Pioneer Oil and Gas, 1225 Fort Union Blvd., an oil and gas exploration company, is drilling in the Permian Basin area of west Texas, which has the potential of producing 32 million barrels of oil from 100 different wells.
Don J. Colton, president, said Pioneer will have a 23 percent working interest in the project, and a large integrated oil company with numerous holdings in the United States will be the operator.Pioneer also has interest in two additional Permian Basin projects, the Bedford and Sheffield. The Bedford prospect has the potential of more than 10 million barrels of oil and 7.5 billion cubic feet of natural gas, and the Sheffield has the potential of 12 billion cubic feet of gas and 500,000 barrels of oil.
Colton also announced that his company lost $112,436 in 1994 compared with a net profit of $2,383 in 1993. He said revenues were down because of low oil prices.