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Utah's Pioneer Oil and Gas posts Q1 loss, but revenue up

Published March 13, 2012 7:56 am

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Pioneer Oil and Gas, a small, publicly held, Utah-based oil and gas production company, said revenue for its first quarter ended Dec. 31 reached $334,906, compared with $257,252 for the same period in its prior fiscal year.

The longtime South Jordan-based company reported a loss of $159,986, or 2 cents per share, for the quarter. A year earlier, Pioneer posted a loss of $147,934, also 2 cents per share.

President Don Colton said the quarterly loss was the result of a noncash charge of $254,168 for the abandonment of leases, which were no longer considered viable because of regulatory and market conditions.

Pioneer's shares are traded over-the-counter under the symbol POGS.