The Board of Directors of Pioneer Oil & Gas (OTCPK:POGS) authorized a tender offer on May 30, 2012. Under the offer, the company will repurchase up to 3,200,000 shares, representing approximately 44% of its outstanding shares, at a price of $1 per share, for a total cost of $3.2 million. The company will repurchase all the outstanding and issued shares of the company other than those shares owned by the Directors and Officers of the company. The tender offer will remain open till August 15, 2012.