Pioneer Says Pogo Declines Option on Utah Acreage

Pioneer Oil and Gas says that POGO Producing Company declined to exercise its option to purchase an additional 35,000 acres in Central Utah from Pioneer Oil and Gas and its partner.

Pioneer currently has approximately 150,000 gross acres and 56,250 net acres in the vicinity of the recent oil discovery made by Wolverine Gas & Oil near Sigurd, Utah. The Company is currently marketing its acreage to several interested parties and believes it will sell it on more favorable terms than the terms of the POGO option.