Pioneer Oil & Gas reported earnings results for the first quarter ended December 31, 2011. Revenues for the period ended December 31, 2011 were $334,906 as compared to $257,252 for the first fiscal quarter of 2011. The company reported a net loss of $159,986 or $0.02 per share as compared to net loss of $147,934 or $0.02 per share for the first quarter of fiscal 2011. The net loss of $159,986 was primarily due to an increase in Costs of Operations resulting from a non-cash charge of $254,168 for abandonment of leases. These leases were no longer considered viable because of regulatory and market conditions.