UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 22, 2005
------------------------------------------------
Date of Report (Date of earliest event reported)
PIONEER OIL AND GAS
-----------------------------------------------------
(Exact name of Registrant as specified in its charter)
Utah 0-30472 87-0365907
------------------------------- ------------------------ ----------------
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
1206 W. South Jordan Parkway, Unit B South Jordan, UT 84095
------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(801) 566-3000
----------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
-----------------------------------------------------------
(Former name or former address, if changed since last report)
ITEM 5: Pioneer Oil and Gas (the "Company")is filing this form 8K because of the
press release issued on Februrary 22, 2005. The press release is attached to
this Form 8K as an exhibit.
(c) Exhibits. The following exhibit is furnished pursuant to Item 5 of
Form 8-K:
Press Release: PIONEER CLOSES ON FIRST PHASE OF CENTRAL UTAH PLAY;
SELLS REMAINING OVERPRESSURED GAS PLAY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PIONEER OIL AND GAS Registrant
Date: February 22, 2005 /s/ Don J. Colton
------------------------------
Don J. Colton
President
February 22, 2005
PIONEER CLOSES ON FIRST PHASE OF CENTRAL UTAH PLAY;
SELLS REMAINING OVERPRESSURED GAS PLAY
South Jordan, Utah --- Pioneer Oil and Gas (OTC Bulletin Board: PIOL)
announced today it had closed on the first phase of its central Utah project
selling approximately 21,232 gross acres (7,962 net acres) in the Central Utah
Overthrust for $2,189,550. Pioneer will retain a 1.75 percent overriding royalty
interest in the 21,232 gross acres.
Pioneer also announced that it had closed on the remaining portion of its
Uinta Basin Overpressured Gas Prospect comprising 13,189 net acres. Pioneer
received $454,709 and will retain a 3.25 percent overriding royalty interest in
this project as well as a 10 percent carried working interest (eight percent net
revenue interest) on the first two wells drilled on the property. After the
first two wells Pioneer can participate or farmout for its 10 percent working
interest.
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.