The Company went public on April 20, 1981 and raised a million dollars through the efforts of Covey & Co., Inc. of Salt Lake City, Utah. There are currently 8,059,727 shares of stock outstanding.

Historically Pioneer's main exploration emphasis has been in Nevada but recently the Company has aquired a large acreage position in Central Utah near a recent discovery by Wolverine Gas & Oil. The Company has aquired over 150,000 gross acres in this play. Nevada exploration is also continuing with the development of our Abel Springs prospect in Nye County, Nevada and our Yankee Mine Prospect in Long Valley, Nevada.

Pioneer's production purchases now emphasize royalty properties for which Pioneer has no operational liability. The Company currently has seven operated producing wells and non-operating interests in over 600 other wells.

The Company also has a bank line of credit of $750,000.

Pioneer believes the combination of steady income from purchased properties with the upside of a major discovery from our exploration efforts provide a good mix of risk and security for the shareholders of Pioneer.