Pioneer Oil & Gas announced earnings results for the year ended September 30, 2012. For the year, the company reported revenues of $968,038 as compared to revenues of $1,254,186 for fiscal 2011. The company had a net loss of $1,104,988 or $0.15 per share as compared to a net loss of $388,901 or $0.05 per share for fiscal 2011.

The net loss for fiscal 2012 was mostly caused by two factors: a non-cash write-off of the value of resale lease inventory of $763,965 and substantially lower natural gas prices.