SOUTH JORDAN, Utah,
June 16, 2014 /PRNewswire/ -- Pioneer
Oil and Gas (Pink Sheets: POGS – News) announced financial results
for the second quarter of fiscal 2014. Revenues for the
second quarter of fiscal 2014 (period ending March 31, 2014) were $327,546 as compared to revenues of $174,630 for the second quarter of fiscal
2013. The Company posted a net loss of $264,169 for the quarter as compared to a net
loss of $261,704 for the second
quarter of fiscal 2013. For the six-month period revenues
were $785,177 as compared to
$367,274 for the same period a year
ago. Net loss was $1,067,913 as
compared to a net loss of $446,920
for the same period a year ago. Net loss per share for the
six-month period was $.19 as compared
to a net loss of $.08 per share for
the same period in fiscal 2013. The net loss was almost entirely
due to write-offs of $947,871 on
abandonment and impairment of resale leases and loss on disposal of
oil and gas properties of $236,373.
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
