Pioneer Oil and Gas to Sell 15% Working Interest in Central Utah Acreage

Pioneer Oil and Gas has signed an agreement with a publicly traded company to sell a 15% working interest in approximately 199,000 acres in its Central Utah Overthrust acreage position for approximately $8.4 million.

Pioneer will retain a 3.75% working interest in the acreage as well as various overriding royalty interests. The company is also participating in a large geophysical survey covering much of the acreage.