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

the salt lake tribune

Published: March 13, 2012 07:56AM
Updated: March 13, 2012 11:55PM
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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.