Pioneer Oil & Gas Net Income Up
Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the first quarter of fiscal 2007. Revenues for the period ending December 31, 2006 were $3,085,690 as compared to revenues $624,524 for the first quarter of fiscal 2006. Net income was $1,757,368 or $.24 per share as compared to net income of $352,102 or $.05 per share for the first quarter of fiscal 2006. The increase in revenues was primarily the result of higher Project and Lease Sales Income.
Finally, Pioneer announced the closing of the second phase of the purchase of some of its Central Utah properties. Pioneer received $5,880,000 for the sale of approximately seventeen percent working interest in about 123,000 acres of mostly fee leases from an undisclosed third party. This was previously disclosed in the Company's December 7, 2006 news release. Pioneer still retains between 18.75 and 16.875 percent working interests in the leases as well as various small overriding royalty interests.
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