Message #1 From:
NewsBot Date: October 14, 2005 06:27:37 PM
POGS News Research Pioneer Oil and Gas, Stock Trading Message Board
Pioneer Gives Update on Pogo Option
SOUTH JORDAN, Utah, Oct. 4 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (OTC Bulletin Board: POGS) announced today that POGO Producing Company declined to exercise its option to purchase an additional 35,000 acres in Central Utah from Pioneer Oil and Gas and its partner.
Pioneer currently has approximately 150,000 gross acres and 56,250 net acres in the vicinity of the recent oil discovery made by Wolverine Gas & Oil near Sigurd, Utah. The Company is currently marketing its acreage to several interested parties and believes it will sell it on more favorable terms than the terms of the POGO option.
Pioneer Files Form 15-12G; Terminates Registration of Stock With SECSOUTH JORDAN, Utah, Sept. 27 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (OTC Bulletin Board: PIOL) announced today that following the 2000-1 reverse stock split and subsequent repurchase of fractional shares (effective yesterday) reducing the number of shareholders to approximately 133, the Company is no longer registered as a fully reporting company. The Company will continue to file reports with the SEC for 90 days following this termination unless the SEC determines a shorter period. The Company deregistered in order to reduce substantial compliance costs associated with the Sarbanes-Oxley legislation.
The Company will effect a 2000-1 forward split on September 29, 2005.
The Company intends to continue to trade on the Pinks Sheets.
Shareholders Approve Deregistration
SOUTH JORDAN, Utah, Sept. 19 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (OTC Bulletin Board: PIOL) announced that shareholders at the annual meeting held today approved a 2000-1 reverse stock split and subsequent repurchase of fractional shares. The Company will pay $1.50 for each pre-split share purchased. The transactions should reduce the number of shareholders to less than 300 in order for the Company to deregister as a fully reporting company as of September 26, 2005, the date of the repurchase of fractional shares. Shareholders owning 4,732,684 or 58.72 percent of the Company's total issued and outstanding common stock approved the proposal. Only 132,804 shares voted against the proposal and 21,810 abstained.
Following the repurchase of shares, the Company will effect a 1-2000 forward stock split on September 29, 2005.
The Company is deregistering in order to reduce substantial compliance costs associated with the Sarbanes-Oxley legislation. The Company had previously announced its intent to do so in a prior news release on May 5, 2005 and the Company filed a DEF 14A definitive proxy statement with the SEC on July 28, 2005. Shareholders of record as of August 4, 2005 voted at the meeting.
The proposal to elect the Board of Directors nominated by the Company and ratification of Jones Simkins LLP as auditors passed by 95.96 and 96.61 percent respectively.
Pioneer Gives Update on Going Private and POGO Option
SOUTH JORDAN, Utah, Aug. 15 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (OTC Bulletin Board: PIOL) announced that it had mailed to all shareholders of record, as of August 4, 2005, proxy materials requesting approval of a 2000-1 reverse stock split and subsequent purchase of all fractional shares for $1.50 in order to allow the Company to deregister as a fully reporting company as of September 26, 2005 the date of the repurchase of fractional shares.
The Company is deregistering in order to reduce substantial compliance costs associated with the Sarbanes Oxley legislation. The Company had previously announced its intent to do so in a prior news release on May 5, 2005; and the Company filed a DEF 14A definitive proxy statement with the SEC on July 28, 2005.
The price of $1.50 per share is based on an independent valuation of the Company at $1.07 per share and the market value of the stock during the period leading up to the decision to go 'private' under the SEC definition. A significant part of the valuation by Gate-Way Capital, Inc., the independent valuation company, was based on POGO Producing Company exercising its option to purchase 35,000 acres from Pioneer and its partners for $275 per acre. If the exercise of the option is completed Pioneer will receive $3,609,375.
POGO Producing Company has verbally informed Pioneer that there is a strong likelihood that the option may not be exercised but POGO has not waived any rights to exercise the option, which expires in early October 2005. Pioneer believes that it can still sell this acreage to other parties who are interested at a similar price even if POGO does not exercise the option. However, the Company felt it important to notify all shareholders that POGO may not exercise its option.
SOURCE Pioneer Oil and Gas
