Pioneer Announces Second Quarter Results for 2008

SOUTH JORDAN, Utah, May 23 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the second quarter of fiscal 2008. Revenues for the second quarter of fiscal 2008 (period ending March 31, 2008) were $369,747 as compared to revenues of $5,118,009 for the second quarter of fiscal 2007. Net income was $167,000 or $.02 per share as compared to net income of $2,754,409 or $.37 per share for the second quarter of fiscal 2007. For the six-month period revenues were $635,174 as compared to $8,203,699 for the same period a year ago. Net income was $95,587 as compared to $4,511,777 for the same period a year ago. Earnings per share for the six-month period decreased from $.61 to $.01. The decrease in revenues and income was primarily the result of substantially less Project and Lease Sales Income. Such income occurs when project and lease sales are completed and often takes several months or years to realize on major projects. Oil, gas and royalty income for the six-month period increased to $597,428 from $569,194 for the same period last year.

Pioneer's detailed financial statements can be viewed at http://www.piol.com/fi.html. Pioneer's financial statements are also available at
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.

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Source: Pioneer Oil and Gas

CONTACT: Don J. Colton of Pioneer Oil and Gas, +1-801-566-3000

Web site: http://www.piol.com/fi.html

2008-05-23 15:41:48 0369884 PRNEWSWIRE