SUBJECT: PIONEER FILES FORM 15-12G; TERMINATES REGISTRATION OF STOCK WITH SEC
DATE: September 27, 2005
South Jordan, Utah --- Pioneer Oil and Gas (OTC Bulletin Board: PIOL) announced today that following the 2000-1 reverse stock split and subsequent repurchase of fractional shares (effective yesterday) reducing the number of shareholders to approximately 133, the Company is no longer registered as a fully reporting company. The Company will continue to file reports with the SEC for 90 days following this termination unless the SEC determines a shorter period. The Company deregistered in order to reduce substantial compliance costs associated with the Sarbanes-Oxley legislation.
The Company will effect a 2000-1 forward split on September 29, 2005.
The Company intends to continue to trade on the Pinks Sheets.
Further information on Pioneer can be viewed at its web site 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