Published:
Pioneer Announces Fiscal 2008 Results
SOUTH JORDAN, Utah, Jan. 5 /PRNewswire-FirstCall/ --Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for fiscal 2008. Revenues for fiscal year 2008 (period ending September 30, 2008) were $9,947,141 as compared to revenues of $10,178,483 for fiscal 2007. Net income was $4,966,160 or $.67 per share as compared to net income of $5,289,749 or $.71 per share for fiscal 2007. The decrease in revenues and income was primarily the result of lower Project and Lease Sales Income. In fact, total oil and gas sales and royalty income increased from $1,231,802 (2007) to $1,888,725 (2008) primarily because of higher product prices.
Pioneer's detailed financial statements can be viewed at http://www.piol.com/fi.html. Pioneer's financial statements are also available at http://www.pinksheets.com.
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
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