SOUTH JORDAN, Utah, March 12, 2014 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS – News) announced financial results for the first quarter of fiscal 2014. Revenues for the period ending December 31, 2013 (first quarter of fiscal 2014) were $457,631 as compared to $192,644 for the first fiscal quarter of 2013 (period ending December 31, 2012). The Company reported a net loss of $803,744 or $.14 per share for the quarter as compared to net loss of $185,216 or $.03 per share for the first quarter of fiscal 2013. The loss was due to a write off of abandoned leases of $947,871.
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
