SOUTH JORDAN, Utah,
July 1, 2015 /PRNewswire/ -- Pioneer
Oil and Gas (Pink Sheets: POGS) (News) Pioneer Oil and Gas
announced the retirement of Don J.
Colton as President, Treasurer and Chairman of the Board of
Directors of Pioneer Oil and Gas. He will remain on the Board
of Directors. Gregg B. Colton will replace him as Chairman of
the Board, President and Treasurer of the Company.
A. Franklin Adams will replace
Gregg B. Colton as Secretary of the
Company.
The Pioneer Employee Stock Ownership Plan (ESOP) will purchase
Mr. Don Colton's 993,579 shares in
the ESOP plan for $1.00 per
share. This is the same price as the Company's 2012 tender
offer and the same price paid by the Plan for recent larger
purchases of shares (over 200,000 shares). Purchases by the ESOP
are funded from loans by the Company. Since Mr. Colton's retirement
is voluntary no severance payments will be made.
The Company also announced that salaries of all remaining
Company personnel will be cut by 40 percent. The net effect of
Mr. Don Colton's retirement and the
salary reductions will have a net positive effect on cash flow over
a two year period.
Pioneer's detailed financial statements and proxy information
can be viewed at http://www.piol.com/fi.html.
Statements concerning future financial results, production,
expenditures, reserve estimates, and other items are
forward-looking statements. These statements are based on
assumptions concerning commodity prices, drilling results and other
factors management believes are reasonable based on currently
available information; however, management's assumptions and the
Company's future performance are both subject to a wide range of
business risks, and there is no assurance that these goals and
projections can or will be met.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pioneer-announces-retirement-of-don-j-colton-300107850.html
SOURCE Pioneer Oil and Gas