SOUTH JORDAN, Utah, May 23 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (PinkSheets:POGS) announced financial results for the second quarter of fiscal 2007. Revenues for the second quarter of fiscal 2007 (period ending March 31, 2007) were $5,118,009 as compared to revenues of $452,022 for the second quarter of fiscal 2006. Net income was $2,754,409 or $.37 per share as compared to net income of $177,675 or $.02 per share for the second quarter of fiscal 2006. For the six-month period revenues were $8,203,699 as compared to $1,076,546 for the same period a year ago. Net income increased from $529,777 to $4,511,777 for the current period. Earnings per share for the six-month period increased from $.07 to $.61. The increase in revenues and income was primarily the result of higher Project and Lease Sales Income.

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