SOUTH JORDAN, Utah, March 2 /PRNewswire-FirstCall/ -- Pioneer Oil and Gas (Pink Sheets:POGS) announced financial results for the first quarter of fiscal 2007. Revenues for the period ending December 31, 2006 were $3,085,690 as compared to revenues $624,524 for the first quarter of fiscal 2006. Net income was $1,757,368 or $.24 per share as compared to net income of $352,102 or $.05 per share for the first quarter of fiscal 2006. The increase in revenues 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.

Finally, Pioneer announced the closing of the second phase of the purchase of some of its Central Utah properties. Pioneer received $5,880,000 for the sale of approximately seventeen percent working interest in about 123,000 acres of mostly fee leases from an undisclosed third party. This was previously disclosed in the Company's December 7, 2006 news release. Pioneer still retains between 18.75 and 16.875 percent working interests in the leases as well as various small overriding royalty interests.

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