SOUTH JORDAN, Utah, March 6 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets: POGS) announced financial results for the first quarter of fiscal 2008. Revenues for the period ending December 31, 2007 (first quarter of fiscal 2008) were $265,427 as compared to revenues $3,085,690 for the first quarter of fiscal 2007 (period ending December 31, 2006). The Company reported a net loss of $71,413 or $.01 per share as compared to net income of $1,757,368 or $.24 per share for the first quarter of fiscal 2007. The decrease in revenues was primarily due to negative Project and Lease Sales Income and the fact that the Company has disposed of most of its operated oil and gas properties. The Company's primary focus has become maximizing Project and Lease Sale Income and increasing royalty income as a result of wells drilled on the Company's properties. Project and Lease Sales Income, while often substantial, usually takes several months or even years to realize and quarterly results may not be indicative of the Company's true value. 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.

Finally, Pioneer announced that it will be participating in a large geophysical survey covering over 750 miles in the Central Utah Overthrust, where Pioneer has substantial acreage, in order to image the most promising structures for further work and drilling. Two recently purported discoveries have added substantial interest in the play and indicate that the play may extend much farther south where the Company also has substantial holdings. Pioneer has interests in over 400,000 acres in the Central Utah Overthrust.

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