SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                                      ____
                           --------------------------

                                   FORM 10-QSB


              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                          OF THE SECURITIES ACT OF 1934

                  For the quarterly period ended March 31, 2002

                                       OR

              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



                         Commission file number 0-30472

                               PIONEER OIL AND GAS
             Incorporated pursuant to the Laws of the State of Utah



        Internal Revenue Service - Employer Identification No. 87-0365907

                      1206 W. South Jordan Parkway, Unit B
                          South Jordan, Utah 84095-5512



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.
Yes _X__            No ___

The total number of shares of the registrant's Common Stock, $.001 par value,
outstanding on March 31, 2002, was 7,961,618.




<PAGE>



















                          Part I. FINANCIAL INFORMATION

           Item 1. Financial Statements for Second Fiscal Quarter 2002
                          Period Ending March 31, 2002


























<PAGE>
<TABLE>
<CAPTION>


               Financial Statements for Second Fiscal Quarter 2002

                               PIONEER OIL AND GAS
                                  Balance Sheet
                                                                          March 31, 2002
                                                                             (Unaudited)

       Assets
Current assets:
<S>                                                                        <C>

       Cash                                                                $      81,564
       Accounts receivable                                                       178,884
       Resale leases, at lower of cost or market                                 485,471
                                                                                --------

                  Total current assets                                           745,919

Property and equipment - net (successful efforts method)                         756,180
Other assets                                                                       4,050
                                                                                --------

                                                                           $   1,506,149

----------------------------------------------------------------------------------------

       Liabilities and Stockholders' Equity

Current liabilities:
        Accounts payable                                                   $      38,129
        Accrued expenses                                                          26,730
       Line of Credit                                                            479,158
                                                                                --------


                  Total current liabilities                                      544,017
                                                                                --------

Commitments and contingencies                                                          -

Stockholders' equity:
       Common stock, par value $.001 per share, authorized
         50,000,000 shares: 7,961,618 shares issued and
         outstanding                                                               7,961
       Additional paid-in capital                                              2,495,292
       Stock subscription receivable                                           (264,095)
       Accumulated deficit                                                   (1,250,121)
       Year to date income (loss)                                               (26,905)
                                                                                --------

                  Total stockholder's equity                                     962,132
                                                                              ----------

                                                                           $   1,506,149

</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                               PIONEER OIL AND GAS
                             Statement of Operations

                 For Three Months Ended March 31, 2002 and 2001
                                   (unaudited)


                                                                                    2002             2001
                                                                                    ----             ----
Revenue:
<S>                                                                           <C>              <C>

       Oil and gas sales                                                      $  158,831       $  288,489
         Royalty Revenue                                                          57,963           73,696
       Operational reimbursements                                                  3,336            2,290
                                                                              ----------       ----------

                                                                                 220,130          364,475


Costs and expenses:
       Cost of operations                                                        129,359          126,470
       General and administrative expenses                                        86,678          147,037
       Exploration costs                                                          45,144           49,996
       Lease rentals                                                               7,475            2,166
       Depreciation, depletion and amortization                                   26,090           30,161
                                                                              ----------       ----------

                                                                                 294,746          355,830
                                                                              ----------       ----------

                  Income from operations                                         (74,616)           8,645
                                                                              ----------       ----------

Other income (expense):
       Interest expense                                                           (7,445)               -
       Other (expense) income                                                     (3,554)           9,033
                                                                              ----------       ----------

                  Income (loss) before provision
                  for income taxes                                               (85,615)          17,678
       Provision for income taxes                                                      -                -
                                                                              ----------       ----------

                  Net Income (loss)                                           $  (85,615)      $   17,678
                                                                              ----------       ----------


Earnings (loss) per share - basic and diluted                                 $    (.01)       $      .01
                                                                              ----------       ----------

Weighted average common shares - basic and diluted                             7,962,000        8,124,000
                                                                              ----------       ----------


</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                               PIONEER OIL AND GAS
                             Statement of Operations

                  For Six Months Ended March 31, 2002 and 2001
                                   (unaudited)


                                                                                    2002             2001
                                                                                    ----             ----
Revenue:
<S>                                                                           <C>              <C>
       Oil and gas sales                                                      $  292,553       $  527,250
       Royalty Revenue                                                           190,699          121,962
       Operational reimbursements                                                  9,096            4,290
       Project and lease sales income                                                  -          131,729
                                                                              ----------       ----------

                                                                                 492,348          785,231


Costs and expenses:
       Cost of operations                                                        174,671          262,849
       General and administrative expenses                                       160,776          252,154
       Exploration costs                                                          90,583          100,991
       Lease rentals                                                              28,319            7,161
       Depreciation, depletion and amortization                                   52,020           60,294
                                                                              ----------       ----------

                                                                                 506,369          683,449
                                                                              ----------       ----------

                  Income (loss) from operations                                  (14,021)         101,782
                                                                              ----------       ----------

Other income (expense):
       Interest expense                                                          (10,059)               -
       Other (expense) income                                                     (2,826)           9,867
                                                                              ----------       ----------

                  Income (loss) before provision
                  for income taxes                                               (26,905)         111,649
       Provision for income taxes                                                      -                -
                                                                              ----------       ----------

                  Net Income (loss)                                           $  (26,905)      $  111,649
                                                                              ----------       ----------


Earnings (loss) per share - basic and diluted                                 $     (.00)      $      .01
                                                                              ----------       ----------

Weighted average common shares - basic and diluted                             7,967,000        8,124,000
                                                                              ----------       ----------

</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                               PIONEER OIL AND GAS
                             Statement of Cash Flows
                 First Six Months Ended March 31, 2002 and 2001
                                   (unaudited)
                                                                                    2002             2001
                                                                                    ----             ----
Cash flows from operating activities:
<S>                                                                           <C>              <C>
       Net income (loss)                                                      $  (26,905)      $  111,649
       Adjustments to reconcile net income (loss) to net cash
         provided by (used in) operating activities:
           Depreciation, depletion and amortization                               52,020           54,383
           Employee benefit plan expense                                          13,799            5,570
           Interest Income                                                        (8,094)               -
           (Increase) decrease in:
               Accounts receivable                                               (71,493)         (12,232)
               Resale leases                                                     (86,443)        (237,996)
               Other assets                                                       (2,050)               -
           Increase (decrease) in:
               Accounts payable                                                  (83,667)         (26,057)
               Accrued expenses                                                   (2,143)             849
                                                                              ----------       ----------

                  Net cash provided by (used in)
                  operating activities                                          (214,976)        (103,834)
                                                                              ----------       ----------

Cash flows from investing activities:
       Acquisition of property and equipment                                     (88,561)        (126,890)
                                                                              ----------       ----------

                  Net cash used in investing activities                          (88,561)        (126,890)
                                                                              ----------       ----------

Cash flow from financing activities:
       Increase in Credit Line                                                   384,158          100,000
       Purchase and retirement of Treasury Stock                                  (2,620)          (5,508)
                                                                              ----------       ----------

       Net cash provided by financing activities                                 381,538           94,492
                                                                              ----------       ----------

                  Net increase (decrease) in cash                                 78,001        (136,232)

Cash, beginning of period                                                          3,563          234,631
                                                                              ----------       ----------
Cash, end of period                                                           $   81,564       $   98,399
                                                                              ----------       ----------

</TABLE>

<PAGE>


                               PIONEER OIL AND GAS
                          NOTES TO FINANCIAL STATEMENTS
                     Second Fiscal Quarter Ending March 31,
                                   (Unaudited)

NOTE 1 - UNAUDITED INTERIM INFORMATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with the instructions to Form 10-QSB and Regulation S-B.  Accordingly,  they
do not include  all of the  information  and  footnotes  required  by  generally
accepted accounting principles for complete financial statements. In the opinion
of  management,  all  adjustments  (consisting  of  normal  recurring  accruals)
considered  necessary  for a fair  presentation  have been  included.  Operating
results  for the three  and six  month  periods  ended  March  31,  2002 are not
necessarily  indicative  of the results that may be expected for the year ending
September 30, 2002. For further  information,  refer to the financial statements
and footnotes  thereto  included in the Company's Form 10-KSB for the year ended
September 30,
2001.

     (1) The unaudited financial  statements include the accounts of Pioneer Oil
and Gas and include all adjustments (consisting of normal recurring items) which
are, in the opinion of  management,  necessary to present  fairly the  financial
position as of March 31, 2002 and the results of  operations  and cash flows for
the three and six month  periods  ended March 31, 2002 and 2001.  The results of
operations  for the  three  months  ended  March  31,  2002 are not  necessarily
indicative of the result to be expected for the entire year.

     (2)  Earnings  (loss) per  common  share is based on the  weighted  average
number of shares outstanding during the period.

     (3)  During the six months  ended  March 31,  2002,  the  company  recorded
interest income (on the stock  subscription  receivable) of $8,094,  reduced the
stock  subscription  receivable by $5,705 and recorded an employee  benefit plan
contribution of $13,799.

<PAGE>


Item 2 MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL  CONDITION AND RESULTS
OF OPERATIONS
                         (Period Ending March 31, 2002)
                            Unaudited financial data

The discussion and analysis  contained herein should be read in conjunction with
the  preceding  financial  statements  and  the  information  contained  in  the
Company's 10KSB.  Except for the historical  information  contained herein,  the
matters  discussed in this 10 QSB contain forward looking  statements within the
meaning of Section 27a of the  Securities  Act of 1933, as amended,  and Section
21e of the  Securities  Exchange  Act of 1934,  as  amended,  that are  based on
management's  beliefs and  assumptions,  current  expectations,  estimates,  and
projections.  Statements  that  are  not  historical  facts,  including  without
limitation  statements  which are preceded by,  followed by or include the words
"believes,"  "anticipates,"  "plans,"  "expects,"  "may,"  "should,"  or similar
expressions  are  forward-looking  statements.  Many of the  factors  that  will
determine the company's  future results are beyond the ability of the Company to
control or predict. These statements are subject to risks and uncertainties and,
therefore, actual results may differ materially. All subsequent written and oral
forward-looking statements attributable to the Company, or persons acting on its
behalf,   are  expressed   qualified  in  their  entirety  by  these  cautionary
statements.  The Company disclaims any obligation to update any  forward-looking
statements whether as a result of new information, future events or otherwise.

Important  factors  that may  include,  but are not  limited  to:  the risk of a
significant  natural  disaster,  the inability of the Company to insure  against
certain risks, fluctuations in commodity prices, the inherent limitations in the
ability to estimate oil and gas reserves,  changing government  regulations,  as
well as general  market  conditions,  competition  and pricing,  and other risks
detailed  from time to time in the  Company's  SEC reports,  copies of which are
available upon request from the Company.

Results of Operations -

Total Revenue for the second fiscal  quarter  decreased 40 percent from $364,475
in fiscal 2001 to $220,130 for fiscal 2002.  For the six-month  period  revenues
decreased 37 percent from $785,231 to $492,348.  The decrease in revenue for the
six-month  period was due to a decrease in oil and gas sales and royalty revenue
of 26 percent and no project and lease sales income  versus  $131,729 in project
and lease sales income for 2001 period.
<PAGE>

Total oil and gas sales (including  royalty revenue)  decreased from $362,185 to
$216,794 in the second  quarter and from  $649,212 to $483,252 for the six-month
period. These decreases were due primarily to lower product prices.  Average oil
prices for the quarter  decreased from $24.21 bbl to $19.13 bbl while gas prices
dropped  from $7.50 MCF to $4.64 MCF.  For the  six-month  period,  average  oil
prices  decreased from $25.63 bbl to $17.89 bbl while gas prices  decreased from
$5.74 to $3.38.  Gas production for the six-month period increased by 41 percent
due  primarily to the fact that during the  first-half of fiscal 2002 we accrued
production  payments  from our Hunter Mesa Unit for the prior  periods  that had
been held in suspense.  In addition  several  additional wells were brought into
unit paying status.  Oil production  increased 19 percent for the quarter and 11
percent  for the  six-month  period due to less  downtime  on our  operated  oil
properties.

Project and lease sales income for the six-month  period decreased from $131,729
to zero. No projects or leases were sold during the second quarter or first half
of fiscal 2002. The Company is currently developing a 23,000-acre project in the
western Uinta Basin,  which we believe will have significant gas potential.  The
Company is also currently marketing its Yankee Mine and Abel Springs projects in
Nevada.

Costs of operations increased slightly from $126,470 to $129,470 for the quarter
but decreased  from  $262,849 to $174,671 for the six-month  period due to fewer
operational problems during the first fiscal quarter 2002 as opposed to the same
period a year earlier.

General and  administrative  expenses decreased from $147,037 to $86,678 for the
quarter and from $252,154 to $160,776 for the six-month period.  These increases
were due almost entirely to lower payments to working  interest  partners due to
lower product prices.

The Company's net loss for the second quarter (fiscal 2002) was $85,615 compared
to net income of $17,678 for the second fiscal  quarter 2001.  For the six-month
period  (fiscal 2002) the Company  posted a net loss of $26,905  compared to net
income of $111,649 for fiscal 2001. These poorer operational results were almost
entirely due to lower product  prices in fiscal 2002 and the lack of project and
lease  sales  for the  periods.  As of May 10,  2002  oil  and gas  prices  have
rebounded to levels more consistent with the past two years.

Liquidity and Capital Resources

During the  six-months  of fiscal  2002 cash used in  operating  activities  was
$214,976  and  investing  activities  required  $88,561.   Financing  activities
provided $381,538 in cash.

A major use of cash was  $86,443 for the  purchase of resale  leases to increase
the Company's inventory of acreage for future development and sale. Cash used in
operating  activities  increased from $103,834 (fiscal 2001) to $214,976 (fiscal
2002).

<PAGE>




                           PART II. OTHER INFORMATION


Item 1 - Legal Proceedings

The  Company  may become or is subject to  investigations,  claims,  or lawsuits
ensuing  out  of the  conduct  of  its  business,  including  those  related  to
environmental  safety and health,  commercial  transactions  etc. The Company is
currently not aware of any such items,  which it believes  could have a material
adverse affect on its financial position.

Item 2 - Changes in Securities

None.

Item 3 - Defaults Upon Senior Securities

None.

Item 4 - Submission of Matters to a Vote of Security Holders

None.

Item 5 - Other Information

None.

Item 6 - Exhibits and Reports on Form 8-K

(a) There are no exhibits with this report.

(b) The  registrant  did not file any  reports  on Form 8-K  during  the  fiscal
quarter ended March 31, 2002.


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                         Pioneer Oil and Gas




Dated:   May 13, 2002                  /s/ Don J. Colton
                                       --------------------------
                                       President and Chief Executive Officer