|By PR Newswire||
|January 14, 2013 11:51 AM EST||
SOUTH JORDAN, Utah, Jan. 14, 2013 /PRNewswire/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for fiscal 2012. Revenues for fiscal year 2012 (period ending September 30, 2012) were $968,038 as compared to revenues of $1,254,186 for fiscal 2011. The Company had a net loss of $1,104,988 or $.15 per share as compared to a net loss of $388,901 or $.05 per share for fiscal 2011. The net loss for fiscal 2012 was mostly caused by two factors: a non-cash write-off of the value of our resale lease inventory of $763,965 and substantially lower natural gas prices.
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