SUBJECT: PIONEER GIVES UPDATE ON POGO OPTION
DATE: October 4, 2005
South Jordan, Utah --- Pioneer Oil and Gas (OTC Bulletin Board: POGS) announced today that POGO Producing Company declined to exercise its option to purchase an additional 35,000 acres in Central Utah from Pioneer Oil and Gas and its partner.
Pioneer currently has approximately 150,000 gross acres and 56,250 net acres in the vicinity of the recent oil discovery made by Wolverine Gas & Oil near Sigurd, Utah. The Company is currently marketing its acreage to several interested parties and believes it will sell it on more favorable terms than the terms of the POGO option.
All of Pioneer’s 2005 news releases can be viewed at the Company’s website at www.piol.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.
For more information drop us an E-Mail or contact Don J. Colton at (801) 566-3000