393 as of June 30, 2009. This decrease was primarily the result of a $.80 per share dividend or $6,142,941 payable to all shareholders in November of 2008. Total assets for the nine month period decreased from $16,967,738 to $10,692,350.

The Company is finishing, along with its industry partners, a large geophysical survey covering more than 720 square miles over much of its Central Utah acreage. Following the complete results of the survey the Company anticipates that it will participate in the shooting of more seismic and the drilling of wells in the project area.
 

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