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 7,540,405 shares of stock outstanding.
The Company has a large oil reource play in the Uinta Basin of
Utah that it is currently marketing. Historically Pioneer's main
exploration emphasis has been in Utah, Wyoming and Nevada. The
Company has a large acreage position in Central Utah near the Covenant
Field operated by Wolverine Gas & Oil. The Company has
aquired over 100,000 net acres in this play.
Pioneer's production purchases now emphasize royalty properties for which Pioneer has no operational liability. The Company currently has one operated producing well and non-operating interests in over 1200 wells.
Pioneer believes the combination of steady income from purchased
with the upside of a major discovery from our exploration efforts
a good mix of risk and security for the shareholders of Pioneer.