SOUTH JORDAN, Utah, Dec. 7 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets:POGS) announced financial results for fiscal 2006. Revenues for the period ending September 30, were $3,208,431 as compared to revenues of $6,899,986 for fiscal 2005. Net income was $1,470,066 or $.20 per share as compared to net income of $4,111,229 or $.50 per share for fiscal 2005. The lower revenues and net income were primarily the result of lower Project and Leases Sales Income, which declined from $4,748,903 to $1,276,524. 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.

In addition, Pioneer announced the closing of the first phase of the purchase of some of its Central Utah properties. Pioneer received $3,280,415 for the sale of an 18.75 percent working interest in some of its oil and gas leases from an undisclosed third party. Pioneer still retains between 18.75 and 16.875 percent working interest in the leases as well as various small overriding royalty interests. The agreement also calls for the sale of additional leases with the same percentages sold and retained for approximately $5,830,000 on or before March 1, 2007.

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