SOUTH JORDAN, Utah,
May 30, 2012 /PRNewswire/ -- Pioneer
Oil and Gas (Pink Sheets: POGS) ("Company") announced today
the commencement of a tender offer for all the outstanding and
issued shares of the Company other than those shares owned by the
directors and officers of the Company. The price offered for
the shares is One Dollar ($1.00) for each share tendered to the Company on
or before 5:00 PM on August 15, 2012, unless extended. The
Company intends to spend up to about $3,200,000 to acquire approximately 44% of the
shares outstanding.
The offer is being made pursuant to a Tender Offer and Letter of
Transmittal that will be sent out to each shareholder of record
during the first part of June 2012. The Tender Offer will
have attached the Company's annual audited report for the period
ending September 30, 2011 along with
a six-month unaudited statement for the period ending March 31, 2012. Shareholders who tender
their shares will be paid soon after the Tender Offer is
closed. Shareholders are encouraged to review the Tender
Offer and its attachments prior to making a decision on whether to
tender their shares.
Additional information or questions can be answered by
contacting the Company at 1206, W. South Jordan Parkway, Unit B,
South Jordan, Utah 84095,
(801)566-3000.
SOURCE Pioneer Oil and Gas
